Series 7: 11.1.6 Retail Communications That Include A Recommendation

11.1.6  Retail Communications that Include a Recommendation

Any retail communications that contain recommendations must disclose certain conflicts of interest. Specifically, the communication must disclose:

• • Whether the firm makes a market in the recommended security (including the underlying security of an option)
• • Whether the firm was a manager or co-manager on an offering of any securities by the issuer of the recommended security
• • Whether the firm or any associated person who is responsible for the content has a financial interest in any of the securities of the issuer

Retail communications with recommendations also must provide support for the recommendation, either in the communication itself or upon request. Commun