5280. Trading Ahead of Research Reports
(a) No member shall establish, increase, decrease or liquidate an inventory position in a security or a derivative of such security based on non-public advance knowledge of the content or timing of a research report in that security.
(b) A member must establish, maintain and enforce policies and procedures reasonably designed to restrict or limit the information flow between research department personnel, or other persons with knowledge of the content or timing of a research report, and trading department personnel, so as to prevent trading department personnel from utilizing non-public advance knowledge of the issuance or content of a research report for the benefit of the member or any other person.
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Amended by SR-FINRA-2008-054 eff. Apr. 20, 2009. Amended by SR-NASD-2005-087 eff. Aug. 1, 2006 Amended by SR-NASD-98-86 eff. Nov. 19, 1998. Adopted by SR-NASD-95-28 eff. Aug. 15, 1995. Selected Notices: 95-75, 09-11. |
- Regulatory Notice 18-05February 06, 2018
- Regulatory Notice 13-28August 28, 2013
- Regulatory Notice 09-11February 17, 2009