RCA - March 1997 - Ask The Analyst - Electronic Communications And Stocks/Research Reports

Q: Can we transmit research reports electronically?

A: Yes. Research reports transmitted electronically to a group of customers or prospects are considered sales literature. Alternatively, you may also post research reports on the Internet or a commercial on-line site as a form of advertising; in this case, you must assure that the report remains current throughout the time it is posted on an Internet or other on-line site. For example, it would be misleading to continue posting a report that recommends purchasing a stock if your firm is no longer recommending that security. Please note, a registered principal must approve research reports prior to use and in writing, regardless of how your firm distributes them.