萨班斯法案（2002）Sec.501.(1)

　　SEC.501.TREATMENT OF SECURITIES ANALYSTS BY REGISTERED SECURITIES ASSOCIATIONS AND NATIONAL SECURITIES EXCHANGES.

　　(a)RULES REGARDING SECURITIES ANALYSTS.-The Securities Exchange Act of 1934(15 U.S.C.78a et seq.)is amended by inserting after section 15C the following new section:

　　"SEC.15D.SECURITIES ANALYSTS AND RESEARCH REPORTS.

　　"(a)ANALYST PROTECTIONS.-The Commission,or upon the authorization and direction of the Commission,a registered securities association or national securities exchange,shall have adopted,not later than 1 year after the date of enactment of this section,rules reasonably designed to address conflicts of interest that can arise when securities analysts recommend equity securities in research reports and public appearances,in order to improve the objectivity of research and provide investors with more useful and reliable information,including rules designed-

　　"(1)to foster greater public confidence in securities research,and to protect the objectivity and independence of securities analysts,by-

　　"(A)restricting the prepublication clearance or approval of research reports by persons employed by the broker or dealer who are engaged in investment banking activities,or persons not directly responsible for investment research,other than legal or compliance staff;

　　"(B)limiting the supervision and compensatory evaluation of securities analysts to officials employed by the broker or dealer who are not engaged in investment banking activities;and

　　"(C)requiring that a broker or dealer and persons employed by a broker or dealer who are involved with investment banking activities may not,directly or indirectly,retaliate against or threaten to retaliate against any securities analyst employed by that broker or dealer or its affiliates as a result of an adverse,negative,or otherwise unfavorable research report that may adversely affect the present or prospective investment banking relationship of the broker or dealer with the issuer that is the subject of the research report,except that such rules may not limit the authority of a broker or dealer to discipline a securities analyst for causes other than such research report in accordance with the policies and procedures of the firm;

　　"(2)to define periods during which brokers or dealers who have participated,or are to participate,in a public offering of securities as underwriters or dealers should not publish or otherwise distribute research reports relating to such securities or to the issuer of such securities;

　　"(3)to establish structural and institutional safeguards within registered brokers or dealers to assure that securities analysts are separated by appropriate informational partitions within the firm from the review,pressure,or oversight of those whose involvement in investment banking activities might potentially bias their judgment or supervision;and

　　"(4)to address such other issues as the Commission,or such association or exchange,determines appropriate.