CFA Institute Research Objectivity Standards

• Firms must establish and implement salary, bonus, and other compensation for analysts that do not directly link compensation to investment banking or other corporate finance activities on which the analyst collaborated (either individually or in the aggregate.)
• Research analysts are prohibited from directly or indirectly promising a subject company or other issuer a favorable report or specific price target, or from threatening to change reports, recommendations, or price targets.
• Research analysts are prohibited from sharing with, or communicating with or communicating to a subject company, prior to publication, any section of a research report that might communicate the research analyst's proposed recommendation, rating, or price target. It is recommended that the compliance or legal department receive a draft research report before sections are shared with the subject company.
• Ensure that covered employees do not share information about the subject company or security with any person who could have the ability to trade in advance of or otherwise disadvantage the firm's all clients.