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A Dealer Member’s policies and procedures must specifically address preventing recommendations in research reports from being influenced by the investment banking department or the issuer.
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The policies and procedures must specifically address, at a minimum:
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prohibiting the approval of research reports by the investment banking department,
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limiting the investment banking department’s involvement in the production of research reports solely to the correction of factual errors,
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prohibiting and preventing the investment banking department from receiving advance notice of new ratings or rating changes on covered issuers, and
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establishing systems to control and record the flow of information between analysts and investment banking department staff, regarding issuers that are the subject of current or prospective research reports.
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There is no history log for this rule.