REsearch Report Rules - new rules from teh internet bubble - conflict of interest arose from research departments that were funded by the investment banking department
- Prohibitions -
- - research personal cannot report to investment banking, usually now they report to retail sales
- - research reports cannot be subject to review by inv banking
- - research analysts are prohibited from participating in road shows or customers with investment banking personel
- - research reports cannot be shared with the subject company prior to distirbution
- - research personnel and immediate household can't buy issues's securities prior to IPO of any company in teh same industry as teh analyst covers for research reports.
trading in recommended company's securites is prohibited 30 days prior to report publishment and for 5 days following for analysis and his immediate household
- research personnel are prohibited from trading contrary to their firms recommendations --- if hardship requires a sell, compliance can approve such a sell if approved of in advance of the trade.
research personnel can't be compensated on investment banking business with companies they cover.
No "booster shot" research reports. reports that came out right after an issue was effective or right about teh time the lockup period expired.