Ethics-prohibition of sharing reports

CFA Level II Ethics
#1

In ethics I though the standards prohibit sharing the entire report and the recommendation with the subject company.

But in CAFI exam 1 afternoon session, there was that question which stated “Sharing any section of a research report that might communicate the analyst’s proposed recommendation, rating, or price target is prohibited by the Research Objectivity Standards. Sharing historical factual information, on the other hand, is not a violation.”

The historical factual information is still considered a part of the research report, isn’t it!!

#2

The keyword is might.

sharing anything that might communicate the ratings is a violation. Sharing anything that would not communicate ratings such as factual data is not a violation.

#3

But sending factual information that analyst have prepared like the model or spreadings with (reallocating items for normalized figures) would not be an indication of rating. Because if it is only factual information like financials, this is already obtained from client then why would I send it back to them?