Series 24: Restrictions On The Publication Of Research Reports And On Public Appearances

Restrictions on the Publication of Research Reports and on Public Appearances

Member firms may not distribute a research report and research analysts may make no public appearance regarding a subject company for which the firm has managed:

• • an Initial Public Offering, until 40 calendar days have passed following the date of the offering
• • a secondary offering, until 10 days have passed following the date of the offering
• • the expiration, waiver, or termination of a lock-up agreement at least 15 days prior to or after the agreement

If a firm did not mana