In Law360, Daniel O’Connor, Amy Jane Longo, and Devon Caton Analyze SEC’s Research Settlement Shift

In an article in Law360, Daniel O’Connor, co-leader of the securities & futures enforcement practice, litigation & enforcement partner Amy Jane Longo, and litigation & enforcement counsel Devon Caton explore the SEC's consent to modify the decades‑old global research analyst settlement, signaling openness to modernize legacy undertakings.

If accepted by the court, the proposed changes would retire prescriptive “firewall” obligations and align firms’ responsibilities with today’s principles‑based framework, including FINRA Rule 2241. The SEC’s move reflects recognition that subsequent rulemaking now governs analyst–banker interactions, disclosures, supervision, and compensation through policies “reasonably designed” to mitigate conflicts, potentially easing duplicative burdens while preserving core protections for research independence.