Table of Contents - Practising Law Institute

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BROKER-DEALER REGULATION § 16:3.4 SEC’s Renewed Focus and New Specialized Units................................................................... 16-68 [A] Renewed Emphasis on Pursuit of Insider Trading Claims and Creation of New Specialized Units ................................................ 16-68 [B] Insider Trading Alleged in Credit Default Swap Transaction................................................ 16-69 Chapter 17 Research Analysts John T. Bostelman § 17:1 Summary ...................................................................... 17-4 § 17:1.1 Overview ............................................................... 17-4 § 17:1.2 SRO Research Rules.............................................. 17-5 [A] Research Department Separation.......................... 17-5 [B] Prohibition on Research Soliciting Investment Banking Business .................................................. 17-5 [C] Prohibition on Research Analyst Participation in Road Shows ...................................................... 17-6 [D] No Three-Way Meetings Involving Investors ............................................................... 17-6 [E] Requirement of Fair and Balanced Communications .................................................. 17-6 [F] Analyst Compensation ......................................... 17-6 [G] Blackout on Research and Public Appearances in Connection with [H] Offerings ............................................................... 17-6 Research Blackout When “Lock-Ups” Expire.................................................................... 17-7 [I] Termination of Coverage ...................................... 17-7 [J] Analyst Trading Restrictions................................. 17-7 [K] Disclosure Requirements ...................................... 17-7 [L] Analyst Exams ...................................................... 17-7 [M] Supervisory Procedures ......................................... 17-7 § 17:1.3 SEC’s Analyst Certification Rules......................... 17-7 § 17:1.4 Global Research Analyst Settlement..................... 17-8 § 17:2 Overview....................................................................... 17-9 § 17:2.1 Initial Regulatory Inquiries ................................... 17-9 § 17:2.2 From Inquiry to Regulation ................................ 17-10 [A] SRO Rulemaking and SOA Section 501 ............. 17-10 [B] SEC Rulemaking ................................................. 17-11 [C] Global Research Settlement ................................ 17-11 § 17:3 SOA Requirements ..................................................... 17-13 § 17:3.1 Summary of SOA Section 501............................ 17-13 § 17:3.2 Legislative History .............................................. 17-15 lxxxii
§ 17:4 SRO Research Rules.................................................... 17-16 § 17:4.1 Summary ............................................................ 17-16 [A] The SRO Research Rules .................................... 17-17 [B] Evolution of SRO Research Rules ....................... 17-20 § 17:4.2 Definition of Research Report............................. 17-22 [A] Excluded Material ............................................... 17-23 [B] Third-Party Research .......................................... 17-25 § 17:4.3 Definition of Public Appearance ......................... 17-28 § 17:4.4 Definition of Research Analyst ........................... 17-29 § 17:4.5 Research Department Separation........................ 17-31 [A] No Supervision of Research by Investment Banking............................................................... 17-31 [B] Restrictions on Prepublication Review of Research by Non-Research Personnel ................. 17-32 [C] Restrictions on Prepublication Review of Research by Subject Companies ......................... 17-33 [D] Prohibition on Promises of Favorable [E] Research.............................................................. 17-34 Prohibition on Directing Analysts to Undertake Selling or Marketing Efforts .............. 17-34 § 17:4.6 Prohibition on Research Solicitation of Investment Banking Business ............................. 17-35 § 17:4.7 Prohibition on Road Show Participation............. 17-36 § 17:4.8 Prohibition on Three-Way Communications Involving Investors.............................................. 17-37 § 17:4.9 Requirement of Fair and Balanced Communications ................................................ 17-38 § 17:4.10 Review of Analyst Compensation ....................... 17-39 § 17:4.11 Quiet Periods for Research and Public Appearances ........................................................ 17-41 [A] Managers and Co-Managers of Securities Offering............................................................... 17-41 [B] Participating Underwriters and Dealers.............. 17-43 [C] Upon Expiration of “Lock-Up” Agreements ......................................................... 17-44 § 17:4.12 Notice of Termination of Coverage..................... 17-45 § 17:4.13 Restrictions on Personal Trading by Research Analysts .............................................................. 17-46 [A] Prohibition Against Purchasing or Receiving Pre-IPO Securities............................... 17-47 [B] Blackout Periods ................................................. 17-48 [C] Trading Against Recommendation...................... 17-48 [D] Limited Exceptions ............................................. 17-49 [E] Table of Contents Application to Supervisors of Research Analysts .............................................................. 17-50 (Broker-Dealer Reg., Rel. #3, 5/13) lxxxiii
Page 1 and 2: Table of Contents VOLUME 1 About th
Page 3 and 4: [A] Generally .....................
Page 5 and 6: Table of Contents Chapter 3 Brokers
Page 7 and 8: Table of Contents Chapter 5 Broker-
Page 9 and 10: Table of Contents § 5A:6.2 Exempti
Page 11 and 12: Table of Contents [E] Damages .....
Page 13 and 14: Table of Contents § 6:7.5 Qualific
Page 15 and 16: § 8:3.5 Training..................
Page 17 and 18: § 10:5 Harmonizing the Broker-Deal
Page 19 and 20: Table of Contents § 12:2.7 Use of
Page 21 and 22: § 13:2 Establishment and Maintenan
Page 23 and 24: § 13:4.2 Firm-Initiated Transfers
Page 25 and 26: [B][2] Disclosures Applicable to Mu
Page 27 and 28: Table of Contents [C][2] Financial
Page 29 and 30: § 15:2.3 MSRB Rules ..............
Page 31: [D][3] SEC v. Materia: Misappropria
Page 35 and 36: § 17:6 Global Research Analyst Set
Page 37 and 38: § 18:5.2 Definition of Exchange ..
Page 39 and 40: § 18:7.2 Exchange Act Rule 15c3-5
Page 41 and 42: [D] Price Improvement .............
Page 43 and 44: Table of Contents § 20:5.2 The Dut
Page 45 and 46: Table of Contents [D] Introducing B
Page 47 and 48: § 25:3 Understanding the Arrangeme
Page 49 and 50: Table of Contents § 25:17.31 Anti-
Page 51 and 52: Table of Contents § 27:7.1 Disclos
Page 53 and 54: Table of Contents § 28:2.4 Fraudul
Page 55 and 56: [C] Risk Management for Banks......
Page 57 and 58: Table of Contents Chapter 31A SEC a
Page 59 and 60: PART X: Compliance, Examinations, a
Page 61 and 62: Table of Contents § 33:3.8 Where R
Page 63 and 64: [B] Administrative Proceedings.....
Page 65 and 66: § 36:2.2 To What Extent Should the
Page 67 and 68: Table of Contents § 37:4.1 Broker-
Page 69 and 70: Table of Contents § 37B:2.3 Arbitr
Page 71 and 72: § 37C:3.2 Institutional Investment
Page 73 and 74: Table of Contents § 37D:3 Treasury
Page 75 and 76: Table of Contents § 38:6.4 Educati
Page 77 and 78: § 39:5.6 Rule G-34 CUSIP Numbers a
Page 79 and 80: § 40:2.2 Municipal Entity and Obli
Page 81 and 82: Table of Contents [E] Communication
Page 83 and 84:
§ 42:4.3 Exclusive Benefit Rule...
Page 85 and 86:
Table of Contents [C] Underwriting
Page 87 and 88:
Table of Contents [D] Implications
Page 89 and 90:
§ 42C:3.2 Consequences of Breachin
Page 91 and 92:
Table of Contents § 42D:3.3 Applic
Page 93 and 94:
§ 42E:6 Considerations in Connecti
Page 95 and 96:
PART XVI: Special Topics Table of C
Page 97 and 98:
§ 44:4 FINRA Rule 5121 (Public Off
Page 99 and 100:
§ 44:9.3 Procedures Required by Ru
Page 101 and 102:
[B][3] Stabilizing When the Princip
Page 103 and 104:
Chapter 46 U.S. Securities Activiti
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