On February 17th, FINRA published for comment a revised debt research conflicts of interest proposal that reflects changes made in response to comments to a concept proposal discussed in Regulatory Notice 11-11. The revised proposal maintains a tiered approach based on whether debt research is distributed to retail or institutional investors. Debt research distributed to retail investors would carry most of the same protections provided to recipients of equity research, while institutional investors could opt in to a framework that exempts such research from many of those provisions. Comments should be submitted on or before April 2, 2012. FINRA Regulatory Notice 12-09.