The National Association of Securities Dealers has proposed amendments to its Rule 2711, which sets out supervisory and disclosure responsibilities with respect to the distribution of third-party research reports. The amended rule would eliminate the requirement that a member firm review the content of “independent third-party research.” “Independent third-party research” is defined as a third-party research report where the third-party producing the report (i) has no affiliation or business or contractual relationship with the distributing member or its affiliates that is reasonably likely to inform the contents of its research reports and (ii) makes coverage and content determinations without input by the distributing member or its affiliates. In addition, members would not be required to review independent third-party research to ensure that appropriate disclosure is made where such research is made available either (i) upon request, (ii) through a website maintained by the member or (iii) upon customer request in connection with a solicitation by the member. For research reports that do not satisfy the definition of independent third-party research, the current third-party disclosure requirements would apply, but a member would be permitted to direct a customer to a website where the applicable disclosures could be found.