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    <description>Regulation 17 prohibits any research analyst compensation that is determined or based on specific merchant banking, investment banking or brokerage transactions. Compensation must be reviewed, documented and approved annually by the board or a committee without representation from those transactional divisions, and such review must not consider the analyst&#039;s contribution to those businesses. Research analysts may not be supervised or controlled by employees of merchant banking, investment banking or brokerage divisions.</description>
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