sparklala731 Wrote: ------------------------------------------------------- > The ‘independent research’ was conducted, in the > text of the question, in order to support the buy > decision, which was already made. The independent > research simply said the stock was undervalued, > not that it was suitable for the client. If I remember correctly the problem stated that it was deemed suitable to purchase more for the client because they “currently only held a small position” so it was a good move to increase it based on the fundamental value. However, this conclusion was only reached as a result of action based on material nonpublic information.