17 CFR 242.501 - Certifications in connection with research reports.

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There is 1 rule appearing in the Federal Register for 17 CFR 242. View below or at eCFR (GPOAccess)
§ 242.501 Certifications in connection with research reports.
(a) A broker or dealer or covered person that publishes, circulates, or provides a research report prepared by a research analyst to a U.S. person in the United States shall include in that research report a clear and prominent certification by the research analyst containing the following:
(1) A statement attesting that all of the views expressed in the research report accurately reflect the research analyst's personal views about any and all of the subject securities or issuers; and
(2)
(i) A statement attesting that no part of the research analyst's compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed by the research analyst in the research report; or
(ii) A statement:
(A) Attesting that part or all of the research analyst's compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed by the research analyst in the research report;
(B) Identifying the source, amount, and purpose of such compensation; and
(C) Further disclosing that the compensation could influence the recommendations or views expressed in the research report.
(b) A broker or dealer or covered person that publishes, circulates, or provides a research report prepared by a third party research analyst to a U.S. person in the United States shall be exempt from the requirements of this section with respect to such research report if the following conditions are satisfied:
(1) The employer of the third party research analyst has no officers (or persons performing similar functions) or employees in common with the broker or dealer or covered person; and
(2) The broker or dealer (or, with respect to a covered person, the broker or dealer with whom the covered person is associated) maintains and enforces written policies and procedures reasonably designed to prevent the broker or dealer, any controlling persons, officers (or persons performing similar functions), and employees of the broker or dealer from influencing the activities of the third party research analyst and the content of research reports prepared by the third party research analyst.

Title 17 published on 2013-04-01

The following are only the Rules published in the Federal Register after the published date of Title 17.

For a complete list of all Rules, Proposed Rules, and Notices view the Rulemaking tab.

  • 2013-07-24; vol. 78 # 142 - Wednesday, July 24, 2013
    1. 78 FR 44771 - Eliminating the Prohibition Against General Solicitation and General Advertising in Rule 506 and Rule 144A Offerings
      GPO FDSys XML | Text
      SECURITIES AND EXCHANGE COMMISSION
      Final rules.
      The final rule and form amendments are effective on September 23, 2013.
      17 CFR Parts 230, 239 and 242

Title 17 published on 2013-04-01

The following are ALL rules, proposed rules, and notices (chronologically) published in the Federal Register relating to 17 CFR 242 after this date.

  • 2013-07-24; vol. 78 # 142 - Wednesday, July 24, 2013
    1. 78 FR 44771 - Eliminating the Prohibition Against General Solicitation and General Advertising in Rule 506 and Rule 144A Offerings
      GPO FDSys XML | Text
      SECURITIES AND EXCHANGE COMMISSION
      Final rules.
      The final rule and form amendments are effective on September 23, 2013.
      17 CFR Parts 230, 239 and 242