Research Reports
Chapters in this video
- 0:00 Quiet period: the 10-day IPO rule and the old 40-day trap
- 1:15 Secondary offering: 3 days for managers, zero for others
- 2:38 Four exceptions that break the quiet period
- 3:26 Fair access and the selective-distribution prohibition
- 4:31 Third-party research: the three-step supervisory checklist
- 5:28 Independent research exemption from content review
- 6:05 Passive availability vs active distribution carve-out
- 6:33 Rapid-fire exam recap
What this video covers
- The current quiet-period timeframes: 10 days after an initial public offering (IPO) for underwriters and dealers, 3 days after a secondary offering for managers and co-managers, and zero days for other secondary syndicate members
- Why the old 40-day IPO quiet period is a exam trap and when the modern rules apply
- The four quiet-period exceptions: emerging growth company (EGC), covered investment fund, significant news with compliance authorization, and routine research continuation for actively traded securities in secondaries
- Why selective distribution is prohibited even for a few hours, and what fair access requires for all entitled clients
- The three-step supervisory checklist for third-party research: labeling, registered principal or supervisory-analyst approval, and objectivity-and-reliability review
- The independent third-party research exemption from line-by-line content review, and why labeling and approval still apply
- The narrow passive-availability carve-out: when independent research posted on a website or provided upon request only excuses the material-conflict-disclosure requirement
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