Analyst Rule Implementation Schedule

Pursuant to the SEC's order approving NASD Rule 2711 (Research Analysts and Research Reports) dated May 10, 2002, FINRA members must implement the provisions of the rule in accordance with the following schedule:

 

No later than Monday, May 5, 2003:

• Rules 2711(b) and (c) for members that over the previous three years, on average per year, have participated in 10 or fewer investment banking transactions as manager or co-manager and generated $5 million or less in gross investment banking revenues from those transactions

No later than Wednesday, November 6, 2002:

• Rule 2711(h)(1)(B) (Disclosure of 1% Firm Ownership) and related written procedures under Rule 2711(i)

No later than Monday, September 9, 2002:

• Rule 2711(b)(2) and (3) and Rule 2711(c)(1) and (2) (Gatekeeper Functions) and related written procedures under Rule 2711(i)
• Rule 2711(h)(5) (Disclosure of Distribution of Ratings) and related written procedures under Rule 2711(i)
• Rule 2711(h)(6) (Disclosure of Price Chart) and related written procedures under Rule 2711(i)

No later than Tuesday, July 9, 2002:

• All other provisions of Rule 2711