(a) Except as provided in paragraph (b), no member shall, directly or indirectly, give, permit to be given, or offer to give, anything of value to any person for the purpose of influencing or rewarding the action of such person in connection with the publication or circulation in any electronic or other public media, including any investment service or similar publication, Web site, newspaper, magazine or other periodical, radio, or television program of any matter that has, or is intended to have, an effect upon the market price of any security.
(b) The prohibitions in paragraph (a) shall not apply to compensation paid to a person in connection with the publication or circulation of:
(1) a communication that is clearly distinguishable as paid advertising;
(2) a communication that discloses the receipt of compensation and the amount thereof in accordance with Section 17(b) of the Securities Act; or
(3) a research report, as that term is defined in
Rule 2241.
