Disclaimer and Important Notes
This email and accompanying documents (collectively, the "Messages") are for your personal use, informational purposes only, and for discussion purposes only. This information does not and does not constitute or form part of any offer, recommendation, invitation or solicitation for you to subscribe or enter into any transaction described, nor is it intended to invite or permit an offer to the public to subscribe or enter into any transaction for cash or other consideration , should not be treated as such.
The information may be incomplete or condensed, may not contain some terms and regulations, and does not identify or define all or any risks associated with any actual transaction. Any terms, conditions and opinions contained herein may have been obtained from various sources, DBS Bank Limited or any of its affiliates or subsidiaries (including DBS Bank (Hong Kong) Limited) or their respective directors or employees (collectively the "DBS Group") make no warranty, express or implied, as to its accuracy or completeness, and therefore disclaim all liability. Information may be further revised, verified and updated for which DBS Group shall not be liable.
All figures and amounts stated are for illustrative purposes only and are not binding on DBS Group. DBS Group is not acting as an adviser and accepts no fiduciary duty or liability for any consequences, financial or otherwise, of any arrangement entered into or participation in any transaction in reliance on the information contained herein. This information does not take into account the investment objectives, financial situation and particular needs of any particular person. In order to establish your own independent analysis of any transaction and its consequences, you should consult your own independent financial, accounting, tax, legal or other qualified professional advisers as you deem appropriate to ensure that any assessment you make is suitable for you own financial, accounting, tax and legal constraints and objectives without relying in any way on DBS Group or any position that DBS Group may express to you orally in this document or in the discussions.
Companies within the DBS Group or directors or employees of the DBS Group or persons/entities related to them may have positions in the relevant products mentioned above and may affect the trading of the relevant products. Companies within the DBS Group may enter into alliances or other contractual arrangements with suppliers of underlying products to market or sell their products. If a company within the DBS Group is a product supplier, the company may charge the investor a fee. In addition, companies within the DBS Group may provide or seek to provide brokerage, investment banking and other banking or financial services to the companies or affiliates mentioned herein.
This information may include quotes, reviews or analyses. Any such quotes, comments or analyzes have been prepared based on assumptions and parameters reflecting our good faith, judgment or choice, and therefore are not guaranteed to be accurate, complete or reasonable. All information, estimates, forecasts and opinions contained in this document or given to you orally in discussions constitute our judgment as of the date indicated and are subject to change without notice. Changes in market conditions or any assumptions could materially affect any estimates or stated opinions.
Prices and availability of financial instruments are subject to change without notice. In any case, past performance is no guarantee of future results, and due to various economic, market and other factors, future results may not meet our/your expectations.
Any information relating to past performance, or any future projections based on past performance or other assumptions, is not necessarily a reliable indicator of future results.
If information is distributed by electronic transmission such as electronic mail, such transmission cannot be guaranteed to be secure or error-free as information may be intercepted, damaged, lost, destroyed, delayed or incomplete, or contain viruses. The sender is therefore not liable for any errors or omissions in the content of messages that may arise as a result of electronic transmission. For verification, please request a hard copy.
The investment products mentioned in this article are not the only products that conform to the views stated in the research report, and may not be your favorite or most suitable products. There are other investment products on the market that may be better suited to your investment profile, objectives and financial situation.
This information is not directed at or intended for distribution to or use by any person or entity who is a citizen or resident of any local, state, country or other jurisdiction or located at the point of such distribution, publication, availability or use Violation of laws or regulations of local, state, national or other jurisdictions.
Where investment products (including but not limited to bonds/debts) are held by DBS Bank Limited (or its nominees) on behalf of the investor, the bank will manage the terms and services of the escrow account. In the event of a credit event, the Bank will take reasonable steps to forward to investors any notices or other communications received in relation to such investment products. As banks may not be aware of debt restructuring plans and/or other negotiations between the issuer and its creditors (due to the confidential nature of such discussions), the availability and liquidity of information may be significantly reduced in such circumstances.
Investment products that fall within the PRIIPS Regulations (as defined below) are not intended to be offered, sold or otherwise offered to, and should not be offered, sold or otherwise offered to, any retail investor in the European Economic Area (“EEA”). For these purposes, a retail investor is a person who is one (or more) of the following:
(i) a retail client as defined in point (11) of Article 4(1) of Directive 2014/65/EU (as amended, "MiFID II"); or
(ii) a client within the meaning of Directive 2002/92/EC (the "Insurance Mediation Directive"), where the client does not qualify as a professional client as defined in point (10) of Article 4(1) Markets in Financial Instruments order two; or
(iii) is not an accredited investor as defined in Directive 2003/71/EC (as amended, the "Prospectus Directive").
Accordingly, there is no key information document required by Regulation (EU) No 1286/2014 (the "PRIIPS Regulation") to offer or sell an investment or otherwise make available to retail investors in the European Economic Area, therefore offering or selling an investment under the PRIIPS Regulation, or otherwise provide them to any retail investor in the EEA may be unlawful. For this purpose, DBS will assess whether the beneficial owner of the account (or the settlor of the trust account) is a retail investor in the EEA.
A PRIIP is any investment in which the amount repaid to an investor fluctuates due to reference value or the performance of one or more assets that the investor did not directly purchase.
If you have received this communication by e-mail, please do not distribute or copy this e-mail. If you believe you have received this email in error, please notify the sender or contact us immediately. DBS Group reserves the right to monitor and record electronic and telephone communications with or with its personnel for regulatory or operational purposes. The security, accuracy and timeliness of electronic communications cannot be guaranteed.
Dubai International Financial Center:This communication is provided to you as a professional client or market counterparty as defined in the Conduct of Business Module of the DFSA Rulebook (“COB Module”) and no reliance should be placed on or action taken by anyone who does not meet the criteria for being classified as a Professional Client under the DFSA Rules or market counterparties.
This communication is from a branch of DBS Bank Ltd operating in the Dubai International Financial Center ("DIFC") under the trade name "DBS Bank Ltd. (DIFC Branch)" ("DBS DIFC"), a company registered with the DIFC Registrar under number 156, Its registered office is at Units 608 - 610, 6th Floor, Gate Precinct Building 5, PO Box 506538, Dubai International Financial Centre, United Arab Emirates.
DBS DIFC is regulated by the Dubai Financial Services Authority (“DFSA”), DFSA reference number F000164.
If this communication contains research reports, this research report has been prepared by an entity referred to therein (which may be DBS Bank Ltd or a third party) and has been provided to you by DBS DIFC. This research report has not been reviewed or authorized by the DFSA. Such research reports are distributed with the express understanding that while the information contained therein is believed to be reliable, this information has not been independently verified by DBS DIFC.
Unless otherwise stated, this communication does not constitute an "offer of securities to the public" as defined in Article 12 of the Markets Act (DIFC Act No. 1 of 2012) or an "offer of units" as defined below Collective Investments Act " (DIFC Act No. 2 of 2010) Article 19(2).
DFSA is not responsible for reviewing or verifying this communication or any related documents in connection with this investment and is not subject to any form of regulation or approval by DFSA. Accordingly, DFSA has not approved, nor taken any steps to verify, the information set out in this communication or any other related documents in connection with this investment, and accepts no responsibility for them. The DFSA has not assessed the suitability of any investment in relation to the Communications and in relation to any Islamic investments (or other investments determined to be Shariah compliant), neither we nor the DFSA have determined whether they are Shariah compliant in any way.
Any investments referred to in this communication may be illiquid and/or subject to resale restrictions. Prospective buyers should conduct their own due diligence on any investment. If you do not understand the contents of this document, you should consult an authorized financial advisor.
Hongkong:This communication is from DBS Bank (Hong Kong) Limited (CE No.: AAL664) (“DBS HK”), which is regulated by the Hong Kong Monetary Authority (“HKMA”) and the Securities and Futures Commission. In Hong Kong, DBS Private Bank is the private banking arm of DBS Bank (Hong Kong) Limited.
To the extent that DBS HK does not solicit the sale or recommend any financial products to you, or provide any services as trade execution services, DBS HK does not act as your investment advisor or have fiduciary capacity to you. If DBS HK solicits the sale or recommends any financial product to you, it must be reasonably suitable for you having regard to your financial situation, investment experience and investment objectives. Nothing in this document or any other document DBS HK may require you to sign and any statement DBS HK may require you to make shall derogate from these Terms.
In no event shall DBS HK make any representations, warranties or other guarantees as to the outcome of any investment based on the information presented. "Financial Product" means any security, futures contract or leveraged foreign exchange contract as defined in the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong). As for "leveraged foreign exchange contracts", it only applies to contracts traded by persons licensed for Type 3 regulated activity. The material has not been reviewed or authorized by the HKMA or any other regulatory authority.
The information is provided to you as a "professional investor" (as defined in the Hong Kong Securities and Futures Ordinance) for your personal use only and shall not be passed on or disclosed to anyone, nor may it be reproduced or duplicated in any way.
Where research reports are included in this communication, DBS HK is not the issuer of the research reports unless otherwise stated in the text. This research report is distributed with the express understanding that while the information contained therein is believed to be reliable, this information has not been independently verified by DBS HK.
Singapore:This communication is from DBS Bank Limited (Company Registration No. 196800306E) (“DBS”), an exempt financial adviser as defined in the Financial Advisers Act and regulated by the Monetary Authority of Singapore (“MAS”) .
This advertisement has not been reviewed or authorized by MAS or any other regulatory authority.
This information is provided to you as an "accredited investor" (as defined under the Securities and Futures Act of Singapore) for your personal use only and shall not be passed on or disclosed to any person nor reproduced or reproduced in any way.
Thailand:This communication is from DBS Vickers Securities (Thailand) Co., Ltd. (“DBSVT”).
The information contained in this communication is not intended to be an offer, invitation or solicitation to buy or sell any securities, derivatives or any other financial product or service, to provide financial advice or investment advice, to facilitate or accept deposits, or to provide any other financial products or financial services of any kind. The information contained in this communication is for informational purposes only and is not intended to be nor should it be construed as advice.
This communication has not been reviewed by any regulatory authority in Thailand, nor has it been registered as a prospectus with the Office of the Securities and Exchange Commission of Thailand. Accordingly, any documents and materials relating to an offer or sale of, or an invitation to subscribe for or purchase, securities, derivatives or any other financial product or service may be circulated or distributed only by entities permitted by applicable law and provided for. DBS Bank and DBSVT do not intend to solicit any investment in or subscription by you in securities, derivatives or any other financial products or services and any such solicitation will be conducted by entities permitted by applicable laws and regulations.
U.K:This communication is from DBS Bank Ltd., London Branch, 9th Floor, One London Wall, London EC2Y 5EA. DBS Bank Ltd. is regulated by the Monetary Authority of Singapore and is authorized and regulated by the Prudential Regulation Authority. DBS Bank Ltd. is regulated by the Financial Conduct Authority and limited by the Prudential Regulation Authority. Details of the extent of DBS Bank London's Prudential Regulation Authority regulation are available on request.
Additional Disclaimer When Using MSCI ESG Data
MSCI ESG Research LLC and its affiliates make no warranties or representations of any kind, express or implied, and disclaim all liability for any MSCI ESG data contained herein. MSCI ESG data is for your internal use only and may not be further redistributed or used as the basis for any financial product or index. None of the MSCI ESG data by itself can be used to determine which securities to buy or sell or when to buy or sell them.
While ESG is one of the important selection criteria DBS considers for investment products, the primary consideration for any investment is a sound investment case and the potential for investment return balanced with risk. In some cases, given the limited options available and taking into account all relevant factors relevant to the investment, we may select products with an ESG rating of BB or lower and disclose such ratings to you.