More than ten years after the Global Research Settlement and the adoption of NASD Rule 2711, the Securities and Exchange Commission (SEC or Commission) has approve new FINRA rules addressing conflicts of interest for both equity and debt research analysts and research reports. The new rules, FINRA Rules 2241 and 2242 (collectively, the Research Rules or Rules), will require FINRA member firms to establish certain policies and procedures related to equity (Rule 2241) and debt (Rule 2242) research reports and research analysts. The Research Rules are the product of a lengthy and dynamic rule making process, which began in 2008 and involved multiple rule proposals, several opportunities for public comment, and many amendments. They are intended to address conflicts of interest relating to the publication and distribution of equity and debt research reports and research analysts, and to foster objective and transparent research.