Securities Regulation

SEC Moves to End Key Sections of Global Research Analyst Settlement via FINRA Rule 2241

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Executive Summary On December 5, 2025, the Securities and Exchange Commission (SEC) agreed to terminate—or significantly modify—the remaining undertakings under the Global Research Analyst Settlement, long ago entered into in the early 2000s, which imposed strict firewalls and prescriptive rules for research‐banking separation. [2][3] The change recognizes that many of those obligations have been superseded …

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Hong Kong Tightens IPO Rules: Regulators Demand Higher Standards Amid Surge in Listings

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Executive Summary Hong Kong’s Securities and Futures Commission (SFC) and the Hong Kong Exchanges and Clearing (HKEX) have jointly urged investment banks to improve the quality of IPO applications, citing concerns over rushed or substandard submissions amid a surge in listings. More than 300 companies—most from mainland China—have filed to list so far in 2025, …

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SEC Moves to End Global Research Analyst Settlement—FINRA Rule 2241 Takes Center Stage

Leave a Comment / Broker-Dealer Compliance, Equity Research, Investment Banking, Regulatory Developments, Securities Regulation / By

Gist The SEC moved to terminate the remaining obligations under the 2003–04 Global Research Analyst Settlement, subject to court approval. The settlement’s strict, prescriptive controls on research–banking conflicts have largely been superseded by FINRA’s more principles-based Rule 2241. Ending these undertakings is expected to cut compliance costs, reduce competitive disadvantages for smaller and mid-sized firms, …

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