The UK's Financial Services Authority (FSA) has warned companies that they must refrain from cultivating certain financial analysts, or threatening to "freeze out" firms which offer negative coverage.
In a statement, the financial regulator revealed that many brokerages had complained that firms often exert "significant" pressure in order to ensure positive coverage of their activities, and announced that:
"For issuers to cultivate favoured analysts or banks, or to freeze out perceived sources of negative news, is unacceptable behaviour."
The Authority went on to add that companies "should not develop special relationships with selected analysts or take measures to keep analysts 'in line'."
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