The research report should clearly state that it does not itself constitute a public offering, and that all purchase decisions should be based on the public information existing in the market or contained in the registered prospectus, if any. Moreover, placement and underwriting entities in a public offering must refrain from publishing research reports on the issuer from the date of registration of the relevant prospectus with the CNMV, until the date of completion of the placement, unless the information consists of a periodical report published in accordance with a pre-established schedule.
Loyalty and fairness
All information published should be duly checked by the financial entity responsible and sources should be stated. The report should be based on the author's own analysis, irrespective of their connection with the issuer or offeror.
The financial entity's department in charge of publishing research reports should remain completely independent from the corporate finance or general advisory departments. An effective system (Chinese Walls) controlling information streams within the financial entity should be established accordingly.