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. Communications with equ