In an effort to "strike a better balance" between the original purpose of the Securities and Exchange Commission's research-analyst conflict of interest rules, the NASD and the New York Stock Exchange have jointly submitted recommendations to relax some of the measures. Speaking to a conference in Florida, NASD Vice Chairman Mary Schapiro noted that the two regulators are asking the SEC to allow Web-based disclosure of conflicts of interest instead of requiring print publication in a research report. 

In addition, the agencies requested that the SEC amend the definition of "research report" to exclude mutual fund and direct-participation program sales material, which are already covered by NASD rules; eliminate "quiet periods" before and after lock-up agreements because Regulation AC certification protects shareholders; and create limited exemptions from research-report registration requirements for those reports produced by individuals whose primary job is something other than research.