As part of its activities, Komercní banka, a.s. creates and disseminates investment recommendations, analyses of investment opportunities, and/or analyses, forecasts, and other documents concerning financial markets, foreign currencies, financial instruments and their issuers.
Pursuant to applicable law and regulations, particularly regulation (EU) 596/2014 on market abuse and regulatory technical standards for the technical arrangements for objective presentation of investment recommendations or other information recommending or suggesting an investment strategy and for disclosure of particular interests or indications of conflicts of interest, Komercní banka, a.s. (hereinafter also referred to as “KB”) creates and disseminates investment recommendations and/or analyses of investment opportunities.
Komercní banka, a.s. may create and disseminate its own documents as well as disseminate documents created by another entity (in particular the documents created by Société Générale’s analytical departments).
Information contained in the aforesaid documents may in no way be considered as an offer soliciting the purchase or sale of any investment instrument, or as another form of solicitation or invitation to purchase or sell any investment instrument.
Attitudes of Komercní banka, a.s. presented in the aforesaid documents may change without any previous notice, chiefly due to changes in the markets.
Documents and its contents are not designed for persons with permanent residence or seat in the United States of America and to persons who are deemed as “U.S. persons”, as defined in Regulation S under the US Securities Act of 1933, as amended.
Any and all information and attitudes presented in the aforesaid documents come from, or are based on, sources that Komercní banka, a.s. considers to be reliable. Nevertheless, Komercní banka, a.s. does not assume guarantee for their correctness and completeness, even though it supposes that they were published to reflect reality accurately, completely, and impartially.
The recommendations contained in the documents are intended for the general public and, prior to their publishing, they are only available to persons who participated in their creation. As a rule, Komercní banka, a.s. does not send the investment recommendations to individual issuers prior to their publishing. Each author of the documents represents that his/her attitudes presented in the respective documents accurately reflect his/her personal opinion on the given investment instruments and/or their issuers.Hide
Komercní banka, a.s. and the entities that are part of the same group of companies may from time to time participate in transactions with investment instruments, trade such investment instruments, perform activities of a market maker with respect to such investment instruments, or hold them, provide consultancy, or otherwise profit from trading investment instruments or related derivatives issued by the entities referred to in such documents.
Employees of Komercní banka, a.s. and the entities that are part of the same group of companies, or their close relatives, including the authors of the respective documents, may from time to time trade or hold the investment instruments or related derivatives referred to the aforesaid documents. Komercní banka, a.s. and the entities that are part of the same group of companies are not bound by such documents when providing investment services to their clients.
No assessment issued or attitude expressed by the employees who participate in creating the investment recommendations by no means depends on the amount of such investments or profit that Komercní banka, a.s. may gain from trading the investments instruments referred to in such documents or from the trading with issuers of such investments instruments. However, a consideration of prospective gains of Komercní banka, a.s., which partly include, apart from other takings, proceeds of investment instruments trading, may have certain effects on the assessments issued or attitudes expressed by the authors of the investment recommendations.
Komercní banka, a.s. has adopted numerous measures to prevent any possible conflict of interest with respect to the creation of the investment recommendations, specifically by introducing an appropriate internal division including information barriers between KB’s separate divisions, in accordance with requirements of applicable law. Employees of Komercní banka, a.s. proceed in compliance with the internal regulations governing the conflict of interest issues and with the instruction regulating the creation and dissemination of the investment recommendations and marketing documents.
Current information on possible conflicts of interest is available in the respective investment recommendations.Hide
Komercní banka, a.s. assumes liability for any loss or damage resulting from the use of the aforesaid documents or information contained therein only to the extent set forth by applicable law.. Primarily, such documents are intended for professional and qualified investors. Any other person who may receive copies of such documents should not base his/her investment decisions solely on them but should also consult an independent adviser. Since the investment instruments referred to in the aforesaid documents may not be suitable for all investors, each investor is obliged to make his/her own informed decision regarding appropriateness of a given investment.
Past returns or performance of investment instruments are not a guarantee of future returns or performance, as expected future performance depends on circumstances that may not occur. Different investment risks may affect the investment instruments and investments; their values may fluctuate and a return of the original investment is not guaranteed. Furthermore, investment instruments denominated in a foreign currency are exposed to the foreign exchange risk that may have a positive - but also negative - impact on the price of a given investment instrument and, consequently, also on the appreciation of the investment.
Komercní banka, a.s. is a bank and securities trader (broker) within the meaning of law; as such, is subject to the supervision of the Czech National Bank.