Research independence and conflict management required to prevent biased analysis and market manipulation in research activities. Research entities must adopt written policies and controls to manage conflicts of interest, ensure research independence from other business activities, and prevent market manipulation. Policies must include monitoring, recording and approval procedures for personal trading by analysts; restrictions on trading contrary to recommendations except with prior written approval; remuneration structures avoiding bias; robust information barriers; adequate documentary support for reports; disclosure of material interests and relationships; and clear definitions for any rating system, including time horizons and benchmarks.