Investment research analyst licence map

Who this helps

• - Research analyst candidates
• - Newsletter providers
• - Model portfolio teams
• - Issuer-paid research teams
• - Advisory platforms

Typical job titles

• - Research analyst
• - Investment analyst
• - Portfolio strategist
• - Market commentator
• - Model portfolio analyst

Core question

Does the research remain general information, or does the workflow recommend securities, funds, trades, or portfolios to a client or audience?

Activity triggers

• - Research includes buy/sell/hold, allocation, model portfolio, rating, or recommendation language.
• - The output is tailored to a client, risk profile, portfolio, or subscriber.
• - Sales teams follow up research with transactions, placements, or advice.
• - The analyst is paid by issuers, distributors, transactions, or performance economics.
• - Marketing material uses research to solicit fund or securities purchases.

Licence and registration map

• - Hong Kong: check Type 4 advising, Type 1 dealing, and SFC research/conflicts context depending on distribution.
• - Singapore: check advising, research, dealing, and representative context under CMS/financial adviser routes.
• - UK: check advising, arranging, financial promotions, research controls, and certification where relevant.
• - US: check adviser, broker-dealer research, solicitation, newsletter, and transaction compensation boundaries.
• - Australia: check general/personal advice, AFSL, authorised representative, and financial product advice context.

Exam or competence checks

• - Analyst exams or professional credentials do not decide whether the communication is regulated advice.
• - If the analyst gives personalised recommendations or participates in sales, representative/adviser evidence may apply.
• - Conflicts, disclosures, supervision, and distribution controls often matter as much as technical credentials.

Application evidence

• - Research workflow and distribution map.
• - General versus personal advice memo.
• - Conflict, issuer-payment, disclosure, and analyst independence controls.
• - Sales follow-up and transaction handoff controls.
• - Complaint, recordkeeping, and review process.

Register checks

• - Check whether the firm is authorised for advice, dealing, research distribution, or related regulated activity.
• - Check individual records only where the jurisdiction publishes or requires them.
• - Record disclaimers, permissions, and actual distribution path together.

Jurisdiction notes

Common mistakes

• - Relying on disclaimers while the product journey gives recommendations.
• - Ignoring issuer payments, sales follow-up, or transaction compensation.
• - Treating model portfolios as harmless research without checking personalisation and implementation.

Disclaimer

Information on LicenseCompare is for general educational purposes only and does not constitute legal, regulatory, financial, tax, investment, or professional advice. Licensing requirements depend on facts and change over time. Always consult official regulator materials and qualified professional advisers.