SIE: Communications That Include A Recommendation

Communications that Include a Recommendation

Any retail communications that contain recommendations must disclose certain conflicts of interest. They include:

• • Whether the firm is a market maker in the recommended security
• • Whether the firm is a market maker in the underlying security of an option (for option transactions only)
• • Whether the firm was a lead underwriter on an offering of the recommended security
• • Whether the firm or any associated person who is responsible for the content has a financial interest in any of the securities of the issuer of the security

Retail communications with recommendations also must provide support for the recommendation, either in the communication itself or upon request. If the recommendation is