Legg Mason Gets a Leg Up on Disclosure

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What do you do when the NASD springs a new disclosure rule on you and gives you seven months to comply? If you're Baltimore-based Legg Mason Wood Walker, with 35 analysts covering approximately 360 stocks, you scramble and work long hours.

The NASD crafted Rule 2711 to restore the credibility of Wall St. firms and return investor confidence to a battered market. The new rule, which went into effect in May 2002, prevents review of research reports prior to their publication by the company covered

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