Study how Series 87 tests public appearances, audience-specific controls, dissemination channels, and market-abuse risks.
Function 5 is smaller than report preparation, but it is where many research-control failures become public. Once research leaves the drafting process, the firm has to manage who receives it, how it is discussed, what disclosures travel with it, and which channels create rumor, manipulation, or recordkeeping risk.
Read this chapter as the distribution-control function. The first lesson focuses on the audiences that hear or see research and the limits on what can be said in public appearances or marketing settings. The second lesson focuses on the channels used to distribute research and the rules that make dissemination safe, recorded, and non-manipulative.
Series 87 section lessons
Use these section lessons as the main reading path for this Series 87 function. They keep research disclosures, independence, approvals, timing controls, dissemination channels, and recordkeeping tied to the exact exam workflow.
Study Series 87 audience-specific research discussions, including retail and institutional clients, sales, trading, issuer management, media, buy-side audiences, public appearances, MNPI requests, and timing controls.
Study Series 87 research dissemination channels and controls, including phone, voicemail, IM, text, email, websites, external platforms, social media, research blasts, timing, archival, corrections, and dissemination logs.
Study Series 87 offering-context communication restrictions, Securities Act and Regulation M concepts, Rules 137-139, rumor controls, anti-fraud and manipulation risks, distribution disclosures, Regulation S, options materials, safe-harbor notices, and research records.