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The FIRST Research Consortium, founded in May, 2003 as a peer-based not-for-profit Association of Standards-Based Research Providers, and recognizing that surveys indicate that three out of every four investors are most influenced by an Analyst report, believes it to be in the public's interest to define the provision of such research and development   

In conjunction with ethical Providers, to from time to time establish, promulgate and update acceptable industry-wide umbrella, global Standards of Practice for Research Providers, and to fully inform and educate the industry and the public as to these Standard and deviations there from.
  

Such Research Providers may be defined or classified as follows:
 
Institutional Research Providers are those that offer analytical research internally, or to institutional or retail clients and/or to the general public. Often such Providers are brokerages or investment banks, and their Analysts may be in-house or contractual. 

Subscriber-Based Research Providers are those that offer analytical research to institutional (brokerage, money management, investment banking, hedge fund) clients and/or the investing public in exchange for an annual or monthly subscription fee, and/or a per-report fee. 

Sponsored Research Providers are those that offer analytical research to institutional and/or the general investing public for a fee. The fee may be paid by any entity.