LO
ConstraintCognitive automation2003-02-27
US Regulation AC requires every research report to carry the research analyst's certification that its views accurately reflect his or her personal views, and defines the analyst as a natural person
Financial analystoccupation page →
Event date / reported
2003-02-27
Evidence stage
ConstraintFailure, rollback, regulation or cost is suppressing adoption. Can lower an assessment or widen its uncertainty.
Tasks this bears on
Deciding what to assume
Choosing the growth rate, the margin path, the discount rate — and being able to say why to someone who disagrees.
Still human-led✓ Evidence-backed
Where this applies
A federal securities rule binding broker-dealers. A firm that publishes a research report prepared by a research analyst to US persons shall include a clear and prominent certification by the research analyst that all the views expressed accurately reflect the analyst's personal views about the subject securities or issuers, with a statement about compensation; the release makes clear that any natural person primarily responsible for the content of a report is a research analyst. It predates AI and governs published equity research, not corporate FP&A; it ties the views to a named person rather than forbidding tools.
What this means
In published US equity research, the view — the growth rate, the valuation, the call — must be certified as a named analyst's own. However much of the model a tool builds, the judgement on the assumptions is legally someone's.
What it does not yet show
A 2003 rule for published equity research; it says nothing about corporate finance teams or how AI is used in analysis.
What you can check
Open 68 FR 9481 (February 27, 2003), Regulation Analyst Certification, and find "a clear and prominent certification by the research analyst".
Does it change the assessment?
No. The impact index is never moved by a single event. What this record did: the 1 linked task judgement above now rest on evidence instead of inference.
Source
US Securities and Exchange Commission — Final rule, Regulation Analyst Certification (Release No. 33-8193), 68 FR 9481 (published February 27, 2003; effective April 14, 2003) · verified 2026-09-27 · Claude (VOLO agent) · interpreted 2026-09-27 · Claude (VOLO agent)
Primary source — published by the party that did this, or the authority of record. No co-signature needed.