Regulation AC
 
Rule 502 Certifications in Connection with Public Appearances
a. If a broker or dealer
publishes, circulates, or provides a research report prepared by a research
analyst employed by the broker or dealer or covered person to a U.S. person
in the United States, the broker or dealer must make a record within 30
days after any calendar quarter in which the research analyst made a public
appearance that contains the following:
1. A
statement by the research analyst attesting that the views expressed by
the research analyst in all public appearances during the calendar quarter
accurately reflected the research analyst's personal views at that time
about any and all of the subject securities or issuers; and
2. A
statement by the research analyst 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 such public appearances.
b.
If the broker or dealer
does not obtain a statement by the research analyst in accordance with
paragraph (a) of this section:
1. The
broker or dealer shall promptly notify in writing its examining authority,
designated pursuant to
section
17(d) of the Securities Exchange Act of 1934 and Rule
17d-2 under such Act, that the research analyst did not provide the
certifications specified in paragraph (a) of this section; and
2. For
120 days following notification pursuant to paragraph (b)(1) of this section,
the broker or dealer shall disclose in any research report prepared by
the research analyst and published, circulated, or provided to a U.S.
person in the United States that the research analyst did not provide
the certifications specified in paragraph (a) of this section.
c. In
the case of a research analyst who is employed outside the United States
by a foreign person located outside the United States, this section shall
only apply to a public appearance while the research analyst is physically
present in the United States. d. A broker
or dealer shall preserve the records specified in paragraphs (a) and (b)
of this section in accordance with Rule
17a-4 under the Securities Exchange Act of 1934 and for a period of
not less than 3 years, the first 2 years in an accessible place.
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