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Question 1 of 10
1. Question
Regarding Content and Disclosure in Research Reports, which one of the following statement(s) is/are true?
Correct
2241. Research Analysts and Research Reports,
Content and Disclosure in Research Reports: A member must disclose in any research report at the time of publication or distribution of the report: if the member or any of its affiliates:
(i) managed or co-managed a public offering of securities for the subject company in the past 12 months;
(ii) received compensation for investment banking services from the subject company in the past 12 months; or
(iii) expects to receive or intends to seek compensation for investment banking services from the subject company in the next three months;Incorrect
2241. Research Analysts and Research Reports,
Content and Disclosure in Research Reports: A member must disclose in any research report at the time of publication or distribution of the report: if the member or any of its affiliates:
(i) managed or co-managed a public offering of securities for the subject company in the past 12 months;
(ii) received compensation for investment banking services from the subject company in the past 12 months; or
(iii) expects to receive or intends to seek compensation for investment banking services from the subject company in the next three months; -
Question 2 of 10
2. Question
Regarding Content and Disclosure in Research Reports, how much of any class of common equity securities of the subject company must a member disclose in any research report at the time of publication or distribution of the report?
Correct
2241. Research Analysts and Research Reports
Content and Disclosure in Research Reports: A member must disclose in any research report at the time of publication or distribution of the report: if the member or its affiliates beneficially own 1% or more of any class of common equity securities of the subject company;Incorrect
2241. Research Analysts and Research Reports
Content and Disclosure in Research Reports: A member must disclose in any research report at the time of publication or distribution of the report: if the member or its affiliates beneficially own 1% or more of any class of common equity securities of the subject company; -
Question 3 of 10
3. Question
Regarding Disclosure in Public Appearances, which one of the following is not correct that a research analyst must disclose in public appearances?
Correct
2241. Research Analysts and Research Reports
Disclosure in Public Appearances: A research analyst must disclose in public appearances:
(A) if the research analyst or a member of the 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 the member or its affiliates beneficially own 1% or more of any class of common equity securities of the subject company;
(C) if, to the extent the 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;
(D) if the research analyst received any compensation from the subject company in the previous 12 months;Incorrect
2241. Research Analysts and Research Reports
Disclosure in Public Appearances: A research analyst must disclose in public appearances:
(A) if the research analyst or a member of the 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 the member or its affiliates beneficially own 1% or more of any class of common equity securities of the subject company;
(C) if, to the extent the 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;
(D) if the research analyst received any compensation from the subject company in the previous 12 months; -
Question 4 of 10
4. Question
Regarding Disclosure in Public Appearances, how long the members must maintain records of public appearances by research analysts?
Correct
2241. Research Analysts and Research Reports
Disclosure in Public Appearances: Members must maintain records of public appearances by research analysts sufficient to demonstrate compliance by those research analysts with the applicable disclosure requirements in this paragraph (d). Such records must be maintained for at least three years from the date of the public appearance.Incorrect
2241. Research Analysts and Research Reports
Disclosure in Public Appearances: Members must maintain records of public appearances by research analysts sufficient to demonstrate compliance by those research analysts with the applicable disclosure requirements in this paragraph (d). Such records must be maintained for at least three years from the date of the public appearance. -
Question 5 of 10
5. Question
Regarding Disclosure Required by Other Provisions, which of the following statement(s) is/are true?
Correct
2241. Research Analysts and Research Reports
Disclosure Required by Other Provisions
In addition to the disclosures required by paragraphs (c) and (d), members and research analysts must comply with all applicable disclosure provisions of FINRA Rule 2210 and the federal securities laws.Incorrect
2241. Research Analysts and Research Reports
Disclosure Required by Other Provisions
In addition to the disclosures required by paragraphs (c) and (d), members and research analysts must comply with all applicable disclosure provisions of FINRA Rule 2210 and the federal securities laws. -
Question 6 of 10
6. Question
Regarding Termination of Coverage, which of the following statement(s) is/are true?
Correct
2241. Research Analysts and Research Reports
Termination of Coverage
A member must promptly notify its customers if it intends to terminate coverage of a subject company. Such notice must be made using the member’s ordinary means to disseminate research reports on the subject company to its various customers. The notice must be accompanied by a final research report, comparable in scope and detail to prior research reports, and include a final recommendation or rating. If impracticable to provide a final research report, recommendation or rating, a member must disclose to its customers its reason for terminating coverage.Incorrect
2241. Research Analysts and Research Reports
Termination of Coverage
A member must promptly notify its customers if it intends to terminate coverage of a subject company. Such notice must be made using the member’s ordinary means to disseminate research reports on the subject company to its various customers. The notice must be accompanied by a final research report, comparable in scope and detail to prior research reports, and include a final recommendation or rating. If impracticable to provide a final research report, recommendation or rating, a member must disclose to its customers its reason for terminating coverage. -
Question 7 of 10
7. Question
Regarding Distribution of Member Research Reports, why must a member establish, maintain and enforce written policies and procedures reasonably designed?
Correct
2241. Research Analysts and Research Reports
Distribution of Member Research Reports
A member must establish, maintain and enforce written policies and procedures reasonably designed to ensure that a research report is not distributed selectively to internal 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 research report.Incorrect
2241. Research Analysts and Research Reports
Distribution of Member Research Reports
A member must establish, maintain and enforce written policies and procedures reasonably designed to ensure that a research report is not distributed selectively to internal 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 research report. -
Question 8 of 10
8. Question
Regarding Distribution of Third-Party Research Reports, which of the following statement(s) is/are untrue?
Correct
2241. Research Analysts and Research Reports
Distribution of Third-Party Research Reports
(1) Subject to paragraph (h)(5), a registered principal or supervisory analyst approved pursuant to Incorporated Rule 1220(a)(14) must review for compliance with the applicable provisions of paragraph (h) and approve by signature or initial all third-party research reports distributed by a member.
(2) A member may not distribute third-party research if it knows or has reason to know such research is not objective or reliable.
(3) A member must establish, maintain and enforce written policies and procedures reasonably designed to ensure that any third-party research it distributes contains no untrue statement of material fact and is otherwise not false or misleading. For the purposes of this paragraph (h)(3) only, a member’s obligation to review a third-party research report extends to any untrue statement of material fact or any false or misleading information
A member must accompany any third-party research report it distributes with, or provide a web address that directs a recipient to, disclosure of any material conflict of interest that can reasonably be expected to have influenced the choice of a third-party research provider or the subject company of a third-party research report, including the disclosures required by paragraphs (c)(4)(C), (c)(4)(F), (c)(4)(G) and (c)(4)(I) of this Rule.Incorrect
2241. Research Analysts and Research Reports
Distribution of Third-Party Research Reports
(1) Subject to paragraph (h)(5), a registered principal or supervisory analyst approved pursuant to Incorporated Rule 1220(a)(14) must review for compliance with the applicable provisions of paragraph (h) and approve by signature or initial all third-party research reports distributed by a member.
(2) A member may not distribute third-party research if it knows or has reason to know such research is not objective or reliable.
(3) A member must establish, maintain and enforce written policies and procedures reasonably designed to ensure that any third-party research it distributes contains no untrue statement of material fact and is otherwise not false or misleading. For the purposes of this paragraph (h)(3) only, a member’s obligation to review a third-party research report extends to any untrue statement of material fact or any false or misleading information
A member must accompany any third-party research report it distributes with, or provide a web address that directs a recipient to, disclosure of any material conflict of interest that can reasonably be expected to have influenced the choice of a third-party research provider or the subject company of a third-party research report, including the disclosures required by paragraphs (c)(4)(C), (c)(4)(F), (c)(4)(G) and (c)(4)(I) of this Rule. -
Question 9 of 10
9. Question
Regarding Distribution of Third-Party Research Reports, which of the following statement(s) is/are true?
Correct
2241. Research Analysts and Research Reports
Distribution of Third-Party Research Reports: A member may not distribute third-party research if it knows or has reason to know such research is not objective or reliable.Incorrect
2241. Research Analysts and Research Reports
Distribution of Third-Party Research Reports: A member may not distribute third-party research if it knows or has reason to know such research is not objective or reliable. -
Question 10 of 10
10. Question
Regarding Distribution of Third-Party Research Reports, which of the following statement(s) is/are true?
Correct
2241. Research Analysts and Research Reports
Distribution of Third-Party Research Reports: A member shall not be required to review a third-party research report to determine compliance with paragraph (h)(3) if such research report is an independent third-party research report.Incorrect
2241. Research Analysts and Research Reports
Distribution of Third-Party Research Reports: A member shall not be required to review a third-party research report to determine compliance with paragraph (h)(3) if such research report is an independent third-party research report.