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 iss