Article by Barbara M Johnson, Gordon H Hayes, Jocelyn M Arel, Brian E Pastuszenski, Jordan D Hershman
Recently, the Securities and Exchange Commission (the "SEC" or the "Commission") gave final approval to new Regulation AC – Analyst Certification ("Regulation AC"), which became effective on April 14, 2003. The text of the SEC’s final rule and the release that accompanied it is available at http://www.sec.gov/rules/final/33-8193.htm.
Regulation AC requires that brokers, dealers, and certain other associated persons include in any research reports that they publish, circulate, or provide: (1) a certification by the research analyst that the views expressed in such research reports accurately reflect the analyst’s personal views; and (2) a certification as to whether or not the analyst received compensation in connection with his or her specific recommendations or views, and if so, a disclosure of the source, amount, and purpose of such compensation, and that such compensation may
