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.
|Research Rules Frequently Asked Questions (FAQ)||FAQ||05-27-2015|
|Series 86/87 Content Outline||Document||01-26-2015|
|Interpretive Letter to Amy Natterson Kroll, Bingham McCutchen LLP||Rule Letter||02-08-2013|
|Regulatory Notice 12-49|
SEC Approves Amendments to NASD Rule 2711 and Incorporated NYSE Rule 472 to Conform to JOBS Act Requirements
|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 08-15|
Foreign Research Analyst Exemption from the Research Analyst Qualification Examination
|Regulatory Notice 08-16|
Member Firm Disclosure and Supervisory Review Obligations
|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
|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
|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"
|Notice to Members 04-81|
SEC Approves New NASD Qualification Requirements forSupervisors of Research Analysts
|Interpretive Letter to Mark W. Riepe, Charles Schwab & Co., Inc.||Rule Letter||08-20-2004|
|Notice to Members 04-25|
SEC Approves New NASD Research Analyst Qualification and Examination Requirements (Series 86/87)
|Notice to Members 04-18|
NASD and NYSE Provide Further Guidance on Rules Governing Research Analysts' Conflicts of Interest
|Notice to Members 03-44|
SEC Approves Amendments to Rules Governing Research Analysts' Conflicts of Interest
|Notice to Members FYI November 2002|
For Your Information
|Notice to Members 02-44|
NASD Requests Comment on Application of Rule 2711 to Small Firms