Introduction

The Role of the Research Department and Research Analysts

Regulatory Actions

State Actions

Global Settlement

NASD Rules

Rule 2711: Research Analysts and Research Reports

Restrictions on Relationships with Research Department

Restrictions on Communications with the Subject Company

Restrictions on Research Analyst Compensation

Prohibition of Promise of Favorable Research

Restrictions on Publishing Research Reports and Public Appearances; Termination of Coverage

Restrictions on Personal Trading by Research Analysts

Disclosure Requirements

Prohibition of Retaliation Against Research Analysts

Exceptions for Small Firms

Supervisory Procedures

Third Party Research

Affiliated Non-Member Research

Registration Issues

NASD Rule 1050: Registration of Research Analysts

Research Analyst Qualification Examination

Exemptions and Waivers

Supervisors of Research Analysts

Continuing Education Requirements

SEC Regulation AC – Analyst Certification

Research Reports

Public Appearances

Appendix A: Regulatory Releases

Glossary

Research Analyst Quiz