1. 40. National Association of Securities Dealers, NASD Rule 2711, Research Analysts and Research Reports, available at ; Securities and Exchange Commission, Amendments to NYSE Rules 472 and 351, available at .
2. 43. Internal Revenue Service, Excise Taxes on Excess Benefit Transactions, 65 Federal Register at 3076 et seq. (January 23, 2002). 44. The intermediate sanctions rules provide that when a disqualified person benefits from an excess benefit transaction, that disqualified person will be liable for an excise tax equal to 25 percent of the excess benefit. If the excess benefit is not corrected (i.e., returned to the institution), the disqualified person can be liable for an additional excise tax of 200 percent of the excess benefit.
3. Pseudoaccountability
4. 42. Id.
5. 46. Moore v. Regents of the University of California, 793 P.2d 479 (Cal. 1990).