research recommendation

30research or other information:

1. (a) concerning one or several financial instruments admitted to trading on regulated markets , or in relation to which an application for admission to trading has been made, or issuers of such financial instruments;
1. (b) intended for distribution so that it is, or is likely to become, accessible by a large number of persons, or for the public, but not including:
   1. (i) an informal short-term investment personal recommendation expressed to clients, which originates from inside the sales or trading department, and which is not likely to become publicly available or available to a large number of persons; or
   1. (ii) advice given by a firm to a body corporate in the context of a takeover bid and disclosed only as a result of compliance with a legal or regulatory obligation, including rule 3 of the Takeover Code or its equivalents outside the UK; and
1. (c) which:
   1. (i) explicitly or implicitly, recommends or suggests an investment strategy; or
   1. (ii) directly or indirectly, expresses a particular investment recommendation; or
   1. (iii) expresses an opinion as to the present or future value or price of such instruments.