Research Analyst Rules and Information

Information to help broker-dealers understand rules regarding research analysts.

 

Rule Information

• • Joint Report by NASD and the NYSE On the Operation and Effectiveness of the Research Analyst Conflict of Interest Rules (PDF 6.1 MB) 
  • Proposed Rule Change to Provide an Exemption from the Research Analyst Qualification Examination for Certain Associated Persons Who Prepare Technical Research Reports (SR-NASD-2005-022)
  • Amendments to NASD Rule 2711 to Prohibit Participation by Research Analysts in Road Shows (SR-NASD-2004-141)
  • NASD Reminds Firms to Submit their Annual Research Analyst Attestations pursuant to Amended Rule 2711
  • SEC Order Approving NASD Proposed Rules on Research Analyst (SR-NASD-2002-154)
  • To Establish Effective Dates For NASD Rule 2711, Research Analysts and Reports (SR-NASD-2002-161)
  • Proposed Amendments to Rules Governing Research Analyst Conflicts of Interest (SR-NASD-2002-154)
  • Proposed Rule To Establish Effective Dates For NASD Rule 2711, Research Analysts and Reports (SR-NASD-2002-87)
  • SEC Order Approving NASD Proposed Rule on Analyst Conflicts (PDF 116 KB)
  • Rule Language Approved by SEC (PDF 21 KB)
  • Proposed Rule Regarding Research Analyst Conflicts of Interest (SR-NASD-2002-21)
  • Analyst Rule Implementation Schedule
  • Sample Price Chart (PDF 12 KB)
    

Notices to Members

• • NASD 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; Compliance Date: June 6, 2005
  • NASD 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
  • NASD 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"
  • NASD Notice to Member 04-81: SEC Approves New NASD Qualification Requirements for Supervisors of Research Analysts; Compliance Date: No Later Than August 2, 2005
  • NASD Notice to Members 04-25: SEC Approves New NASD Research Analyst Qualification and Examination Requirements (Series 86/87); Effective Date: March 30, 2004  -- Study outline (PDF 49 KB)
  • NASD Notice to Members 04-18: NASD and NYSE Provide Further Guidance on Rules Governing Research Analysts’ Conflicts of Interest
  • NASD Notice to Members 03-44: SEC Approves Amendments to Rules Governing Research Analysts' Conflicts of Interest
  • NASD Notice to Members – For Your Information, November 2002: Filing of Annual Attestation Required by Rule 2711 – Research Analysts and Research Reports
  • NASD Notice to Members 02-44: NASD Requests Comment on Application of Rule 2711 to Small Firms; Comment Period Expired on August 30, 2002
  • NASD Notice to Members 02-39: SEC Approves Rule Governing Research Analysts' Conflicts of Interest
    
    

Interpretive Guidance

• • Response to Comments, July 29, 2003 (RF2002-154-a03) (PDF 83 KB) (07/29/03)
  • Joint Memorandum of NASD and NYSE providing interpretive guidance for NASD and NYSE rules governing research reports and analysts. NASD Notice to Members 02-39, Attachment B
    
    

News Releases and Testimony

• • Statement of NASD Chairman and CEO Robert R. Glauber Regarding SEC Approval of New Analyst Rules (5/8/02)
  • Testimony of Robert R. Glauber Before the Senate Committee on Governmental Affairs Hearing on Analyst Independence (2/27/02)
  • NASD Launches Analyst Disclosure Investor Education Initiative (2/12/02)
  • Press Statement of Robert Glauber, NASD Chairman and CEO (2/7/02)
  • NASD Announces New Rules Governing Recommendations Made by Research Analysts (2/7/02)