Morgan Stanley Equity Research Reports Pdf

[Karoline Oum]

Inaddition to the censure and fine, Morgan Stanley must review a sample of its research reports and certify to FINRA that they comply with FINRA's research analyst conflict-of-interest rules. These reviews and certifications must take place every six months for two years.

"This case strikes at the heart of FINRA's research disclosure requirements, which were written in response to scandals involving research analyst conflicts of interest," said James S. Shorris, FINRA Executive Vice President and Acting Chief of Enforcement. "Here, thousands of Morgan Stanley research reports did not include accurate information about the firm's relationships with the companies it covered, depriving potential investors of important information."

FINRA found that from April 2006 to June 2010, Morgan Stanley issued equity research reports that failed to disclose accurate information about the relationships Morgan Stanley, or its analysts, had with companies covered in its research reports. Overall, these inaccuracies resulted in approximately 6,836 deficient disclosures in about 6,632 equity research reports and 84 public appearances by research analysts. Among the deficient disclosures were:

Morgan Stanley also did not disclose in approximately 127,600 monthly account statements sent to customers from August 2007 to February 2008 that it had available independent, third-party research. The requirement to provide customers with this notification was part of the Securities and Exchange Commission's final agreement with Morgan Stanley as part of the 2003 Research Analyst Settlement and was incorporated into a separate agreement with FINRA.

In determining the appropriate sanctions in this matter, FINRA considered Morgan Stanley's self-review and self-reporting of some of its disclosure violations and remedial steps taken by the firm, as well as a prior FINRA settlement in 2005 that found the firm violated FINRA's research analyst disclosure rules.

Investors can obtain more information about, and the disciplinary record of, any FINRA-registered broker or brokerage firm by using FINRA's BrokerCheck. FINRA makes BrokerCheck available at no charge. In 2009, members of the public used this service to conduct 18.5 million reviews of broker or firm records. Investors can access BrokerCheck at www.finra.org/brokercheck or by calling (800) 289-9999.

A mutual fund's prospectus contains its investment objectives, risks, charges, expenses, and other important information and should be read and considered carefully before investing. For a current prospectus, visit etrade.com/mutualfunds.

The material provided by Morgan Stanley Smith Barney LLC, Morgan Stanley or any of their affiliates, or by a third party not affiliated with Morgan Stanley is for educational purposes only and is not an individualized recommendation. This information neither is, nor should be construed as, an offer or a solicitation of an offer, or a recommendation, to buy, sell, or hold any security, financial product, or instrument discussed herein, or to open a particular account or to engage in any specific investment strategy.

Morgan Stanley research reports and the information derived from such reports are provided for information purposes only. This content is not a solicitation of any offer to buy or sell any security or other financial instrument or to participate in any trading strategy. It is not individually tailored investment advice and is prepared and made available without regard to your individual financial circumstances and objectives. The securities and strategies discussed or referred to in this content may not be appropriate for you. Your decision to buy, hold or sell a security should depend on your individual circumstances (such as your investment objectives and experience, time horizon, liquidity needs, financial situation and existing holdings) and other considerations. Please see the relevant research report for important disclosures. Morgan Stanley Smith Barney LLC is an affiliate of Morgan Stanley & Co. LLC.

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The decision comes on the heels of a groundbreaking agreement between investment banks and U.S. regulators. As part of that deal, Morgan Stanley paid $125 million to settle charges that its investment banking division influenced equity research.

LVMH had originally sought 100 million euros, or $127.5 million, in damages when it alleged that Morgan Stanley analyst Claire Kent repeatedly disparaged it in research reports and comments to the press in order to curry favor with investment banking client Gucci Group.

Therefore, you recommend shorting the stock. You also recommend purchasing call options at an exercise price of $125 to limit your losses to 25% if the stock moves in the opposite direction.

These are comprehensive examples, backed by industry data and outside research, but if you want a shorter/simpler example you can recreate in a few hours, the Core Financial Modeling course has just that.

For a commercial bank like Shawbrook, you might see loan growth, interest rates, interest income and net income, and regulatory capital figures such as the Common Equity Tier 1 (CET 1) and Tangible Common Equity (TCE) ratios:

Brian DeChesare is the Founder of Mergers & Inquisitions and Breaking Into Wall Street. In his spare time, he enjoys lifting weights, running, traveling, obsessively watching TV shows, and defeating Sauron.

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Hey Brian

Can you please help me with coverage initiated reports on oil companies. I could not find them on the net. I need to them to get equity research experience, after which only I will be able to get into the field.

I searched but reports could not be found even for a price.

Thanks

How do you view the ER industry since the trading commission has been down 50% since 2007. And there are new in coming regulation governing the ER reports have to explicitly priced and funds need to pay for the report explicity rather than as a service comes free with brokerage?

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