Investment research

A document (other than a recommendation made to an individual client), distributed outside an investment firm licensee, which contains one or more of the following:

(a) The results of research into an individual financial instrument;
(b) Analysis of factors likely to influence the future performance of an individual financial instrument or its issuer; and
(c) Advice or recommendations based on those results or that analysis.
Amended: January 2011
Amended: July 2007