17 C.F.R. § 242.501

Certifications in connection with research reports

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(a) A broker or dealer or covered person that publishes, circulates, or provides a research report prepared by a research analyst to a U.S. person in the United States shall include in that research report a clear and prominent certification by the research analyst containing the following:

(1) A statement attesting that all of the views expressed in the research report accurately reflect the research analyst's personal views about any and all of the subject securities or issuers; and

(2)(i) A statement attesting that no part of the research analyst's compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed by the research analyst in the research report; or

(ii) A statement:

(A) Attesting that part or all of the research analyst's compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed by the research analyst in the research report;

(B) Identifying the source, amount, and purpose of such compensation; and

(C) Further disclosing that the compensation could influence the recommendations or views expressed in the research report.

(b) A broker or dealer or covered person that publishes, circulates, or provides a research report prepared by a third party research analyst to a U.S. person in the United States shall be exempt from the requirements of this section with respect to such research report if the following conditions are satisfied:

(1) The employer of the third party research analyst has no officers (or persons performing similar functions) or employees in common with the broker or dealer or covered person; and

(2) The broker or dealer (or, with respect to a covered person, the broker or dealer with whom the covered person is associated) maintains and enforces written policies and procedures reasonably designed to prevent the broker or dealer, any controlling persons, officers (or persons performing similar functions), and employees of the broker or dealer from influencing the activities of the third party research analyst and the content of research reports prepared by the third party research analyst.

Notes of Decisions

Cited in 4 cases (4 in the last 5 years), 2022–2025 · leading case: Murray v. UBS Sec., LLC, 601 U.S. 23 (2024).

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Murray v. UBS Sec., LLC, 601 U.S. 23 (2024). “See 17 CFR § 242.501 (a) (2022). Murray contends that, despite this requirement of independence, two leaders of the CMBS trading desk im- properly pressured him to skew his reports to be more sup- portive of their business strategies, even instructing Murray to “clear [his]…”

Murray v. UBS Sec., LLC, 128 F.4th 363 (2d Cir. 2025). “See 17 C.F.R. § 242.501 (a). In December 2011 and January 2012, Murray reported to a supervisor that two CMBS traders were violating those regulations by asking him to publish reports supporting their business strategies.”

Murray v. UBS Sec., LLC, 601 U.S. 23 (2024). “See 17 CFR §242.501 (a) (2022). Murray contends that, despite this requirement of independence, two leaders of the CMBS trading desk im- properly pressured him to skew his reports to be more sup- portive of their business strategies, even instructing Mur- ray to “clear [his]…”

Murray v. UBS Sec. (2d Cir. 2022). “” 17 C.F.R. § 242.501 (a). 4 1 Murray reported this conduct to his direct supervisor, Michael Schumacher, 2 in December 2011 and again in January 2012.”

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