Internal Rules & Disclosure

It is widely known that many small and medium-sized companies receive little, and some cases no, coverage; as well as that an analysis of these companies can then significantly affect their share price. AG Equity Research AB (hereinafter referred to as “AG”) strives to present independent, factual, and well-founded analyses for audited companies. In order to ensure AG’s independence, AG have clear guidelines and policies for our analysts and employees that they have approved through a signed agreement(s).

Trade prohibition

When AG decides to audit a company, a trade prohibition comes into effect, covering all AG’s analysts and employees, where they are not allowed to buy shares or other financial instruments in the company in question or sell previous owned holdings. This prohibition on trade ensures objectivity and stops employees from being able to make any improper profit.

The trading prohibition applies until the publication of the analysis.


For all our employees, including management, confidentiality applies throughout the analysis process. This means that AG and/or its employees may never disclose the conclusions of an analysis, or whether a company is currently being analysed prior to publication, or other such announcement. Furthermore, this also applies to follow-up and assignment analyses.

Conflicts of interest

AG requires all employees to report all possible conflicts of interest, both subjective and objective. This means that when the analysis process is initiated, the analyst must state whether he/she/them has, or may have, any conflicts of interest that could affect his or her independence.

Our independence

AG Equity Research AB (Analyst Group) works independently of the companies being analysed, regardless of whether it is an independent or contract analysis. No person outside AG content of what, and when AG publish any material, excluding revision of concrete factual errors.

In addition to AG being independent, we work independently between management and analysts. Internally, ongoing dialogues are conducted, and the analyses are reviewed on an ongoing basis, but it is always the individual analyst who ultimately decides its content.

Limitation of liability

The analyses and other Materials derived from and/or created by the AG are produced for information purposes and are subject to dissemination to the public, AG bases the contents of the analysis on sources, information, knowledgeable persons, and similar information that the AG consider to be reliable. However, Analyst Group can never guarantee the accuracy of the information presented. Forward-looking information in analysis is based on subjective assessments of the future, which always contain uncertainty and should be used with caution. Analyst Group can therefore never guarantee that forecasts and forward-looking estimates will be met. This means that investment decisions based on information from Analyst Group, any employee or person associated with Analyst Group are always made independently by the investor/reader.

These analyses, documents and/or all other information derived from the Analyst Group are intended to be one of several tools in investment decisions, regardless of the type of investment. Investors are encouraged to supplement with additional relevant material and information and consult a financial advisor prior to any investment decision.

Analyst Group hereby disclaims liability for any loss or damage of any kind based on the use of analyses, documents and all other information derived from Analyst Group.