Research report redaction is the removal of personal data from investment research before it circulates. An investment recommendation must be objectively presented and must disclose who produced it under UK MAR Art. 20, while independence and conflict handling sit in FCA COBS 12 and SYSC 10.1. The analyst's identity is therefore a required disclosure; their direct line and their sources are not. anonym.plus marks each contact and name on your machine, so the analysis stays whole.
When this applies
A note carries the analyst's direct line and names people interviewed while it was written. Publishing either exposes a private contact route or a source. You trim them before the piece is distributed.
How anonym.plus handles it
- Open the note in anonym.plus on your device.
- Local OCR reads any scanned appendix.
- The tool flags names, emails, and phone numbers.
- Keep the ratings, targets, and disclosures intact.
- Swap or black out the confirmed contacts.
- Save the clean note locally.
What you need to provide
- The note (PDF, DOCX, or scan).
- An operator (Replace keeps the analysis readable).
- Optional allow-list for required disclosures.
PII & financial identifiers detected
| Category | anonym.plus entity type | Example |
|---|---|---|
| Names | PERSON | analyst S. Lindqvist → [ANALYST] |
| Names | PERSON | named source → [SOURCE] |
| Contact | EMAIL_ADDRESS | desk@example.co.uk → [EMAIL] |
| Contact | PHONE_NUMBER | +44 20 7946 0331 → [PHONE] |
| Organization | ORGANIZATION | covered firm → [ISSUER] |
| Money | MONEY | target 120p → [TARGET] |
Compliance achieved
- The producer's identity and the conflict disclosures required by UK MAR Art. 20 must stay — a private direct line need not.
- Independence and non-independent research handling under FCA COBS 12 is a conduct review, not a redaction task.
- Conflicts management sits in FCA SYSC 10.1; the tool changes no disclosure the policy requires.
- Shielding a named source narrows the trail back to a possible unlawful disclosure under UK MAR Art. 10.
- Interview notes about named individuals are processed under UK GDPR Art. 6(1)(f).
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Limitations & cautions
COBS 12 and UK MAR Art. 20 govern independence, objective presentation and disclosure, none of which the tool assesses — it removes personal data only. A distinctive quotation can still identify a source, so read the narrative before distribution.
Frequently asked questions
Does the tool check research independence?
No. It removes personal data only. Independence and disclosure under FCA COBS 12 and UK MAR Art. 20 remain a review task for your compliance team.
Must the analyst be named in the published note?
UK MAR Art. 20 requires an investment recommendation to identify who produced it. That disclosure stays; the personal contact details around it do not have to.
Is the note uploaded for processing?
No. The app runs offline, so the analysis stays on your device.