Series 82: 1.2.1.2.5. Research Reports By Broker-Dealers Not Participating In An Issuer’s Distribution

1.2.1.2.5.  Research Reports by Broker-Dealers Not Participating in an Issuer’s Distribution

A research report is a written communication that includes information, opinions, or recommendations with respect to an issuer’s securities or an analysis of a security or an issuer, whether or not it provides sufficient information upon which to base an investment decision.

Publishing or distributing research reports about the securities in an offering shall not be considered an offer if:

•The author of t