When making recommendations by publishing or distributing publications ("research report"), a securities firm shall clearly indicate the author, publisher, and date of the information on all distributed written material, and furthermore shall include the language "This recommendation material is for reference only. Investors should carefully consider their own investment risk. Investment results are the responsibility of the individual investor." and "May not be reprinted without permission."
In the event the media requests consent from the securities firm to reprint content of the research report, if the securities firm, after taking into account its own and its customers' rights and interests, consents for the media to reprint content of the report, the reprinted content may not involve any prediction of target prices for individual stocks, future operating revenues, or earnings per share, nor may it mention support or resistance points, even without directly mentioning any recommended sale or purchase price.
If any discrepancy exists between a media reprint or reportage and the research report, or there is any failure to fully explain the principles of the analysis such as is likely to cause any misunderstanding by investors, the securities firm shall, within two business days (counting from the following business day), make clarifications on the Market Observation Post System and to the reprinting media. If any reprint of content of the report is done without the securities firm's consent, the securities firm, in addition to making clarifications on the Market Observation Post System, shall remind the reprinting media of the requirement to first obtain consent from the securities firm before doing so, provided that this restriction shall not apply if the reprint does not contain any content prohibited under the preceding paragraph and would not cause any misunderstanding by investors.