Research report obligations: require reliable facts, defined ratings, corroborated analysis, and price-history disclosure when ratings persist.

Research analysts and entities must base research reports on reliable information, define and consistently use recommendation terms, and clearly define each rating's meaning, time horizon, and benchmarks. Reports containing a rating or price target held for the assigned period must include a graph of daily closing prices for that period or a three-year period, and recommendations must be corroborated by the relevant data and analysis forming the research basis.

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