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
In conjunction with ethical
Providers, to from time to time establish, promulgate and update acceptable industry-wide umbrella, global
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.
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.