"(b)DISCLOSURE.-The Commission,or upon the authorization and direction of the Commission,a registered securities association or national securities exchange,shall have adopted,not later than 1 year after the date of enactment of this section,rules reasonably designed to require each securities analyst to disclose in public appearances,and each registered broker or dealer to disclose in each research report,as applicable,conflicts of interest that are known or should have been known by the securities analyst or the broker or dealer,to exist at the time of the appearance or the date of distribution of the report,including-

　　"(1)the extent to which the securities analyst has debt or equity investments in the issuer that is the subject of the appearance or research report;

　　"(2)whether any compensation has been received by the registered broker or dealer,or any affiliate thereof,including the securities analyst,from the issuer that is the subject of the appearance or research report,subject to such exemptions as the Commission may determine appropriate and necessary to prevent disclosure by virtue of this paragraph of material non-public information regarding specific potential future investment banking transactions of such issuer,as is appropriate in the public interest and consistent with the protection of investors;

　　"(3)whether an issuer,the securities of which are recommended in the appearance or research report,currently is,or during the 1-year period preceding the date of the appearance or date of distribution of the report has been,a client of the registered broker or dealer,and if so,stating the types of services provided to the issuer;

　　"(4)whether the securities analyst received compensation with respect to a research report,based upon(among any other factors)the investment banking revenues(either generally or specifically earned from the issuer being analyzed)of the registered broker or dealer;and

　　"(5)such other disclosures of conflicts of interest that are material to investors,research analysts,or the broker or dealer as the Commission,or such association or exchange,determines appropriate.