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ARTICLE · 13 NOVEMBER 2008

FINRA Proposes Changes To Research Analyst Quiet Periods

Goodwin Procter LLP
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The Financial Industry Regulatory Authority (“FINRA”) has proposed and is requesting comment on “Proposed Research Registration and Conflict of Interest Rules” (Regulatory Notice 08-55), which would liberalize existing rules restricting the issuance of analyst research around initial public offerings and secondary offerings.

United StatesFinance and Banking
John Egan, III
John Egan, III
Jocelyn Arel
Jocelyn Arel
Eric Graham
Eric Graham
William Schnoor, Jr.
William Schnoor, Jr.
Ettore Santucci P.C.
Ettore Santucci P.C.

The Financial Industry Regulatory Authority ("FINRA") has proposed and is requesting comment on Proposed Research Registration and Conflict of Interest Rules (Regulatory Notice 08-55), which would liberalize existing rules restricting the issuance of analyst research around initial public offerings and secondary offerings. The proposed rules would benefit IPO issuers in particular by making research coverage available more quickly; easing restrictions on research coverage around lock-up expirations, waivers and terminations; providing greater flexibility to waive or modify lock-ups; and making negotiation of lock-ups easier.

Most significantly, the proposed rules would shorten, and in some cases eliminate, the existing "quiet periods" during which a member firm must not publish or otherwise distribute research reports, and research analysts must not make public appearances relating to the issuer if the firm has participated as an underwriter or dealer in the

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