A member, who acted as manager or co-manager of a secondary offering for an issuer, may not issue research reports regarding the issuer within 3 calendar days following the effective date of the offering.
The term secondary offering refers to the process in which there is a sale of shares owned by any investor to the general public on the secondary market.
These are shares which were already sold by the company in an initial public offering or the IPO. The proceeds or collections from a secondary offering are paid to the stockholders who will sell their shares rather than giving them to the company.
Some companies may also offer follow on offerings, which can also be known as secondary offerings.
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