Sellside analyst changes recommendation - When can he sell/buy shares?

[Jones473]

Let’s sell a sellside analyst changes his rating on a stock. I am aware they he cannot do any transactions in the stock (in exception of extreme financial hardship) that contradicts his recommendation, but let’s say he goes from SELL to BUY. He publishes his new report Monday morning. When can he buy shares himself if he would like to do so?It seems to me there is not strict lockout period, e.g. like 30 days or something. Anybody knows the Standards or ROS on this?

 

[data storm]

I believe, no specific period here but he would start buying the stock after dissemenating the report, not shortly though.

 

[krokodilizm]

Well if he wants to buy shares for himself then he has to make sure all client accounts have been satisfied then proceed with personal account allocation. It is not a matter of when, but rather a matter of priority.
When he buys the shares, the ROS recommends ” that covered employees be required to hold securities for a minimum of 60 calendar days, except in the case of extreme financial hardship”. So onec you bought it keep it for 60 days (i.e. no scalping and short term trading). But there is no limitation on when you can sell if it is a matter of emergency. You can do it the next hour…

 

[tau281290]

I’m seeing 30 calendar days before and 5 calendar days after research report recommendation.