■ explores the history of research payment rules in the United States,
■ outlines the global changes in research procurement and payment practices,
■ explains why these changes are happening now, and
■ offers regulatory recommendations to address these changes.
CFA Institute appreciates the assistance in the preparation of this report from Healthy Markets Association, an investor-focused, not-for-profit coalition of institutional investors and other investment firms and organizations serving the investment markets. Healthy Markets reviewed and assessed the existing legal, regulatory, and business structures for the production and distribution of investment research in both the United States and the European Union at the time of publication. This published report is the property of CFA Institute and the findings, opinions, and recommendations stated herein are official positions of CFA Institute.