10.1. Quiet Periods

In order to reduce conflicts of interest and market manipulation, research analysts have restrictions on when they are allowed to write about companies that are in the midst of a public offering. After a public offering begins, research analysts who work for firms that are participating in the offering may not publish research reports about the issuer, or make any public appearances related to the issuer, for a certain period of time. This period is referred to as a blackout period or quiet period, and it is imposed by FINRA. For IPOs, the quiet period lasts 10 calendar days and applies to analysts working for any firm that participates in the offering (underwriters and selling group mem