Registration requirement for research analysts mandates a Board certificate, with specified exemptions and application formalities. A mandatory registration requirement compels persons and entities to obtain a certificate from the Board before acting as a research analyst or research entity, with a six month transitional allowance for incumbents. Applications must use Form A and include a non refundable fee. Exemptions cover investment advisers, credit rating agencies, asset managers, fund managers and their directors or employees issuing or distributing research reports, subject to Chapter III compliance, and certain officers or partners of registered research analysts, subject to regulation 7.