| Merrill Lynch backs regulation of analysts |
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| 01/08/2002 | |
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by Nat Mankelow Merrill Lynch has said in a statement this week that it supports the principle of analyst certification - regulation proposed by the Securities and Exchange Commission (SEC) aimed at improving broker dealer research practices in the US. "We support the objectives of the SEC to enhance investor confidence in analyst opinions and research compensation practices and welcome any responsible steps toward that end," said Robert McCann, head of global securities research and economics. "Merrill Lynch will continue to its efforts to reassure investors that all research recommendations are made with objectivity, integrity and a clear analytical framework." He added: "We are committed to providing transparency and clarity in research for our clients and believe adoption of the principle of certification can be an additional important step toward reinforcing investor confidence." SEC proposals for regulation have come as a result of a series of disputes between investment banks and investor clients, the latter claiming that they were misled on a number of occasions by equity analysts who advised them to put cash into volatile markets such as TMT stocks. |
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