Payments Involving Publications That Influence the Market Price of a Security

What this video covers

• When paying to influence or reward publication or circulation violates the rule, even if the security's market price never moves
• The difference between influencing before publication and rewarding after publication, and why anything of value includes gifts and indirect compensation
• The three exceptions for paid advertising, disclosed payments, and research reports, along with the condition attached to each
• Why the disclosure exception requires the receipt and exact amount of compensation, whether the payment is past or prospective
• The two required components of a research report: equity-securities analysis and information reasonably sufficient to base an investment decision
• The open-end registered investment company carve-out in the research report definition
• How the research report exclusions work, including strictly limited content, fewer than 15 persons, statutory prospectuses, private placement memoranda, and the researched-document carve-back