What Counts as "Research"

What this video covers

• The two-part research-report test: Element 1 (subject and content about an equity security or issuer) plus Element 2 (information reasonably sufficient to base an investment decision on), and why both must be present
• Why a bare recommendation like "we like XYZ at $40" with zero supporting analysis fails Element 2 and is not a research report, despite looking like one
• How the form of communication (PDF, email, slide deck, recorded webinar, portal upload) never dictates function, and why the medium is irrelevant if content meets the two-part test
• The equity-only limitation of the research-analyst conflicts rule, and why debt research falls under a completely separate regulatory framework
• The carved-out exclusions: broad-based index commentaries, macroeconomic or political memos, sector technical analysis without named equities, statistical summaries without recommendations, internal due-diligence reports, and communications not given to current or prospective customers
• Why a research analyst is defined by primary job function or name on the report, not by title, and why anyone meeting the definition must hold both the Series 86 and Series 87 examinations
• How "persons with investment discretion" and "persons able to influence research content" are swept into the same personal trading restrictions as the analyst, and why actual decision-making reality trumps formal paperwork