investment research

research or other information recommending or suggesting an investment strategy, explicitly or implicitly, concerning one or several financial instruments or the issuers of financial instruments, including any opinion as to the present or future value or price of such instruments, intended for distribution channels or for the public, and in relation to which the following conditions are met:

1. (a) the research or information is labelled or described as ‘investment research’ or in similar terms or is otherwise presented as an objective or independent explanation of the matters contained in the recommendation;

2. (b) if the recommendation in question were made by a firm to a client, it would not constitute the provision of a personal recommendation.