Disclosures - Institutional Sales Singapore
This document is distributed by Bank Pictet & Cie (Asia) Ltd (“BPCAL”) in Singapore.
The information, tools and material presented in this document are provided for information purposes only and are not to be used or considered as an offer, an invitation to offer or solicitation to buy, sell or subscribe for any securities, commodities, derivatives, (in respect of Singapore only) futures, or other financial instruments (collectively referred to as “Investments”) or to enter into any legal relations, nor as advice or recommendation with respect to any Investments. This document does not have regard to the specific investment objectives, financial situation and/or the particular needs of any recipient of this document. Investors should seek independent financial advice regarding the appropriateness of investing in any Investments or adopting any strategies discussed in this document, taking into account the specific investment objectives, financial situation or particular needs of the investor, before making a commitment to invest.
BPCAL has not taken any steps to ensure that the Investments referred to in this document are suitable for any particular investor, and accepts no fiduciary duties to any investor in this regard. Furthermore, BPCAL makes no representations and gives no advice concerning the appropriate accounting treatment or possible tax consequences of any Investment. Any investor interested in buying or making any Investment should conduct its own investigation and analysis of the Investment and consult with its own professional adviser(s) as to any Investment including the risks involved with transactions on such Investment.
This document is not to be relied upon in substitution for the exercise of independent judgment. The value and income of any Investment mentioned in this document may fall as well rise. The market value may be affected by, amongst other things, changes in economic, financial, political factors, time to maturity, market conditions and volatility, and the credit quality of any issuer or reference issuer. Furthermore, foreign currency rates of exchange may have a positive or adverse effect on the value, price or income of any Investment mentioned in this document. Accordingly, investors must be willing and able to, and effectively assume all risks and may receive back less than originally invested.
Past performance should not be taken as an indication or guarantee of future performance and no representation or warranty, expressed or implied, is made by BPCAL regarding future performance.
This document does not constitute the investment policy of BPCAL, or an investment recommendation, and merely contains the different assumptions, views and analytical methods of the analysts who prepared them. Furthermore, the information, opinions and estimates expressed herein reflect a judgment at its original date of publication and are subject to change without notice and without any obligation on BPCAL to update any of them. BPCAL may have issued or distributed other reports or documents that are inconsistent with, and reach different conclusions from, the information presented in this document.
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Conflict of Interest
A part of the compensation of the analysts may be, directly or indirectly, related to the specific performance of recommendations or views expressed in this report. Analysts are also paid a salary plus bonus based on the overall revenue generated by the Pictet Group which may include a portion of which is generated by the trading department. In addition, the analysts who have prepared this document have not received compensation from any company mentioned in this report in the last 12 months.
In respect of the companies mentioned in this report: (a) BPCAL and/or its employees (including the analysts who prepared this document) may from time to time have long or short positions or holdings in the securities or other related investments, (b) BPCAL may use the above mentioned strategy for its proprietary activity or (c) the analysts responsible for this document and any of their immediate family members are not officers, directors or advisory board members of any company mentioned in this document.
BPCAL and its analysts adhere to professional standards and abide by formal code of ethics that put interests of clients ahead of their own. BPCAL or any of its affiliates have not, in respect of any company mentioned in this document: (a) managed or co-managed a public offering in the past 12 months, (b) received any compensation for investment banking services in the past 12 months, (c) received or expect or receive, or intend to seek compensation for investment banking services in the next three months and (d) participated in any issues of securities in the last three years.
BPCAL or any of its affiliates are not able to exclude, in respect of any company mentioned in this document, having holdings in one or more classes of common equity securities in that company. BPCAL and its affiliates provide a vast array of financial services other than investment banking services to a large number of corporations globally. The investor should assume that BPCAL and its affiliates receive compensation for those services from such corporations. The sales and trading department of BPCAL may be engaged in selling and trading in securities in the companies mentioned in this document.
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Please contact BPCAL in Singapore in respect of any matters arising from, or in connection with this document.
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Warning: The contents of this document have not been reviewed by any regulatory authority in Hong Kong. You are advised to exercise caution. If you are in any doubt about any of the contents of this document, you should obtain independent professional advice.
In the United States, BPCAL is not defined as an investment advisor as per The Investment Advisor Act of 1940 and is therefore not registered as such by the Securities and Exchange Commission. BPCAL does not engage for compensation, in the business of advising others, either directly or indirectly or through publications or writings, as to the value of securities or as to the advisability of investing in, purchasing, or selling securities or who, for compensation and as part of a regular business, issues or promulgates analyses or reports concerning securities. This document is intended solely for the addressee.
Distribution by BPCAL is permitted as provided by the exemption under article 15a-6 of the Securities Exchange Act of 1934, and is intended exclusively for major US institutional investors, as defined by the same article 15a-6 of the said Securities Exchange Act. All major US institutional investors wishing to carry out a transaction may only do so by contacting a US registered broker-dealer, such as Pictet Overseas Inc.: 1000 de la Gauchetière West, Suite 3100, Montreal, QC, Canada. Tel: 514-288-8161, Fax: 514-288-5472.
This document is made available to persons who are investment professionals as that term is defined in Article 19 of the Financial Services and Markets Act 2000 (Financial Promotion Order) 2005 and is intended solely for the addressee(s). This document is made available to persons who are investment professionals as that term is defined by law and is intended solely for the addressee(s).
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Please contact Bank Pictet & Cie (Asia) Ltd in Singapore in respect of any matters arising from, or in connection with this document.