Research Analyst Rules and Information

Information to help broker-dealers understand rules regarding research analysts.

 

Rule Information

Notices

    • Regulatory Notice 12-49: SEC Approves Amendments to NASD Rule 2711 and Incorporated NYSE Rule 472 to Conform to JOBS Act Requirements; Effective Dates: April 5, 2012, and October 11, 2012
    • Regulatory Notice 11-41: FINRA Provides Guidance on Prohibition Against Offering Favorable Research to Induce Investment Banking Business
    • Regulatory Notice 08-55: FINRA Requests Comment on Proposed Research Registration and Conflict of Interest Rules
    • Regulatory Notice 08-16: Member Firm Disclosure and Supervisory Review Obligations; Effective Date: April 7, 2008
    • Regulatory Notice 08-15: Foreign Research Analyst Exemption from the Research Analyst Qualification Examination; Effective Date: April 7, 2008
    • NASD Notice to Members 07-04: Codification of Interpretations to Rule 2711; Implementation Date: September 27, 2006
    • NASD Notice to Members 05-34: SEC Approves Amendments to Rule 2711 to Prohibit Research Analysts from Participating in a Road Show and from Communicating with Customers in the Presence of Investment Banking Personnel or Company Management about an Investment Banking Services Transaction; Compliance Date: June 6, 2005
    • NASD Notice to Members 05-24: NASD Announces Exemption from the Research Analyst Qualification Requirements (Series 86 and 87) for Certain Employees of Foreign Affiliates Who Contribute to Member Research Reports
    • NASD Notice to Members 05-14: NASD Announces Exemption from the Analysis Portion of the Research Analyst Qualification Examination (Series 86) for Certain Applicants Who Prepare Only "Technical Research Reports"
    • NASD Notice to Member 04-81: SEC Approves New NASD Qualification Requirements for Supervisors of Research Analysts; Compliance Date: No Later Than August 2, 2005
    • NASD Notice to Members 04-25: SEC Approves New NASD Research Analyst Qualification and Examination Requirements (Series 86/87); Effective Date: March 30, 2004  -- Study outline (PDF 49 KB)
    • NASD Notice to Members 04-18: NASD and NYSE Provide Further Guidance on Rules Governing Research Analysts’ Conflicts of Interest
    • NASD Notice to Members 03-44: SEC Approves Amendments to Rules Governing Research Analysts' Conflicts of Interest
    • NASD Notice to Members – For Your Information, November 2002: Filing of Annual Attestation Required by Rule 2711 – Research Analysts and Research Reports
    • NASD Notice to Members 02-44: NASD Requests Comment on Application of Rule 2711 to Small Firms; Comment Period Expired on August 30, 2002
    • NASD Notice to Members 02-39: SEC Approves Rule Governing Research Analysts' Conflicts of Interest

       

Interpretive Guidance

News Releases and Testimony