Series 22: Retail Communications That Include A Recommendation

Retail Communications That Include a Recommendation

Any retail communications that contain recommendations must disclose certain conflicts of interest. Specifically, the communication must disclose:

• whether the firm makes a market in the recommended security (including the underlying security of an option)

• whether the firm was a manager or co-manager on an offering of any securities by the issuer 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 iss