Fines totaling $775,000 against three major investment banks are said to “send a clear message to firms” that the NASD means business when it demands compliance with its research-disclosure rules. Citigroup Global Markets has been slapped with a $350,000 fine from the regulator for failure to disclose certain information in research reports over a three year period after it had been warned on several occasions to do so. According to the NASD, more than 2,500 research reports were missing disclosure information required by the agency. In addition, Credit Suisse was ordered to pay $225,000 for using “unclear language to describe price target valuation methods and risks that might impede achievement of the price target.” Finally, Morgan Stanley will pay $200,000 for failing to disclose “in a clear and prominent manner” the percentage of securities to which it would assign buy, hold/neutral or sell ratings, as required by the NASD. In addition to the fines, Citigroup and Credit Suisse have agreed to review research reports and certify to the NASD that they contain proper disclosure of price target valuation and risks.