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Question 1 of 10
1. Question
If, as of the end of the month immediately preceding the date of publication or distribution of a debt research report, the member or its affiliates have received from the subject company any compensation for products or services for which period?
Correct
2242. Debt Research Analysts and Debt Research Reports
Content and Disclosure in Debt Research Reports
If, as of the end of the month immediately preceding the date of publication or distribution of a debt research report (or the end of the second most recent month if the publication date is less than 30 calendar days after the end of the most recent month) the member or its affiliates have received from the subject company any compensation for products or services other than investment banking services in the previous 12 monthsIncorrect
2242. Debt Research Analysts and Debt Research Reports
Content and Disclosure in Debt Research Reports
If, as of the end of the month immediately preceding the date of publication or distribution of a debt research report (or the end of the second most recent month if the publication date is less than 30 calendar days after the end of the most recent month) the member or its affiliates have received from the subject company any compensation for products or services other than investment banking services in the previous 12 months -
Question 2 of 10
2. Question
Which of the following is/are incorrect when a member must disclose in any debt research report at the time of publication or distribution of the report?
Correct
2242. Debt Research Analysts and Debt Research Reports
Content and Disclosure in Debt Research Reports
A member must disclose in any debt research report at the time of publication or distribution of the report:
1. If the subject company is, or over the 12-month period preceding the date of publication or distribution of the debt research report has been, a client of the member, and if so, the types of services provided to the issuer. Such services, if applicable, shall be identified as either investment banking services, non-investment banking securities-related services or non-securities services;
2. If the member trades or may trade as principal in the debt securities (or in related derivatives) that are the subject of the debt research report;
3. If the debt research analyst received any compensation from the subject company in the previous 12 months; and
4. If the debt research analyst has received compensation based upon (among other factors) the member’s investment banking, sales and trading or principal trading revenues.Incorrect
2242. Debt Research Analysts and Debt Research Reports
Content and Disclosure in Debt Research Reports
A member must disclose in any debt research report at the time of publication or distribution of the report:
1. If the subject company is, or over the 12-month period preceding the date of publication or distribution of the debt research report has been, a client of the member, and if so, the types of services provided to the issuer. Such services, if applicable, shall be identified as either investment banking services, non-investment banking securities-related services or non-securities services;
2. If the member trades or may trade as principal in the debt securities (or in related derivatives) that are the subject of the debt research report;
3. If the debt research analyst received any compensation from the subject company in the previous 12 months; and
4. If the debt research analyst has received compensation based upon (among other factors) the member’s investment banking, sales and trading or principal trading revenues. -
Question 3 of 10
3. Question
If the subject company is, or over the 12-month period preceding the date of publication or distribution of the debt research report has been, the types of services shall be identified as what?
Correct
2242. Debt Research Analysts and Debt Research Reports
Content and Disclosure in Debt Research Reports
If the subject company is, or over the 12-month period preceding the date of publication or distribution of the debt research report has been, a client of the member, and if so, the types of services provided to the issuer. Such services, if applicable, shall be identified as either investment banking services, non-investment banking securities-related services or non-securities services;Incorrect
2242. Debt Research Analysts and Debt Research Reports
Content and Disclosure in Debt Research Reports
If the subject company is, or over the 12-month period preceding the date of publication or distribution of the debt research report has been, a client of the member, and if so, the types of services provided to the issuer. Such services, if applicable, shall be identified as either investment banking services, non-investment banking securities-related services or non-securities services; -
Question 4 of 10
4. Question
Which of the following statement(s) is/are true when a debt research analyst must disclose in public appearances?
Correct
2242. Debt Research Analysts and Debt Research Reports
Disclosure in Public Appearances
A debt research analyst must disclose in public appearances:
(A) if the debt research analyst or a member of the debt research analyst’s household has a financial interest in the debt or equity securities of the subject company (including, without limitation, whether it consists of any option, right, warrant, future, long or short position), and the nature of such interest;
(B) if, to the extent the debt research analyst knows or has reason to know, the member or any affiliate received any compensation from the subject company in the previous 12 months;
(C) if the debt research analyst received any compensation from the subject company in the previous 12 months;
(D) any other material conflict of interest of the debt research analyst or member that the debt research analyst knows or has reason to know at the time of the public appearanceIncorrect
2242. Debt Research Analysts and Debt Research Reports
Disclosure in Public Appearances
A debt research analyst must disclose in public appearances:
(A) if the debt research analyst or a member of the debt research analyst’s household has a financial interest in the debt or equity securities of the subject company (including, without limitation, whether it consists of any option, right, warrant, future, long or short position), and the nature of such interest;
(B) if, to the extent the debt research analyst knows or has reason to know, the member or any affiliate received any compensation from the subject company in the previous 12 months;
(C) if the debt research analyst received any compensation from the subject company in the previous 12 months;
(D) any other material conflict of interest of the debt research analyst or member that the debt research analyst knows or has reason to know at the time of the public appearance -
Question 5 of 10
5. Question
How long must the members maintain records of public appearances by debt research analysts?
Correct
2242. Debt Research Analysts and Debt Research Reports
Disclosure in Public Appearances
Members must maintain records of public appearances by debt research analysts sufficient to demonstrate compliance by those debt research analysts with the applicable disclosure requirements. Such records must be maintained for at least three years from the date of the public appearanceIncorrect
2242. Debt Research Analysts and Debt Research Reports
Disclosure in Public Appearances
Members must maintain records of public appearances by debt research analysts sufficient to demonstrate compliance by those debt research analysts with the applicable disclosure requirements. Such records must be maintained for at least three years from the date of the public appearance -
Question 6 of 10
6. Question
While doing distribution of member research reports, what should a member must establish, maintain and enforce?
Correct
2242. Debt Research Analysts and Debt Research Reports
Distribution of Member Research Reports
A member must establish, maintain and enforce written policies and procedures reasonably designed to ensure that a debt research report is not distributed selectively to trading personnel or a particular customer or class of customers in advance of other customers that the member has previously determined are entitled to receive the debt research report.Incorrect
2242. Debt Research Analysts and Debt Research Reports
Distribution of Member Research Reports
A member must establish, maintain and enforce written policies and procedures reasonably designed to ensure that a debt research report is not distributed selectively to trading personnel or a particular customer or class of customers in advance of other customers that the member has previously determined are entitled to receive the debt research report. -
Question 7 of 10
7. Question
While doing distribution of third-party debt research reports, which of the following activities of a member is correct?
Correct
2242. Debt Research Analysts and Debt Research Reports
Distribution of Third-Party Debt Research Reports
(1) A member may not distribute third-party debt research if it knows or has reason to know such research is not objective or reliable.
(2) A member must accompany any third-party debt research report it distributes with
(3) A member shall not be required to review a third-party debt research report to determine compliance with paragraph (g)(2) of this Rule if such debt research report is an independent third-party debt research report.
(4) A member must ensure that a third-party debt research report is clearly labeled as such and that there is no confusion on the part of the recipient as to the person or entity that prepared the debt research report.Incorrect
2242. Debt Research Analysts and Debt Research Reports
Distribution of Third-Party Debt Research Reports
(1) A member may not distribute third-party debt research if it knows or has reason to know such research is not objective or reliable.
(2) A member must accompany any third-party debt research report it distributes with
(3) A member shall not be required to review a third-party debt research report to determine compliance with paragraph (g)(2) of this Rule if such debt research report is an independent third-party debt research report.
(4) A member must ensure that a third-party debt research report is clearly labeled as such and that there is no confusion on the part of the recipient as to the person or entity that prepared the debt research report. -
Question 8 of 10
8. Question
What is/are the purpose(s) for which a member shall not be considered to have distributed a third-party debt research report?
Correct
2242. Debt Research Analysts and Debt Research Reports
Distribution of Third-Party Debt Research Reports
A member shall not be considered to have distributed a third-party debt research report for the purposes of paragraph (g)(3) where the research is an independent third-party debt research report and made available by a member (a) upon request; (b) through a member-maintained website; or (c) to a customer in connection with a solicited order in which the registered representative has informed the customer, during the solicitation, of the availability of independent debt research on the solicited debt security and the customer requests such independent debt research.Incorrect
2242. Debt Research Analysts and Debt Research Reports
Distribution of Third-Party Debt Research Reports
A member shall not be considered to have distributed a third-party debt research report for the purposes of paragraph (g)(3) where the research is an independent third-party debt research report and made available by a member (a) upon request; (b) through a member-maintained website; or (c) to a customer in connection with a solicited order in which the registered representative has informed the customer, during the solicitation, of the availability of independent debt research on the solicited debt security and the customer requests such independent debt research. -
Question 9 of 10
9. Question
In the case of distribution of third-party debt research reports, what must a member ensure?
Correct
2242. Debt Research Analysts and Debt Research Reports
Distribution of Third-Party Debt Research Reports
A member must ensure that a third-party debt research report is clearly labeled as such and that there is no confusion on the part of the recipient as to the person or entity that prepared the debt research report.Incorrect
2242. Debt Research Analysts and Debt Research Reports
Distribution of Third-Party Debt Research Reports
A member must ensure that a third-party debt research report is clearly labeled as such and that there is no confusion on the part of the recipient as to the person or entity that prepared the debt research report. -
Question 10 of 10
10. Question
Regarding exemption for members with limited investment banking activity, what is the limit time in years that that the Rule shall not apply to members?
Correct
2242. Debt Research Analysts and Debt Research Reports
Exemption for Members with Limited Investment Banking Activity
The provisions of some paragraphs of this Rule shall not apply to members that over the previous three years, on average per year, have participated in 10 or fewer investment banking services transactions as manager or co-manager and generated $5 million or less in gross investment banking revenues from those transactionsIncorrect
2242. Debt Research Analysts and Debt Research Reports
Exemption for Members with Limited Investment Banking Activity
The provisions of some paragraphs of this Rule shall not apply to members that over the previous three years, on average per year, have participated in 10 or fewer investment banking services transactions as manager or co-manager and generated $5 million or less in gross investment banking revenues from those transactions