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)||05-27-2015|
|Series 86/87 Content Outline||01-26-2015|
|Interpretive Letter to Amy Natterson Kroll, Bingham McCutchen LLP||02-08-2013|
|Regulatory Notice 12-49||11-01-2012|
|Regulatory Notice 11-41||09-12-2011|
|Regulatory Notice 08-55||10-14-2008|
|Regulatory Notice 08-15||04-07-2008|
|Regulatory Notice 08-16||04-07-2008|
|Notice to Members 05-34||05-03-2005|
|Notice to Members 05-24||04-04-2005|
|Notice to Members 05-14||02-17-2005|
|Notice to Members 04-81||11-10-2004|
|Interpretive Letter to Mark W. Riepe, Charles Schwab & Co., Inc.||08-20-2004|
|Notice to Members 04-25||03-30-2004|
|Notice to Members 04-18||03-09-2004|
|Notice to Members 03-44||08-03-2003|
|Notice to Members FYI November 2002||10-31-2002|
|Notice to Members 02-44||07-26-2002|