Statement of Principles for Addressing Sell-Side Securities Analyst Conflicts of Interest
The Technical Committee recognizes that "sell-side" analysts, in particular - i.e., securities analysts employed by the research departments of full-service investment firms such as broker-dealers and investment banks - can face conflicts of interest that may compromise their abilities to offer investors independent, unbiased opinions. A primary objective for regulators, investors, firms and analysts alike is an environment where research produced by analysts for clients is objective, clear, fair and not misleading. To help achieve this objective, the principles developed by IOSCO's Technical Committee focus on:
- The identification and elimination, avoidance, management or disclosure of conflicts of interest faced by analysts;
- The integrity of analysts and their research; and
- The education of investors concerning the actual and potential conflicts of interest analysts face.