Special conduct and information rules for the use and dissemination of research and issuer-funded research

(1) Research produced by the investment services undertaking or by a third party, that the investment services undertaking uses or disseminates to clients or potential clients, must be fair and clear and must not be misleading. Research within the meaning of the first sentence must be clearly identifiable as such, unless it must, under the requirements of this Act or of Delegated Regulation (EU) 2017/565, be labelled as a marketing communication.
(2) An investment services undertaking must ensure that research that has been wholly or partly funded by issuers is labelled as "issuer-funded research" only where it has been produced in compliance with the regulatory technical standard adopted under Article 24(3c) of Directive 2014/65/EU (the "EU code of conduct for issuer-sponsored research"). Research labelled as "issuer-funded research" must indicate clearly and prominently, on its face, that it was produced in compliance with the "EU code of conduct for issuer-sponsored research". All other research wholly or partly funded by issuers, in respect of which the "EU code of conduct for issuer-sponsored research" was not complied with, must be clearly labelled as marketing communications.
(3) An investment services undertaking that produces or disseminates issuer-funded research must take appropriate measures to ensure that the research satisfies the requirements of subsections (1) and (2) and was produced in compliance with the "EU code of conduct for issuer-sponsored research".