Research Activities: Rapid Fire

What this video covers

• The two-part test that distinguishes a research report from casual commentary, and why form is irrelevant (podcast transcript, email blast, or napkin all qualify)
• Why the information barrier between research and investment banking must be structural, including the specific limits on IB pre-publication review and compensation committee composition
• Anti-retaliation and compensation rules: why a bonus cut after a sell rating tanks a deal is a per se violation, and why sizing the research bonus pool to IB revenue fails
• Pre-approval, front-page disclosure, and the firm-wide 1% ownership calculation that aggregates proprietary desks, affiliates, and error accounts
• Quiet period lengths and traps: 10 calendar days for an initial public offering underwriter or dealer, 3 calendar days for a secondary offering manager or co-manager, and the emerging growth company exemption
• Soft dollar safe harbor requirements: eligible versus ineligible items, and the three-step mixed-use allocation workflow
• Regulation Analyst Certification (Reg AC): per-report and quarterly certifications, the 120-day disclosure penalty for missed quarterly certification, and the 3-year records retention with 2 years readily accessible