COBS 6.4.3 Restrictions on Publication

(a) If an Authorised Person acts as a manager or co-manager of an initial public offering or a secondary offering, it must take reasonable steps to ensure that:
(i) it does not publish Investment Research relating to the Investment during a Quiet Period; and
(ii) an Investment Analyst from the Authorised Person does not make a public appearance relating to that Investment during a Quiet Period.
(b) The same conflicts of interest mentioned in this section do not arise if an Investment Analyst prepares Investment Research solely for an Authorised Person's own use and not for publication. For example, if the research material is prepared solely for the purposes of the Authorised Person's proprietary trading then the use of this information would fall outside the restrictions placed on publications.