May foreign broker-dealers that are not associated persons of U.S. registered broker-dealers include their research reports in broadly distributed electronic databases?
Yes. Foreign broker-dealers not associated with U.S. registered broker-dealers may include their research reports in broadly distributed electronic databases in one of two ways consistent with Rule 15a-6 and Regulation AC. First, a foreign broker-dealer not associated with a U.S. registered broker-dealer may include its research reports in any broadly distributed electronic database so long as it ensures the reports appear with disclosures equivalent to those discussed in the Commission’s 1998 interpretive guidance on offshore websites, and the foreign broker-dealer has internal controls to ensure any solicitation does not result in transactions with U.S. persons.26 Second, a foreign broker-dealer not associated with a U.S. registered broker-dealer may enter an arrangement with a U.S. registered broker-dealer that would comply with Rule 501 of Regulation AC by including the required certifications (unless exempt under Rule 503 of Regulation AC). A U.S. registered broker-dealer would al
Related Questions
- If a foreign broker-dealer that does not have an associated U.S. registered broker-dealer includes research reports on its website, may it do so in reliance on the exemption under Rule 15a-6(a)(2)?
- May foreign broker-dealers that are not associated persons of U.S. registered broker-dealers include their research reports in broadly distributed electronic databases?
- Are registered research analysts covered persons within the Firm Element?
