Research Analyst Rules

On this page you will find information to help your firm understand the rules covering research analysts and research reports, including rules governing securities recommendations made by research analysts. Learn more about the requirements to separate research from investment banking, as well as analyst compensation, and disclosures of conflicts of interest in research reports and public appearances.

The aim of research analyst rules is to foster objectivity and transparency in research reports.

For example, NASD Rule 2711 insulates research analysts from the pressure to adjust the content of their research to favor the interest of a firm’s current or perspective investment banking clients. The rule prohibits firms from directly or indirectly offering favorable research, or a specific rating or price target as consideration or inducement for the receipt of business or compensation.

Rule 2711 also prohibits research analysts from participating in efforts to solicit investment banking business, including “pitches” to prospective investment banking clients and other communications with issuers for the purpose of soliciting investment banking business.

Titlesort descendingTypeDate
Research Rules Frequently Asked Questions (FAQ) FAQ05-27-2015
Series 86/87 Content OutlineDocument01-26-2015
Interpretive Letter to Amy Natterson Kroll, Bingham McCutchen LLPRule Letter02-08-2013
Regulatory Notice 12-49Notices11-01-2012
SR-FINRA-2012-045Rule Filing10-01-2012
Regulatory Notice 11-41Notices09-12-2011
Regulatory Notice 08-55Notices10-14-2008
Regulatory Notice 08-15Notices04-07-2008
Regulatory Notice 08-16Notices04-07-2008
SR-FINRA-2007-011Rule Filing09-12-2007
Notice to Members 05-34Notices05-03-2005
Notice to Members 05-24Notices04-04-2005
Notice to Members 05-14Notices02-17-2005
SR-NASD-2005-022Rule Filing02-04-2005
Notice to Members 04-81Notices11-10-2004
SR-NASD-2004-141Rule Filing09-17-2004
Interpretive Letter to Mark W. Riepe, Charles Schwab & Co., Inc.Rule Letter08-20-2004
Notice to Members 04-25Notices03-30-2004
Notice to Members 04-18Notices03-09-2004
Notice to Members 03-44Notices08-03-2003
SR-NASD-2002-161Rule Filing11-04-2002
Notice to Members FYI November 2002Notices10-31-2002
SR-NASD-2002-154Rule Filing10-25-2002
Notice to Members 02-44Notices07-26-2002
SR-NASD-2002-087Rule Filing06-28-2002

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