The Securities Industry Association and the North American Securities Administrators Association are out with comments on a plan by the Securities and Exchange Commission to require analysts to certify that the opinions they express in their research reports are their own.

The SIA came out in support of the rule. “Proposed Rule AC represents a logical progression in the commission’s leadership to bolster the objectivity of analysts’ research,” said Stuart Kaswell, SIA’s general counsel and senior vice president, said in the association’s comment letter.

SIA suggested revisions to clarify or strengthen the rule’s provisions. These include: clarifying the function and scope of “certification”; ensuring that the new rule is consistent with the rules of self-regulatory organizations; and addressing issues arising from disclosures during public appearances.

However, the NASAA said that it doesn’t believe that Regulation AC advances the cause of investor protection to any significant degree. It says that it is already securities fraud for an analyst to lie about their opinion. “It is unlawful today as we consider Regulation AC, and it will continue to be securities fraud whether or not the commission acts favorably on the proposed rule. We submit, further, that there is little or no, prophylactic effect to be expected by requiring an otherwise untruthful analyst to “certify” that he or she is telling the truth.”

NASAA also expressed concern that analysts are being singled out “as easy-to-hit and defenseless targets for all of the ills of the recent market bubble.”

NASAA says that the SEC’s resources would be better served by focusing on more tangible problems, such as road shows, “booster shots”, and retaliation against honest analysts.