Part 4.5 Other investment related activities Division 4.5.A Investment research and investment recommendations 4.5.1 Investment research—conflicts of interest and impartiality (1) This rule applies if— (a) an authorised firm publishes or disseminates investment research; and (b) either— (i) the firm holds the research out (in whatever terms) as being an impartial assessment of the value or prospects of the subject matter of the research; or (ii) it is reasonable for those to whom the firm has published or distributed the research to rely on it as an impartial assessment of the value or the prospects of the subject matter of the research. (2) The authorised firm must do all of the following: (a) establish and implement a policy, appropriate to the firm, for managing effectively the conflicts of interest and material interests that might affect the impartiality of the investment research; (b) make a record of the policy and keep it for at least 6 years after it ceases to have effect; (c) take reasonable steps to ensure that it and its employees comply with the policy; (d) make a written copy of the policy available to any person on request; (e) take reasonable steps to ensure that the policy remains appropriate and effective.
Part 4.5 Other investment related activities Division 4.5.A Investment research and investment recommendations 4.5.1 Investment research—conflicts of interest and impartiality (1) This rule applies if— (a) an authorised firm publishes or disseminates investment research; and (b) either— (i) the firm holds the research out (in whatever terms) as being an impartial assessment of the value or prospects of the subject matter of the research; or (ii) it is reasonable for those to whom the firm has published or distributed the research to rely on it as an impartial assessment of the value or the prospects of the subject matter of the research. (2) The authorised firm must do all of the following: (a) establish and implement a policy, appropriate to the firm, for managing effectively the conflicts of interest and material interests that might affect the impartiality of the investment research; (b) make a record of the policy and keep it for at least 6 years after it ceases to have effect; (c) take reasonable steps to ensure that it and its employees comply with the policy; (d) make a written copy of the policy available to any person on request; (e) take reasonable steps to ensure that the policy remains appropriate and effective.
QFCRA_5584_VER12.docx