3619. Policies and procedures on trading

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    1. A Dealer Member who issues or distributes research reports must have policies and procedures that specifically address detecting and restricting any trading in equity securities or equity related securities of a subject issuer that is done with knowledge of or in anticipation of:

      1. the issuance of a research report

      2. a new recommendation, or

      3. a change in a recommendation, 

    2. related to the subject security that could reasonably be expected to have an effect on the price of the subject securities. 

    3. An individual directly involved in the preparation or approval of a research report must not trade in equity securities or equity related securities of the subject issuer for a period beginning 30 days prior to and ending five days after the issuance of the research report

    4. Notwithstanding subsection 3619(2), an individual may trade with the prior written approval of a designated Executive of the Dealer Member.

    5. Approval under subsection 3619(3) may not be granted for trades that are contrary to the analyst’s current recommendation, unless special circumstances exist.

    There is no history log for this rule.

    There is no history log for this rule.