Effective Dates, Guidance for New FINRA Research Rules (Regulatory Notices 15-30 and 15-31)

FINRA published a regulatory notice (15-30) announcing the adoption of new FINRA Rule 2241 ("Research Analysts and Research Reports"). The rule, which consolidates (and adds to) NASD Rule 2711 and NYSE Rule 472, addresses conflicts of interest relating to the publication and distribution of equity research reports.

FINRA also published a regulatory notice (15-31) announcing the adoption of FINRA Rule 2242 ("Debt Research Analysts and Debt Research Reports"), which addresses conflicts of interest relating to the publication and distribution of debt research reports.

The regulatory notices provide summaries and guidance as to the new rules and announce the effective dates for the rules. Rule 2241 will become effective on: (i) September 25, 2015, for provisions relating to registration, quiet periods, exemptions for good cause, divesting of research analyst holdings, annual attestation; and (ii) December 24, 2015, for all other provisions. Rule 2242 will become effective on February 22, 2016.

See: FINRA Regulatory Notice 15-30; FINRA Regulatory Notice 15-31.

Related News: SEC Approves Revised Research Rules (Fed. Reg.) (July 23, 2015); SEC Delays Action on FINRA Rule Change Regarding Adoption of Debt Research Rule (May 27, 2015) SEC Institutes Proceedings to Consider FINRA's Proposal to Adopt Debt Research Rule (Fed. Reg.) (February 26, 2015) FINRA Proposes to Amend Debt Research Rules (November 14, 2014).