Regulation AC
 
Rule 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.
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