3508. Inside information

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    1. For the purpose of section 3508 “material non-public information” means material facts or material changes not generally disclosed as defined under securities laws.

    2. A Director, Executive or employee of a Dealer Member acting as a director to a reporting issuer is a person in a special relationship with the reporting issuer and must not disclose any material non-public information about the reporting issuer to anyone including any Directors, Executives, employees or clients, or research or trading departments of the Dealer Member unless in the necessary course of business.

    3. A representative of a Dealer Member acting in an underwriting or advisory capacity to a reporting issuer is a person in a special relationship with the reporting issuer and must not disclose any material non-public information about the reporting issuer to anyone including any Directors, Executives, employees or clients, or research or trading departments of the Dealer Member unless in the necessary course of business.

    4. When a Dealer Member, Director, Executive or employee of a Dealer Member has material non-public information about the issuer and discloses it to other personnel of the Dealer Member in the necessary course of business, those persons also become persons in a special relationship with the reporting issuer and must not disclose any material non-public information about the reporting issuer to anyone including any Directors, Executives, employees or clients, or research or trading departments of the Dealer Member unless in the necessary course of business. 

    5. A Dealer Member’s policies and procedures must specifically address maintaining the confidentiality of material non-public information.

    There is no history log for this rule.

    There is no history log for this rule.