FINRA Manual: Contents
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5000. SECURITIES OFFERING AND TRADING STANDARDS AND PRACTICES
5200. QUOTATION AND TRADING OBLIGATIONS AND PRACTICES
5260. Prohibition on Transactions, Publication of Quotations, or Publication of Indications of Interest During Trading Halts
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5280. Trading Ahead of Research Reports
(a) No member shall establish, increase, decrease or liquidate an inventory position in a security or a derivative of such security based on non-public advance knowledge of the content or timing of a research report in that security.
(b) A member must establish, maintain and enforce policies and procedures reasonably designed to restrict or limit the information flow between research department personnel, or other persons with knowledge of the content or timing of a research report, and trading department personnel, so as to prevent trading department personnel from utilizing non-public advance knowledge of the issuance or content of a research report for the benefit of the member or any other person.
Amended by SR-FINRA-2008-054 eff. Apr. 20, 2009.
Amended by SR-NASD-2005-087 eff. Aug. 1, 2006
Amended by SR-NASD-98-86 eff. Nov. 19, 1998.
Adopted by SR-NASD-95-28 eff. Aug. 15, 1995.
Selected Notices: 95-75, 09-11.