What constitutes Equity Research?

Hi Everyone,

What constitutes equity research? My brother would like to start doing some company research on startups. He had some friends / acquaintances who wanted to learn more about current startups and which ones are good to invest on. And he thought it's a good opportunity. And I wanted to help him out as well.

He thought it's a good opportunity for him to start his practice doing some company research about startups from interviewing entrepreneurs etc and selling the research reports first to his circle / network.

Would my brother need to take the Series 86/87 to start his research practice for it? He has a Masters in Finance and has Accounting for his undergrad. Would really appreciate your kind help on what license he needs to have to do the company research and sell the research to his network.

Best, Cantab

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