Regulatory Notice 08-15

Foreign Research Analyst Exemption from the Research Analyst Qualification Examination

Effective Date: April 7, 2008

Effective April 7, 2008, certain research analysts employed by a member firm’s foreign affiliate who contribute to the preparation of a member firm’s research reports1 are exempt from the Research Analyst Qualification Examination per NASD Rule 1050 and Incorporated NYSE Rule 344.2 The rule change supersedes an existing exemption that applies only to research analysts who are employed by foreign affiliates in certain FINRA-approved jurisdictions. The text of the amendment is set forth in Attachment A.

Questions regarding this Notice should be directed to Philip Shaikun, Associate Vice President and Associate General Counsel, Office of General Counsel, at (202) 728-8451; or Erika Lazar, Senior Attorney, Office of General Counsel, at (646) 315-8512.

1 See Securities Exchange Act Release No. 57278 (February 6, 2008); 73 FR 8086 (February 12, 2008); Notice of Filing of Amendment No. 1 and Order Granting Accelerated Approval of Proposed Rule Change as Modified by Amendment No. 1 to Amend an Exemption to NASD Rule 1050 and NYSE Rule Interpretation 344/02 for Certain Research Analysts Employed By a Member’s Foreign Affiliate Who Contribute to the Preparation of a Member’s Research Report; File No. SR-FINRA-2007-010. See also File No. SR-FINRA-2008-012, a proposed rule change for immediate effectiveness to amend Incorporated NYSE Rule Interpretation 344/02 (Research Analysts and Supervisory Analysts) to make a non-substantive, technical change to the Interpretation text.

2 The FINRA rulebook currently consists of both NASD Rules and certain NYSE Rules that FINRA has incorporated (Incorporated NYSE Rules), including NYSE Rule 344 (Research Analysts and Supervisory Analysts). The Incorporated NYSE Rules apply solely to members of FINRA that are also members of NYSE on or after July 30, 2007, referred to as “Dual Members.”Dual Members also must comply with NASD Rules. Until the adoption of a Consolidated FINRA Rulebook, FINRA’s Regulatory Notices will address both NASD and the Incorporated NYSE Rules.