investment research

a document (other than a personal recommendation), or material the substance of which is common to a number of documents although worded as if they are personal recommendations, which contains one or more of the following:

1. (a) the results of research into a designated investment or its issuer;
2. (b) analysis of factors likely to influence the future performance of a designated investment or its issuer; and
3. (c) advice or recommendations based on those results or that analysis.19