When publishing investment recommendations, BHF-BANK is required to disclose any potential conflicts of interest within BHF-BANK Group and its affiliated entities in the sense of Section 15 et seq. of the German Joint Stock Companies Act (AktG). As regards investment recommendations made available via electronic media, BHF-BANK complies with this obligation by referring to possible conflicts of interest shown hereafter.
Possible conflicts of interest are determined with the utmost diligence within BHF-BANK Group and its affiliated entities and reviewed at regular intervals to assess whether they are still current and valid. Nonetheless, BHF-BANK cannot guarantee that the list of possible conflicts of interest shown below is up to date at all times.
The views expressed in investment recommendations accurately reflect the personal opinion of the analyst(s) regarding the securities or issuers in question; no part of the compensation of the analyst(s) was, is, or will be related to specific recommendations or views expressed in investment recommendations. None of the investment recommendations constitute investment advice or an offer or solicitation to acquire or sell financial instruments. Whilst reasonable care has been taken to ensure that the information contained in investment recommendations is not untrue or misleading at the time of publication, BHF-BANK makes no representation as to its accuracy and completeness. The information contained in investment recommendations is subject to change without notice.
BHF-BANK Group and its affiliated entities and any of their officers, employees, related and discretionary accounts, may, to the extent permitted by law, have long or short positions or may otherwise be interested in any transactions or investments (including derivatives) referred to in the securities analysis report, even to the extent that this is not disclosed herein. In addition, BHF-BANK Group and its affiliated entities may provide banking and asset management services for, or solicit such business from, any company referred to in this publication.
Neither BHF-BANK Group nor its affiliated entities nor any of their officers or employees accept any liability for any direct or consequential loss arising from the use of investment recommendations or their contents.
Any investments referred to in the securities analysis report may involve significant risk, are not necessarily available in all jurisdictions, may be illiquid and may not be suitable for all investors. The value of, or income from, any investments referred to in the securities analysis report may fluctuate and be affected by changes in exchange rates. Past performance is not indicative of future results. Investors should make their own investment decisions without relying on the securities analysis report. Only investors with sufficient knowledge and experience in financial and securities transactions to evaluate the merits and risks should consider an investment in any company or market named in the securities analysis report and other persons should not take any action on the basis of the securities analysis report.
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