When is paid research still considered public information?

Question

AcadiFi · Accepted Answer

Yes, it can still be public if it is broadly available on equal and legitimate terms. The fact that a data feed is expensive does not automatically make it nonpublic.

Think about **Blue Mesa Analytics**, a subscription platform that sells shipping and inventory dashboards to any buy-side or sell-side firm willing to pay the posted fee. Analyst **Priya Shah** subscribes, sees demand strengthening for **Cobalt Home Goods**, and upgrades the stock. That is not automatically a Standard II(A) problem because the information channel is open to the market on fair terms.

The cleaner test is:

- Was access legitimate?
- Could other market participants obtain it through the same normal channel?
- Would a reasonable investor care about the information?

That last point matters because information can be both public and material at the same time.

```mermaid
flowchart TD
    A["Paid source"] --> B{"Broadly available on equal terms?"}
    B -->|Yes| C["Public information"]
    B -->|No| D["Potentially nonpublic"]
    C --> E{"Important to a reasonable investor?"}
    E -->|Yes| F["Material public information"]
    E -->|No| G["Immaterial public information"]
```

Do not use price tag as a substitute for the public-versus-nonpublic analysis.

When is paid research still considered public information?

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