Client level segregation: research analysts barred from providing distribution services to the same client to manage conflicts of interest. Regulation 26C requires that an individual research analyst (and their family) must not provide distribution services to the same client receiving research, and that non-individual research analysts or entities must implement client level segregation at the group level so a client receives either research or distribution services but not both; group-level arrangements must preserve an arm's length relationship via a separately identifiable research department, with compliance and monitoring to follow Board guidelines.