Regulatory Disclosures and Conflicts of Interest
DZ BANK Research offers the clients of DZ BANK AG the following services:
- Economic research and forecasts
- Financial analyses and other forms of generic investment recommendations on issuers of and / or transactions in securities and other financial instruments
- Investment research and other forms of generic studies and investment recommendations on commodities, currencies, reference values, indices, investment strategies and other capital and / or financial market ratios
- Investment research and other forms of generic studies and recommendations on the underlyings of certificates, options, futures, swaps, forwards and other derivatives
The ancillary securities-related services of DZ BANK Research are subject to the requirements currently set forth in the acts of the European Union as well as the transforming German acts decreed in respect thereof, in particular:
- Regulation (EU) No. 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (Market Abuse Regulation - MAR) as well as the delegated acts of the Commission decreed in respect thereof, in particular. Commission Delegated Regulation (EU) 2016/958 of 9 March 2016 regarding the objective presentation of investment recommendations, other information recommending or suggesting an investment strategy and on the disclosure of particular interests and indications of conflicts of interest
- Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments (MiFID II) as well as the delegated acts of the Commission decreed in respect thereof, in particular. Commission Delegated Regulation (EU) 2017/565 of 25 April 2016 regarding the organizational requirements, operating conditions for investment firms and defined terms. Commission Delegated Directive (EU) 2017/593 of 7 April 2016 regarding the safeguarding of financial instruments and funds belonging to clients, product governance obligations and the rules applicable to the provision or reception of fees, commissions and monetary or non-monetary benefits
- the relevant provisions of the Securities Trading Act (Wertpapierhandelsgesetz - WpHG) and the regulations decreed in respect thereof
DZ BANK is supervised as a credit institution and as an investment firm by:
- European Central Bank, Sonnemannstraße 20 in 60314 Frankfurt / Main, www.ecb.europa.eu
and as an investment firm by
- Bundesanstalt für Finanzdienstleistungsaufsicht, Marie-Curie-Straße 24 - 28 in 60439 Frankfurt / Main, www.bafin.de
Financial analyses of DZ BANK
are directed at eligible counterparties as well as professional clients in the member states of the European Economic Area and Switzerland. If appropriately marked, financial analyses of DZ BANK are also approved for retail clients in the Federal Republic of Germany.
Financial Analyses are authorized for dissemination by DZ BANK to the above-mentioned recipients.
Other Research Information of DZ BANK
is directed at eligible counterparties as well as professional clients in the member states of the European Economic Area and Switzerland. If appropriately marked, an Other Research Information of DZ BANK is also approved for retail clients in the Federal Republic of Germany.
Other Research Information is authorized for dissemination by DZ BANK to the aforementioned recipients.
The regulatory disclosures provided for by the above mentioned supervisory regulations for the framework conditions for and information relating to the activities of DZ BANK Research is set forth below as follows:
- Conflicts of interests and managing conflicts of interest by DZ BANK Research:
2. Definitions of the 'keys' in investment recommendations according to § 85 WpHG of DZ BANK Research which indicate potential conflicts of interest regarding specific issuers:
- 1) DZ BANK owns a net long position exceeding 0,5% of the total issued share capital of the issuer, calculated according to Article 3 of Regulation (EU) No. 236/2012 and Chapter III and IV of Commission Delegated Regulation (EU) No. 918/2012.
- 2) DZ BANK owns a net short position exceeding 0,5% of the total issued share capital of the issuer, calculated according to Article 3 of Regulation (EU) No. 236/2012 and Chapter III and IV of Commission Delegated Regulation (EU) No. 918/2012
- 3) DZ BANK or any of its affiliates beneficially owns 1 % or more of any class of common equity securities of the issuer.
- 4) The issuer holds shares of DZ BANK exceeding 5 % of its total issued share capital.
- 5) DZ BANK, any of its affiliates or a natural or legal person involved in the preparation of the investment recommendation acting under contract, is a market maker, designated sponsor and / or liquidity provider in financial instruments of the issuer at the time of publication of this research report..
- 6) DZ BANK, any of its affiliates or a natural or legal person involved in the preparation of the investment recommendation acting under contract, has managed or co-managed a private and / or publicly disclosed offering of financial instruments of the issuer in the past 12 months.
- 7) The issuer is or has been a client to DZ BANK regarding investment banking services over the 12-month period preceding the date of publication of this research report.
- 8) DZ BANK or any of its affiliates received compensation for investment banking services from the issuer in the past 12 months.
- 9) DZ BANK or any of its affiliates expects to receive or intends to seek compensation for investment banking services from the issuer in the next 3 months.
- 10) The issuer is or has been a client to DZ BANK, to any of its affiliates or a natural or legal person involved in the production of the investment recommendation acting under contract regarding non-investment banking securities-related services, as set out in Sections A and B of Annex I of Directive 2014/65/EU, which agreement has been in effect or has given rise to the obligation to pay or receive compensation during the 12-months period preceding the date of publication of this research report.
- 11) The issuer is or has been a client to DZ BANK regarding non-securities services over the 12-month period preceding the date of publication of this research report.
- 12) DZ BANK and / or any of its affiliates have been a party to an agreement agreement with the issuer relating to the preparation of investment recommendations concerning financial Instruments issued by him.
3. The issuers covered by DZ BANK Research in respect of which interests and / or conflicts of interest exist that must be stated using the "key" defined above can be found here:
4. Mandatory disclosures for financial analyses on issuers, securities and other financial instruments of DZ BANK Research:
Financial analyses are independent client information containing generic investment recommendations for specific issuers and / or specific financial instruments, but they do not make allowance for any individual investment criteria.
5. Mandatory disclosures for other research information of DZ BANK Research:
Other research information is independent client information which does not contain any investment recommendations for specific issuers or specific financial instruments. Such information does not make allowance for any individual investment criteria.
6. Quarterly statistics on the percentage distribution of the categories for investment recommendations for equities and fixed income instruments, also in relation to the analysed issuers to whom securities-related services and / or ancillary securities-related services have been rendered by DZ BANK AG:
7. 12-month statistics for all investment recommendations contained in financial analyses of DZ BANK Research:
- 1) This table lists the investment recommendations for issuers of the senior unsecured instruments of a certain group parent company, grouped together under the name of this group parent company even if the aforesaid is not itself the issuer. The investment recommendations of these issuers do not differ since the group consideration lies at the forefront of attention. The individual legal issuers allocated for this purpose to a group parent company named her are accordingly listed in the following tables:
Financials, Corporates, EMU Countries, SSAs
- 2) The investment recommendations for covered bonds shown in this table are valid for one day. The covered bond issuers with their legal form and their country of origin are listed in the following table:
8. Summarized methods and procedures of DZ BANK Research:
Methodology: Corporate Bond Research (valid from 02.06.2020)
Methodology: Corporate Bond Research (valid until 01.06.2020)
Methodology: EMU Government Bonds Research (valid from 02.06.2020)
Methodology: EMU Government Bonds Research (valid until 01.06.2020)
Methodology: Financials Credit Research (valid from 02.06.2020)
Methodology: Financials Credit Research (valid until 01.06.2020)
Methodology: Rates Markets SSA Research (valid from 02.06.2020)
1. This document is directed at eligible counterparties and professional clients in the member states of the European Economic Area and Switzerland. If appropriately marked, a document is also approved for retail clients in the Federal Republic of Germany or in Austria.
If this document is expressly marked as ‘Financial Analysis’ in sub-section 1.1 of the Mandatory Disclosures, its distribution to recipients is subject to the section International Restrictions of Use and these additional rules:
This document may only be brought into the Republic of Singapore by DZ BANK via the DZ BANK Singapore Branch, but not by other persons, and may only be disseminated there to 'accredited investors' 'expert investors' and / or ‘institutional investors’and used by them.
This document may be distributed in Canada only in those jurisdictions and to those persons where and to whom they may lawfully be delivered. Upon receipt of this document, each Canadian recipient will be deemed to have represented that the investor is an “accredited investor” as such term is defined in section 1.1 of National Instrument 45-106 Prospectus Exemptions or, in Ontario, in section 73.3(1) of the Securities Act (Ontario), as applicable, and a "permitted client" as such term is defined in section 1.1 of National Instrument 31-103 - Registration Requirements, Exemptions and Ongoing Registrant Obligations (“NI 31-103”), respectively.
It is neither allowed to provide Financial Analyses to customers in the United States of America (USA) nor to conclude corresponding transactions with them.
If this document is expressly marked as ‘Other Research Information’
in sub-section 1.1 of the Mandatory Disclosures, its dissemination to recipients is subject to these additional rules:
It is neither allowed to provide Other Research Information to customers in the United States of America (USA) nor to conclude corresponding transactions with them.
The dissemination of Other Research Information in the Republic of Singapore is in any case restricted to DZ BANK AG Singapore Branch.
This document may only be distributed abroad in accordance with the respective applicable laws and rules, and persons obtaining possession of this document should inform themselves about and observe such laws and rules. This document and the information contained in this document have not been registered, filed with or approved by any regulatory authority.
2. This document is being handed over solely for information purposes and may not be reproduced, redistributed to other persons or be otherwise published in whole or in part without the prior written consent of DZ BANK. All copyrights and user rights to this document, also with regard to electronic and online media, remain with DZ BANK.
Whilst DZ BANK may provide hyperlinks to web sites of companies mentioned in this document, the inclusion of a link does not imply that DZ BANK endorses, recommends or guarantees any data on the linked page or accessible therefrom. DZ BANK accepts no responsibility whatsoever for any such links or data, nor for the consequences of its use.
3. This document is not to be construed as and does not constitute an offer, or an invitation to make an offer, to buy or sell securities, other financial instruments or other investment objects.
Estimates, especially forecasts, fair value and / or price expectations made for the investment objects analyzed in this document may prove incorrect. This may occur especially as a result of unpredictable risk factors.
Such risk factors are in particular, but not exclusively: market volatility, sector volatility, measures undertaken by the issuer or owner, the general state of the economy, the non-realisability of earnings and / or sales targets, the non availability of complete and / or precise information and / or later occurrence of another event that could lastingly affect the underlying assumptions or other forecasts on which DZ BANK relies.
The estimates made should always be considered and evaluated in connection with all previously published relevant documents and developments relating to the investment object and to the relevant sectors and, in particular, capital and financial markets.
DZ BANK is under no obligation to update this document. Investors must inform themselves about the current development of business as well as of any changes in the business development of the companies.
During the validity period of an investment recommendation, DZ BANK is entitled to publish a further or other analysis based on other, factually-warranted or even missing criteria on the investment object.
4. DZ BANK has obtained the information on which this document is based from sources believed to be essentially reliable, but has not verified all of such information. Consequently, DZ BANK does not make or provide any representations or warranties regarding the preciseness, completeness or accuracy of the information or the opinions contained in this document.
Neither DZ BANK nor its affiliated companies accept any liability for disadvantages or losses incurred as a result of the distribution and / or use of this document and / or which are connected with the use of this document.
5. DZ BANK and its affiliated companies are entitled to maintain investment banking and business relationships with the company or companies that are the subject of the analysis contained in this document. Within the limits of applicable supervisory law, DZ BANK’s research analysts also provide information regarding securities-related services and ancillary securities-related services.
Investors should assume that (a) DZ BANK and its affiliated companies are or will be entitled to engage in investment banking operations, security operations or other business transactions from or with the companies that are the subject of the analysis contained in this document, and that (b) analysts involved in the preparation of this document can generally be indirectly involved in the conclusion of such business transactions to the extent permitted by supervisory law.
DZ BANK and its affiliated companies and their employees may have positions in securities of the analyzed companies or investment objects or effect transactions with these securities or investment objects.
6. The information and if applicable recommendations of DZ BANK contained in this document do not constitute any individual investment advice and, depending on the specific investment targets, the investment horizon or the individual financial situation, may therefore be unsuitable or only partially suitable for certain investors. In preparing this document DZ BANK has not and does not act in the capacity of an investment advisor to, or asset manager for, any person.
The opinions and if applicable recommendations contained in this document constitute the best judgment of DZ BANK’s research analysts at the date and time of preparation of this document and are subject to change without notice as a result of future events or developments. This document constitutes an independent appraisal of the relevant issuer or investment objects by DZ BANK; all evaluations, opinions or explanations contained herein are those of the author of this document and do not necessarily correspond with those of the issuer or third parties.
Any decision to effect an investment in securities, other financial instruments, commodities, merchandise or other investment objects should not be made on the basis of this document, but on the basis of independent investment analyses and methods as well as other analyses, including but not limited to information memoranda, sales or other prospectuses. This document can be no replacement for individual investment advice.
7. By using this document, in any form or manner whatsoever, or referring to it in your considerations and / or decisions, you accept the restrictions, specifications and regulations contained in this document as being exclusively and legally binding for you.
Additional Information of Markit Indices Limited
Neither IHS Markit, its affiliates or any third party data provider makes any warranty, express or implied, as to the accuracy, completeness or timeliness of the data contained herewith nor as to the results to be obtained by recipients of the data. Neither IHS Markit, its affiliates nor any data provider shall in any way be liable to any recipient of the data for any inaccuracies, errors or omissions in the IHS Markit data, regardless of cause, or for any damages (whether direct or indirect) resulting therefrom.
IHS Markit has no obligation to update, modify or amend the data or to otherwise notify a recipient thereof in the event that any matter stated herein changes or subsequently becomes inaccurate.
Without limiting the foregoing, IHS Markit, its affiliates, or any third party data provider shall have no liability whatsoever to you, whether in contract (including under an indemnity), in tort (including negligence), under a warranty, under statute or otherwise, in respect of any loss or damage suffered by you as a result of or in connection with any opinions, recommendations, forecasts, judgments, or any other conclusions, or any course of action determined, by you or any third party, whether or not based on the content, information or materials contained herein.
The prices quoted as well as the information on yields and spreads included in the texts and graphics based on IHS Markit data are updated figures from the previous evening.
Additional Information on Sustainability
The assessment of the sustainability of an issuer (award of the DZ BANK Seal of Quality for Sustainability) is based on the ESG model, which was developed by DZ BANK Research. The sustainability assessment of the ESG model is mainly derived from data and information provided to DZ BANK Research by Sustainalytics (Powered by Sustainalytics). Further information on the ESG model can be found free of charge in the methodological approach to sustainability research at www.dzbank.com/disclosure.
Please note that the above ESG calculation model for the award of the DZ BANK Seal of Quality for Sustainability is an internal calculation model which does not claim to comply with the regulatory requirements of Regulation (EU) No 2019/2088 of the European Parliament and of the Council of 27 November 2019 on sustainability disclosure requirements in the financial services sector and Regulation (EU) No 2020/852 of the European Parliament and of the Council of 18 June 2020 establishing a framework to facilitate sustainable investment and amending Regulation (EU) No 2019/2088 ("EU Taxonomy").
Additional Information of STOXX Ltd. and Qontigo Index GmbH
The DAX and Euro Stoxx 50 (the “Index”) and the data and trademarks com-prised therein are provided by STOXX Ltd., or Qontigo Index GmbH, under a licence. STOXX Ltd. and Qontigo Index GmbH have not been involved in any way in the creation of any reported information and do not give any warranty and exclude any liability whatsoever (whether in negligence or otherwise) – including without limitation for the accuracy, adequateness, correctness, completeness, timeliness, and fitness for any purpose – with respect to any reported information or in relation to any errors, omissions or interruptions in the Index or its data. Any dissemination or further distribution of any such in-formation pertaining to STOXX Ltd. or Qontigo Index GmbH is prohibited.