FINRA Rules require that research analysts hold FINRA licenses 7, 63, 86 and 87.  FINRA Rules also provide for the process, content, disclosure, review and approval of research reports as well as the conduct of research analysts. A large focus of the Rules is the avoidance of conflicts of interest, including conflicts with other business groups of the firm. Analysts have increasingly complex rules to follow, as do business leaders that are working towards developing revenue streams related to the activities of analysts. Compliance should partner with business leaders to develop strong polices to govern activities of research analysts, and supervisory procedures to document the controls.

Oyster has the expertise to assist with:Regulatory Exam Support

  • Development of research publishing policies and Written Supervisory Procedures (“WSPs”)
  • Conflict of Interest guidelines and controls
  • Research sales policies and WSPs
  • Policies and WSPs for interactions with public companies
  • Policies and WSPs for interactions with investment bankers
  • Polices for writing pre-IPO research under the JOBS Act
  • Serving as your firm’s outsourced Research Analyst


The Oyster Difference

Whether you are subject to the Global Settlement or other legal restrictions related to the conduct of your research analysts or not, Oyster can help you establish policies and procedures that govern the level of contact between research analysts, investment bankers, and the public. Firms are under pressure to develop revenue streams in the face of declining trading commissions. Oyster has the expertise to help management determine what may be done, and how to document the policies and written supervisory procedures.