Dahlman Rose & Company (New York, NY) agreed to pay a $17.5K fine to settle FINRA charges it permitted a person registered solely as a general securities principal who had not passed the necessary qualification examination to approve research reports a firm research analyst prepared, which the firm issued. 

FINRA points out several disclosure issues with the firm's reports - [C-I Presumption: presumably to demonstrate that a properly qualified person would have been on top of those issues.] - including the following:

• Dahlman Rose didn't disclose in a published research report that had co-managed an IPO for the subject company during the past 12 months.
• Dahlman Rose began making a market in a company’s securities,but didn't disclose that fact in a research report about that company,issued the same day.
• Dahlman Rose published research reports that contained disclosures required by NASD Rule 2711(h);  however, the disclosures weren't presented on or referred to on the front page of such reports.  This is FINRA Case #2009016138801.

For further details on this and other cases, go to:   [FINRA Disciplinary Actions Reported in March]