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 12-49
SEC Approves Amendments to NASD Rule 2711 and Incorporated NYSE Rule 472 to Conform to JOBS Act Requirements
SR-FINRA-2012-045Rule Filing10-01-2012
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 08-15
Foreign Research Analyst Exemption from the Research Analyst Qualification Examination
Regulatory Notice 08-16
Member Firm Disclosure and Supervisory Review Obligations
SR-FINRA-2007-011Rule 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
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"
SR-NASD-2005-022Rule Filing02-04-2005
Notice to Members 04-81
SEC Approves New NASD Qualification Requirements forSupervisors of Research Analysts
SR-NASD-2004-141Rule Filing09-17-2004
Interpretive Letter to Mark W. Riepe, Charles Schwab & Co., Inc.Rule Letter08-20-2004
Notice to Members 04-25
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
SR-NASD-2002-161Rule Filing11-04-2002
Notice to Members FYI November 2002
For Your Information
SR-NASD-2002-154Rule Filing10-25-2002
Notice to Members 02-44
NASD Requests Comment on Application of Rule 2711 to Small Firms
SR-NASD-2002-087Rule Filing06-28-2002