Regulation AC of the Securities Act requires that brokers, dealers, and certain persons associated with a broker or dealer include in research reports certifications by research analysts that the views expressed in the report accurately reflect their personal view, and disclose whether or not the analysts received compensation or other payments in connection with their specific recommendations or views. Brokers and dealers are also required to obtain certifications by research analysts in connection with public appearances by the analysts. By requiring these certifications and disclosures, Regulation AC is designed to promote the integrity of research reports and investor confidence in those reports. See Practice Note, Research Reports: SEC Safe Harbors.