Source: https://www.law.cornell.edu/cfr/text/17/242.501?qt-cfr_tabs=0
Timestamp: 2016-02-09 22:12:47
Document Index: 598996195

Matched Legal Cases: ['art 242', '§ 242', '§ 242', '§ 77', '§ 77', '§ 77', '§ 78', '§ 78', '§ 78', '§ 78', '§ 78', '§ 78', '§ 78', '§ 78', '§ 78', '§ 78', '§ 78', '§ 78', '§ 78', '§ 78', '§ 80', '§ 80', '§ 80']

17 CFR 242.501 - Certifications in connection with research reports. | US Law | LII / Legal Information Institute
CFR › Title 17 › Chapter II › Part 242 › Section 242.501 17 CFR 242.501 - Certifications in connection with research reports.
§ 242.501
Certifications in connection with research reports.
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:
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
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
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;
Identifying the source, amount, and purpose of such compensation; and
Further disclosing that the compensation could influence the recommendations or views expressed in the research report.
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:
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
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.
§ 242.501 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. This is a list of United States Code sections, Statutes at Large, Public Laws, and Presidential Documents, which provide rulemaking authority for this CFR Part.This list is taken from the Parallel Table of Authorities and Rules provided by GPO [Government Printing Office].It is not guaranteed to be accurate or up-to-date, though we do refresh the database weekly. More limitations on accuracy are described at the GPO site.United States CodeU.S. Code: Title 15 - COMMERCE AND TRADE§ 77g - Information required in registration statement§ 77q - Fraudulent interstate transactions§ 77s - Special powers of Commission§ 78b - Necessity for regulation§ 78c - Definitions and application§ 78g - Margin requirements§ 78i - Manipulation of security prices§ 78j - Manipulative and deceptive devices§ 78k-1§ 78l - Registration requirements for securities§ 78m - Periodical and other reports§ 78n - Proxies§ 78o - Registration and regulation of brokers and dealers§ 78q - Records and reports§ 78w - Rules, regulations, and orders; annual reports§ 78dd-1§ 78mm - General exemptive authority§ 80a-23§ 80a-29§ 80a-37