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
SR-FINRA-2016-017
Proposed Rule Change to Amend FINRA Rule 2242 (Debt Research Analysts and Debt Research Reports)
Rule Filing05-24-2016
FINRA Fines Stephens Inc. $900,000 for Inadequate Supervision of Research Department "Flash" Emails
Wednesday, May 11, 2016 Michelle Ong (202) 728-8464 Nancy Condon (202) 728-8379 WASHINGTON — The Financial Industry Regulatory Authority (FINRA) announced today that it has censured Stephens Inc., of Little Rock, Arkansas, and fined the firm $900,000 for inadequately supervising firm-wide internal
News Release05-11-2016
Research Rules Frequently Asked Questions (FAQ)
Following are FAQs about FINRA’s research conflicts of interest rules.
FAQ03-04-2016
Series 86/87 Content Outline
Series 86/87 Content Outline Research Analyst Qualification Exam (Series 86 / 87) Content Outline © 2015 FINRA Introduction This content outline is a guide to the topics covered in the Research Analyst Qualification Examination (Series 86/87). This outline is intended to familiarize exam candidates
Document09-17-2015
Regulatory Notice 15-30
SEC Approves Consolidated Rule to Address Conflicts of Interest Relating to the Publication and Distribution of Equity Research Reports
Notices08-26-2015
Regulatory Notice 15-31
SEC Approves Rule to Address Conflicts of Interest Relating to the Publication and Distribution of Debt Research Reports
Notices08-26-2015
SR-FINRA-2014-048
Proposed Rule Change to Adopt FINRA Rule 2242 (Debt Research Analysts and Debt Research Reports)
Rule Filing11-14-2014
SR-FINRA-2014-047
Proposed Rule Change to Adopt FINRA Rule 2241 (Research Analysts and Research Reports) in the Consolidated FINRA Rulebook
Rule Filing11-14-2014
Interpretive Letter to Amy Natterson Kroll, Bingham McCutchen LLP
NASD Rule 2711- Research Analysts and Research Reports
Rule Letter02-08-2013
Regulatory Notice 12-49
SEC Approves Amendments to NASD Rule 2711 and Incorporated NYSE Rule 472 to Conform to JOBS Act Requirements
Notices11-01-2012
SR-FINRA-2012-045
Proposed Rule Change to Amend NASD Rule 2711 to Conform with the Requirements of the Jumpstart Our Business Startups Act and Related Changes
Rule Filing10-01-2012
Regulatory Notice 11-41
FINRA Provides Guidance on Prohibition Against Offering Favorable Research to Induce Investment Banking Business
Notices09-12-2011
Regulatory Notice 08-55
FINRA Requests Comment on Proposed Research Registration and Conflict of Interest Rules
Notices10-14-2008
Regulatory Notice 08-15
Foreign Research Analyst Exemption from the Research Analyst Qualification Examination
Notices04-07-2008
Regulatory Notice 08-16
Member Firm Disclosure and Supervisory Review Obligations
Notices04-07-2008
SR-FINRA-2007-011
Proposed Rule Change to Amend NASD Rule 2711 and NYSE Rule 472
Rule Filing09-12-2007
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
Notices05-03-2005
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
Notices04-04-2005
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"
Notices02-17-2005
SR-NASD-2005-022
Proposed Rule Change to Provide an Exemption from the Research Analyst Qualification Examination for Certain Associated Persons Who Prepare Technical Research Reports
Rule Filing02-04-2005
Notice to Members 04-81
SEC Approves New NASD Qualification Requirements for Supervisors of Research Analysts
Notices11-10-2004
SR-NASD-2004-141
Amendments to NASD Rule 2711 to Prohibit Participation by Research Analysts in Road Shows
Rule Filing09-17-2004
Interpretive Letter to Mark W. Riepe, Charles Schwab & Co., Inc.
Joint NASD and NYSE interpretation that individuals involved in the development of certain quantitative equity research ratings model are not “research analysts” as defined by the SRO research analyst conflict of interest rules.
Rule Letter08-20-2004
Notice to Members 04-25
SEC Approves New NASD Research Analyst Qualification and Examination Requirements (Series 86/87)
Notices03-30-2004
Notice to Members 04-18
NASD and NYSE Provide Further Guidance on Rules Governing Research Analysts' Conflicts of Interest
Notices03-09-2004

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