Credit Suisse First Boston is following the lead of Merrill Lynch in banning its equity and fixed income research analysts from purchasing securities of companies they cover.

The new policy also requires analysts to dispose of securities covered by the policy that they currently hold by September 30, unless an exception is granted for special circumstances. This policy applies globally to all equity or fixed income research analysts, research associates and other members of the analyst’s team and their spouses, partners, minor children or other dependents of their household.

To avoid imposing undue financial penalties on its analysts as a consequence of the adoption of this new policy, exceptions to the policy may be made in special circumstance to take into account issues such as severe tax liability, pending retirement and family or estate planning, and charitable contribution considerations. However, even when exceptions are granted, those covered by the new policy will still be required to follow strict guidelines to limit conflicts of interest such as transferring the securities to an independent investment manager with authority to trade the securities at his or her discretion.

Last month, CSFB implemented other changes to ensure the independence of its research, which included having all equity analysts report to the Global Head of Equity Research and bringing the firm into full compliance with SIA’s Best Practices analyst compensation guidelines.

“CSFB’s research analysts have an outstanding reputation for producing high-quality, objective research,” said Al Jackson, CSFB’s Global Head of Equity Research. “We believe this new policy will further demonstrate our ongoing commitment to support the integrity and independence of our research to all investors.”