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Printer-Friendly Last Updated: 4/28/06 Research Analyst Rules and Information

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

Rule Information

• Joint Report by NASD and the NYSE On the Operation and Effectiveness of the Research Analyst Conflict of Interest Rules (PDF 6.1 MB) 
• Proposed Rule Change to Provide an Exemption from the Research Analyst Qualification Examination for Certain Associated Persons Who Prepare Technical Research Reports (SR-NASD-2005-022)
• Amendments to NASD Rule 2711 to Prohibit Participation by Research Analysts in Road Shows (SR-NASD-2004-141)
• NASD Reminds Firms to Submit their Annual Research Analyst Attestations pursuant to Amended Rule 2711
• SEC Order Approving NASD Proposed Rules on Research Analyst (SR-NASD-2002-154)
• To Establish Effective Dates For NASD Rule 2711, Research Analysts and Reports (SR-NASD-2002-161)
• Proposed Amendments to Rules Governing Research Analyst Conflicts of Interest (SR-NASD-2002-154)
• Proposed Rule To Establish Effective Dates For NASD Rule 2711, Research Analysts and Reports (SR-NASD-2002-87)
• SEC Order Approving NASD Proposed Rule on Analyst Conflicts (PDF 116 KB)
• Rule Language Approved by SEC (PDF 21 KB)
• Proposed Rule Regarding Research Analyst Conflicts of Interest (SR-NASD-2002-21)
• Analyst Rule Implementation Schedule
• Sample Price Chart (PDF 12 KB)

Notices to Members

• 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

• Response to Comments, July 29, 2003 (RF2002-154-a03) (PDF 83 KB) (07/29/03)
• Joint Memorandum of NASD and NYSE providing interpretive guidance for NASD and NYSE rules governing research reports and analysts. NASD Notice to Members 02-39, Attachment B

News Releases and Testimony

• Statement of NASD Chairman and CEO Robert R. Glauber Regarding SEC Approval of New Analyst Rules (05/08/02)
• Testimony of Robert R. Glauber Before the Senate Committee on Governmental Affairs Hearing on Analyst Independence (02/27/02)
• NASD Launches Analyst Disclosure Investor Education Initiative (02/12/02)
• Press Statement of Robert Glauber, NASD Chairman and CEO (02/07/02)
• NASD Announces New Rules Governing Recommendations Made by Research Analysts (02/07/02)