The work of equity research analysts has come under considerable scrutiny in the wake of a number of scandals involving serious misconduct by high profile members of the profession. The work undertaken by analysts is an important component of the market mechanism, and in particular, the efficiency and integrity of that mechanism. A number of recent regulatory reforms and policy pronouncements suggest improvements to the manner in which analyst activity and recommendations are managed, in the context of broader investment banking organisations in which many analysts are embedded. This paper reviews a number of these prescriptions, and also sets out the results of a survey of practices adopted at a number of investment banks employing equity analysts operating in the Australian market place. Some relevant policy prescriptions are yielded from this work and set out in the concluding section of the paper.