Financial authorities will require nine major securities firms to allocate at least one-fourth of their annual research reports to small and mid-sized companies. More than half of that coverage must focus on stocks ranked below 150th by market capitalization on KOSDAQ, a market centered on smaller growth companies. The measure responds to research concentration in large-cap stocks and a persistent imbalance toward buy recommendations, with sell calls accounting for less than 1%. The authorities will also tighten research requirements for IPO companies, permit anonymous analyst reports under compliance controls, and publish firm-level research output and analyst accuracy data.