Distribution

This research report and all information contained within is intended for institutional clients of Veda Partners Research and qualified prospective institutional clients and is not meant for redistribution.

 

Important Disclosures

Veda Partners Research is an independent research company and is not a registered investment advisor and is not acting as a broker dealer under any federal or state securities laws.

Veda Partners Research is a member of IRC Securities’ Research Prime Services Platform. IRC Securities is a FINRA registered broker-dealer that is focused on supporting the independent research industry. Certain personnel of Veda Partners Research (i.e. Research Analysts) are registered representatives of IRC Securities, a FINRA member firm registered as a broker-dealer with the Securities and Exchange Commission and certain state securities regulators. As registered representatives and independent contractors of IRC Securities, such personnel may receive commissions paid to or shared with IRC Securities for transactions placed by Veda Partners Research clients directly with IRC Securities or with securities firms that may share commissions with IRC Securities in accordance with applicable SEC and FINRA requirements.

 

As registered representatives of IRC Securities, our analysts must follow IRC Securities’ Written Supervisory Procedures. Notable compliance policies include (1) prohibition of insider trading or the facilitation thereof, (2) maintaining client confidentiality, (3) archival of electronic communications, and (4) appropriate use of electronic communications, amongst other compliance related policies.

Finally, Veda Partners Research does not have the same conflicts that traditional sell-side research organizations have because Veda Partners(1) does not conduct an investment banking activities, (2) does not manage any investment funds, and (3) our clients are only institutional investors.

 

Company Disclosure

Veda Partners Research has no long or short position in any security of any of the companies mentioned in this report. The Company has no contractual relationship, nor have we received any compensation from any of the companies listed in this research report.