ICBC Standard Bank Plc. Investment Recommendation Disclosures
ICBC Standard Bank Plc. ("ICBCS") is a London based entity registered with the UK Financial Conduct Authority ("FCA") and the Prudential Regulatory Authority (“PRA”).
Under the FCA rulebook ICBCS is required to make certain disclosures relating to its or its affiliates' relationship(s) to the companies or issuers discussed in Investment Recommendations distributed by ICBCS. Such disclosures are detailed in the Issuer Disclosure Table below. Please see the Issuer Disclosure Table Key for an explanation of the table headings.
Disclosures relevant to ICBC Standard Securities Inc. ("ICBCSSI") in New York, registered with the US Securities and Exchange Commission as a broker-dealer, and a member of the Financial Industry Regulatory Authority ("FINRA") may separately be found here.
Third Party Research Disclosure-London 200220
Last Updated: 18/03/2020
ICBCS, an affiliate of the ICBC group of companies together beneficially own a net long or short position in excess of 0.5% of the total issued share capital of the subject company.
||ICBCS, an affiliate of the ICBC group of companies managed or co-managed a public offering of securities for the subject company in the past 12 months.
||ICBCS, an affiliate of the ICBC group of companies received compensation for investment banking services from the subject company in the past 12 months.
|Investment Recommendation Agreement
||ICBCS, an affiliate of the ICBC group of companies is party to an agreement with the issuer relating to the production of the Investment Recommendation.
||ICBCS, an affiliate of the ICBC group of companies is or was making a market in the securities of the subject company at the time of publication or distribution of the Investment Recommendation.
|Other Material Conflicts
||ICBCS, an affiliate of the ICBC group of companies know or have reason to know of a material conflict of interest that is not identified above (see narrative in table).
Note: The term "affiliate" within the above Table includes the Industrial and Commercial Bank of China Limited ("ICBC") and its group affiliates, but excludes Standard Bank Group Limited and its group affiliates.
The above disclosures are current through the end of the month prior to the month that the Investment Recommendation was published, or in limited situations, through the end of the second month prior to the month that the Investment Recommendation was published.
While ICBCS reasonably believes that the disclosures capture relevant information regarding the relationships between companies and issuers that are the subject of Investment Recommendations (including Trade Ideas), it is possible that the information utilised by ICBCS in making its disclosures is dated, incomplete, or not verifiably accurate in relation to certain ICBC group entities. For example, an ICBC group entity may have undisclosed holdings that would cause the beneficial ownership disclosure threshold to be met, or may have an undisclosed qualifying investment banking relationship. These holdings or relationships, however, are unknown to ICBCS, and therefore, could not reasonably impact ICBCS’s decisions about what Investment Recommendations to distribute or make available. ICBCS will promptly update the above disclosures if it obtains actual knowledge of affiliate holdings, investment banking activities, or other conflicts of interest that are not already disclosed. Research reports are disseminated and available to all ICBCS clients simultaneously through electronic publication to our internal client websites. Certain transactions, including those involving futures, options, and other derivatives, give rise to substantial risk and are not suitable for all investors. No part of this material may be (i) copied, photocopied or duplicated in any form by any means or (ii) redistributed without our prior written consent.
ICBCS or its employees may from time to time have long or short positions in securities, commodities, warrants, futures, options, derivatives or other financial instruments referred to in the Investment Recommendations issued by ICBCS Sales and Trading businesses or by affiliates, and ICBCS does and seeks to do business with companies covered in such Investment Recommendations. As a result, investors should be aware that ICBCS may have a conflict of interest that could affect the objectivity of relevant Investment Recommendations.
Please note that Investment Recommendations:
·distributed by ICBCS to clients may result in transactional business for ICBCS that financially benefits ICBCS and its affiliates;
·on subject companies may also be available from other third-party sources. Recipients are encouraged to consult multiple independent sources of information about the subject companies before making any investment decision;
·do not constitute personal recommendations or take into account the particular investment objectives, financial situations, or needs of specific clients;
·do not constitute any prospectus or other offering document or an offer or solicitation to buy or sell any securities or other investments;
·are published for the reference of recipients and should not to be relied upon as authoritative, acted upon without the recipient’s own independent verification, or taken in substitution for the exercise of judgment by the recipient; and
·issued in the form of Trade Ideas are not issued with any formal degree of regularity.
Details of the internal arrangements through which ICBCS looks to prevent and avoid conflicts of interests can be found in the ICBCS Conflicts Policy.