Regulations Governing Futures Advisory Enterprises Article 12

A futures advisory enterprise providing the advisory services of Article 2, paragraph 1, subparagraph 1 shall produce a research report providing the analytical basis and research sources.Prior to being provided to the principal, the futures trading research opinions and recommendations and related information referred to in the preceding paragraph may not be provided or transmitted to any futures broker, managed futures enterprise, securities broker, or SICE department other than that responsible for futures advisory business, and the information or opinions of another department may not be used as an analytical basis or research source.Copies and records of the research reports referred to in paragraph 1 shall be retained for a period of five years from the date of provision of the reports. Electronic formats may be employed as the method for retention of those reports and records.