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


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

> 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**

