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FINRA Announces Effective Dates for New Equity and Debt Research Rules
Practical Law Legal Update w-000-5512 (Approx. 3 pages)
FINRA Announces Effective Dates for New Equity and Debt Research Rules
by Practical Law Corporate & Securities
| Published on 27 Aug 2015 • USA (National/Federal) |
The Financial Industry Regulatory Authority (FINRA) announced the effective dates for FINRA Rule 2241 (Research Analysts and Research Reports) and FINRA Rule 2242 (Debt Research Analysts and Debt Research Reports).
On August 26, 2015, FINRA announced the effective dates for FINRA Rule 2241 (Research Analysts and Research Reports) and FINRA Rule 2242 (Debt Research Analysts and Debt Research Reports). The new rules, which were approved by the SEC on July 16, 2015, will take effect as summarized below. For detailed discussions of the new rules, see Practice Notes, Equity Research Analysts and Equity Research Reports and Debt Research and Debt Research Analysts.
FINRA Rule 2241 (Research Analysts and Research Reports)
FINRA Rule 2241 will take effect in two stages:
- On September 25, 2015, the following will take effect:
- amendments to NASD Rule 1050 and Incorporated NYSE Rule 344.10 (Registration of Research Analysts);
- Rule 2241(b)(2)(l) and deletion of NASD Rules 2711(f)(1) through (5) and Incorporated NYSE Rules 472(f)(1) through (6) (Quiet Periods);
- Rule 2241(j) (Exemption for Good Cause);
- Rule 2241.10 (Divesting Research Analyst Holdings); and
- deletion of NASD Rule 2711(i) and Incorporated NYSE Rule 351 (Annual Attestation Requirement).
- All other provisions of Rule 2241 will take effect on December 24, 2015.
FINRA Rule 2242 (Debt Research Analysts and Debt Research Reports)
FINRA Rule 2242 will take effect on February 22, 2016.