### Question
Can you define what research report means?


### Answer
**Research report** is defined as the following in *15 U.S.C. § 78o*:

> a written or electronic communication that includes an analysis of equity securities of individual companies or industries, and that provides information reasonably sufficient upon which to base an investment decision

#### Citation:
  - *15 U.S.C. § 78o*
  - Heading: **CHAPTER 2B-SECURITIES EXCHANGES**

