• 10 days following an IPO for participating member firms;
• 3 days following a follow-on offering for member firms that act as managers or co-managers; and
• No quiet period in relation to the expiration, waiver or termination of a lock-up agreement entered into in connection with a public offering.

The quiet periods do not apply to research related to IPOs or follow-on offerings for EGCs.  Also, member firms may publish research concerning a company the securities of which are actively traded in compliance with the Rule 139 safe harbor.