Conflict of interest restrictions: blackout periods and separation rules limit research analysts' publications and business interactions. The Regulations impose blackout periods restricting research analysts and entities from publishing or publicly commenting on subject companies when they have acted as manager, co manager or underwriter in offerings, and around lock up agreements, with early publication allowed only upon prior written approval by legal or compliance personnel; the offering date is the first public offer date. They also prohibit analysts from soliciting investment banking business or participating in sales pitches and bar investment banking personnel from directing analysts' sales or client communications, require adequate documentary research, truthful reflection of analyst views, prohibition on assurances of favorable coverage, and separation of research staff from conflicting business functions.