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COB 6.3.3

When an Authorised Firm publishes Investment Research, it must take reasonable steps to ensure that the Investment Research:

(a) clearly identifies the types of Clients for whom it is principally intended;
(b) distinguishes fact from opinion or estimates, and includes references to sources of data and any assumptions 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 distribution of the different ratings or recommendations, in percentage terms:
(i) for all Investments;
(ii) for Investments in each sector covered; and
(iii) for Investments, if any, where the Authorised Firm has undertaken corporate finance business with or for the Issuer over the past 12 months; and
(g) if intended for use only by a Professional Client or Market Counterparty, contains a clear warning that it should not be relied upon by or distributed to Retail Clients.
Derived from DFSA RM56/2008 (Made 1st July 2008). [VER14/07-08]