### Question
How is the "research report" defined?


### Answer
The term **research report** is defined in *15 U.S.C. § 77b* as follows -

> a written, electronic, or oral communication that includes information, opinions, or recommendations with respect to securities of an issuer or an analysis of a security or an issuer, whether or not it provides information reasonably sufficient upon which to base an investment decision

#### Citation:
  - *15 U.S.C. § 77b*
  - Heading: **CHAPTER 2A-SECURITIES AND TRUST INDENTURES > SUBCHAPTER I-DOMESTIC SECURITIES**

