investment research

research or other information recommending or suggesting an investment strategy, explicitly or implicitly, concerning one or several financial instruments or the issuers of financial instruments, including any opinion as to the present or future77value or price of such instruments, intended for distribution channels or for the public, and in relation to which the following conditions are met:57

1. (a) it is labelled or described as investment research or in similar terms, or is otherwise presented as an objective or independent explanation of the matters contained in the recommendation;57
2. (b) if the recommendation in question were to be made by an investment firm to a client, it would not constitute the provision of a personal recommendation.57

[Note: article 24(1) of the MiFID implementing Directive]57