Unintended Consequences Equity Regulations Affecting Muni Research

Chang, Helen
September 2004
Bond Buyer;9/14/2004, Vol. 349 Issue 31968, p1
Trade Publication
This article reports recent research regulations initiated from the Securities and Exchange Commission. Municipal research analysts say that the impact of the recent research, intended to govern equity analysts and to distance their relationships with investment bankers, has resulted in a reduced amount of published research, poorer service for issuers, and a disruption to the flow of information in an already-opaque market. Such consequences are unintended as sell-side municipal analysts have been swept up in regulatory changes that were meant to prevent conflicts of interest between equity analysis and investment banking. Changes in municipal research departments in recent months are reported to be the result of the "global settlement" reached in 2003.


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