Regulatory Alerts2018-10-08
Added · Updated
Guidelines on Addressing Conflicts of Interest arising from Issuing or Promulgating Research Analyses or Research Reports
Financial Institutions providing financial advisory services under the Financial Advisers Act must establish and implement written policies to manage conflicts of interest arising from research activities. These policies must ensure independence by segregating analysts from sales, dealing, and corporate finance functions, and prohibit trading by analysts or staff with access to non-public information during blackout periods. The guidelines mandate specific disclosures in research reports regarding financial interests, board memberships, corporate finance relationships within the past 12 months, and compensation received. Financial Institutions are required to maintain proper records of research recommendations and supporting documents for at least five years from the date of publication.
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