COBS 6.2.4

An Authorised Person must establish and maintain procedures and controls so as to ensure that an Investment Analyst does not undertake a Personal Account Transaction in an Investment if the Investment Analyst is preparing Investment Research:

(a) on that Investment or its Issuer; or
(b) on a related investment, or its Issuer,

until the Investment Research is published or made available to the Authorised Person's Clients.