A broker settled FINRA charges for distributing research notes to sales and trading personnel, and select customers, in advance of the publication of the official research report.
News & Insights
On July 3, 2023, the SEC's relief for broker-dealers from investment adviser regulation in connection with the provision of research to EU investment managers expired. SEC Commissioner Mark T. Uyeda urged the SEC to engage in a "holistic review of the regulatory framework for investment research."
FINRA proposed revisions to the content outline for Research Analyst exams (FINRA Series 86/87).
A brokerage firm settled FINRA charges for (i) publishing equity research reports that included inaccurate historical stock information and (ii) failure to accurately disclose its beneficial ownership in stocks as to which it published research, among other securities law violations.
SEC Director of Investment Management William Birdthistle cautioned broker-dealers that receive cash payments for research from European asset managers that they may be required to register as investment advisers when the SEC's MiFID II no-action letter expires in July 2023.