Business grows as regulators scrutinise research companies
New York -- Research became something of a dirty word in 2003. Indeed, in early December, the National Association of Securities Dealers (NASD) announced it had censured and fined four more firms -- notably Banc of America Securities and Axiom Capital Management -- for issuing misleading statements and research.
The regulators’ activity on this issue has spurred a number of business developments. One example is the Global Research Analyst Settlement, set up in April between the US Securities and Exchange Commission and 10 brokers. According to the terms of the settlement, which was approved in October, each affected company is required to contract for five years with at least three independent research firms and make those research reports available to their customers. Payment for independent research
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