Paragraph 4(c)(iii) of the Policy recognizes the free speech defense  but this is one of the blurry areas of domain name jurisprudence. The  WIPO Overview of WIPO Panel Views on Selected UDRP Questions, Second  Edition describes two views on criticism. View 1 states that “The right  to criticize does not necessarily extend to registering and using a  domain name that is identical or confusingly similar to the  complainant's trademark.” View 2 states that “Irrespective of whether  the domain name as such connotes criticism, the respondent has a  legitimate interest in using the trademark as part of the domain name of  a criticism site if such use is fair and noncommercial.” Whatever their  viewpoint panelists agree that the criticism site must be “genuine”.  But, the question is, What is genuine?
Everyone can agree when there is no merit to the defense. In Rolex Watch U.S.A., Inc. v. Spider Webs, Ltd.,  D2001-0398 (WIPO July 20, 2000) “whilst the disputed domain name  resolved to a website which purported to be a site for consumer  commentary, this was found to be a sham, devoid of content, which in any  event made no reference to the complainant’s watches.” The issue is  tighter when there is actual expression of a point of view, except it is  not legitimate criticism when the topic is completely unrelated to a  complainant or its mark. The speech in PepsiCo, Inc. v. “The Holy See,”  D2003-0229 (WIPO June 18, 2003) expressed an anti-abortion position  that had nothing to do with Complainant’s food and beverage business.  There is a blurry center to the continuum of speech. Expression may be  genuine but not its context.
The most recent illustration is Challenger Limited and Challenger Group Holdings Limited v. Domain Privacy Service FBO Registrant / Sean Butler, D2014-0852 (WIPO July 21, 2014). The majority held the content protected over a vigorous dissent. Citing PepsiCo the dissent pointed out that “[l]egitimate criticism on a topic  completely unrelated to a complainant or its mark is not bona fide under  paragraph 4(a)(ii) of the Policy.” The question is whether the  criticism of Challenger’s CEO is too attenuated to be “genuine.” The  dissent believed it was not: 
In  this case the relationship between the Complainants and the criticism  is tangential at best – in my opinion too attenuated to allow. As noted  there is no indication that the Respondent’s gripe is with the  Complainants, or that the Complainants and Mr. Benari are  interchangeable, or that one is the alter ego of the other. 
The  majority explained why the criticism of the CEO was not “too  attenuated.” It made sense to recognize the criticism as genuine because 
[r]ecent  public controversies concerning Australian financial institutions have  raised prominently not merely the misconduct of employees and management  attempts to cover up that misconduct, but also the issue of the ethical  standards of those in management. The Respondent is entitled to draw  conclusions from this public debate that his dealing with Mr. Benari  raises this very issue, however misguided the Respondent may be.  Contrary to the submissions of the Complainants, the Respondent’s  website does not merely ventilate his dispute with Mr. Benari but covers  the full field of the ethical standards to be met by those who manage  financial institutions and the danger to consumers and investors  presented when those managers have compromised moral and ethical  standards.
To the dissent it is all too plain. There is no blurriness. He sees View 2 as premised on a “principal flaw,” namely that 
[i]n  an ordinary criticism case, in which the respondent in fact criticizes  the complainant, View 2 panels emphasize the non-commercial nature of  legitimate criticism and the need to safeguard free expression. That’s  not the issue in a Policy proceeding. The Policy does not impair the  Respondent’s or any other person’s free speech rights in any way. The  UDRP exists solely to determine a party’s entitlement or not to use the  complainant’s mark in the domain name at issue – to borrow a metaphor I  have used in other cases, to use the complainant’s soapbox without  authority as the broadcast medium. 
The  answer to the question of what is “genuine” turns out to be what two  out of three panelists say it is. It depends on whether the majority  adheres to View 1 or View 2. If the dissent were the sole Panel in Challenger he would have sided with the Complainant.