Sales of Securities at Reduced Prices
No member firm or associated person that is the single underwriter of a fixed price offering, or part of a syndicate or selling group, may offer or grant anyone outside the selling group any securities from the offering at a price below the stated public offering price (reduced price). A reduced price includes any selling concession, discount, credit, rebate, or fee reduction, any sale of other products or services at prices below reasonable, commercially available rates, or any purchase of securities at more than their fair market price in e