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BC-2.10.9

Investment firm licensees that publish investment research must take reasonable steps to ensure that the investment research:

(a) Identifies the types of clients for which it is principally intended;
(b) Distinguishes fact from opinion or estimates, and includes references to sources of data used;
(c) Specifies the date when it was first published;
(d) Specifies the period the ratings or recommendations are intended to cover;
(e) Contains a clear and unambiguous explanation of the rating or recommendation system used;
(f) Includes a price chart or line graph depicting the performance of the financial instrument for the period that the investment firm licensee has assigned a rating or recommendation for that financial instrument, which must also show the dates on which the ratings were revised; and
(g) Includes a distribution of the different ratings or recommendations, in percentage terms for all financial instruments in respect of which the investment business licensee publishes investment research.
Amended: July 2015
Amended: January 2007