Nau Securities Limited
2 Eaton Gate
London SW1W 9BJ
United Kingdom
t +44 20 7947 5510
f +44 20 3043 0009
www.nau-securities.com
Authorised and regulated by the
Financial Conduct Authority.
Website disclaimer
This website is communicated by Nau Securities Limited (“Nau”) which is registered in
England and Wales (no. 07128441) having its registered office at 11 Gough Square,
London, EC4A 3DE.
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LEGAL NOTICE
1.1
Please note that access to and the use of this website are subject to the
following terms and conditions. Before accessing and using Nau’s website
and its contents please read these terms and conditions as they constitute
a legal notice and contain important legal information.
1.2
By accessing and using Nau’s website you acknowledge that you have
reviewed, understood and agreed to the terms and conditions contained
herein. If you do not agree to the terms and conditions below, do not
access or use this website in any way. Returning users are advised to check
these terms and conditions each time the website is accessed as they are
subject to change from time to time without notice.
RESTRICTIONS
2.1
Nau’s website contains certain information about its approach to providing
investment advice and is presented for informational purposes only. The
information, Research Information (defined below) and material provided in
this website (“Website Information”) is directed solely at Eligible
Counterparties and Professional Clients as defined by the Financial Conduct
Authority (“FCA”) Rules. The Website Information is not for use by or
directed at, may not be suitable for and should not be relied on by Retail
Clients. Nau does not provide investment advisory services to Retail Clients.
By accessing this website you acknowledge that you are not a Retail Client.
2.2
The Website Information is not intended for distribution to, or use by, any
person or entity in any jurisdiction or country where such distribution,
publication or use would be contrary to local law or regulation or in which
Nau does not hold any necessary registration or license. Individuals or legal
entities in respect of whom such prohibitions apply, whether on grounds of
their nationality, their place of residence or on other grounds, must not
access or use this website. You assume responsibility for determining
PASSION
FOR DISCOVERY
Nau Securities Limited
2 Eaton Gate
London SW1W 9BJ
United Kingdom
t +44 20 7947 5510
f +44 20 3043 0009
www.nau-securities.com
Authorised and regulated by the
Financial Conduct Authority.
whether any legal or regulatory considerations limit your access to or
use of this website and it is your responsibility to be aware of and to
observe all applicable laws and regulations of any relevant jurisdiction.
2.3
Without prejudice to the foregoing, the Website Information is not for
distribution and does not constitute an offer to sell or the solicitation of
any offer to buy securities in the United States of America ("U.S.A.") to or
or corporations organized under the laws of the U.S.A. or any state,
territory or possession thereof). In particular Nau is not a member of FINRA
or any other U.S.A. SRO nor is it registered with the Securities and
Exchange Commission (SEC) and therefore this website is neither directed
at nor intended for investors in the United States of America.
3.
2.4
Products or services described herein may not be available in all
jurisdictions.
2.5
To the extent that the Website Information is issued in the United Kingdom,
it is issued for the purposes of the UK Financial Services and Markets Act
2000 by Nau which is authorised and regulated in the UK by the Financial
Conduct Authority (number 558158).
RESEARCH
3.1
This website contains information that is Investment Research (“Research
Information”). All Research Information contained in this website is
produced in accordance with COBS 12.2 as Investment Research and is
directed solely at Eligible Counterparties and Professional Clients as
3.2
All statements and opinions contained in the Research Information are
made as of the date on the face of the relevant Research Information and
are not held out as applicable thereafter. Research Information will carry
the date of the publication or, on a publication printed overnight, the date
on which it was sent to the printers. Where a price is quoted in Research
Information it will generally, in the absence of contrary words, be the latest
practicable price prior to distribution or, in the case of a publication printed
overnight, the closing price at the close of business. Research Information
will identify material sources..
3.3
A company covered in such Research Information may have paid for a an
analyst’s reasonable expenses to visit their premises or offered modest
hospitality or entertainment: further details are available on request.
3.4
Nau has in place arrangements designed to ensure that the conditions set
prepared in accordance with legal requirements designed to promote the
independence of investment research and is subject under the Markets in
Financial Instruments Directive (“MiFID”) to prohibition on dealing ahead of
the dissemination of investment research.
2/6
PASSION
FOR DISCOVERY
Nau Securities Limited
2 Eaton Gate
London SW1W 9BJ
United Kingdom
t +44 20 7947 5510
f +44 20 3043 0009
www.nau-securities.com
Authorised and regulated by the
Financial Conduct Authority.
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RISK WARNINGS
4.1
The Website Information is for information only and does not constitute or
form part of an offer to sell or the solicitation of an offer to buy or sell any
securities or any advisory or management service in any jurisdiction. It
does not constitute a personal recommendation.
4.2
You are advised not to rely on any of the Website Information in the
process of making a fully informed investment decision. Instead, you are
urged to base investment decisions upon a thorough investigation and to
obtain all necessary professional advice; you must satisfy yourself that any
dealing is appropriate in the light of your own understanding, appraisal of
risk and reward, objectives, experience, and financial and operational
resources..
4.3
Past performance data or forecasts contained in the Website Information is
no indication of future performance and nothing on this website should be
interpreted to state or imply otherwise. The value of investments may fall
as well as rise and investors may not get back the full amount invested.
4.4
If a financial instrument is denominated in a currency other that an
investor’s currency, changes in exchange rates may adversely affect the
price or value of, or the income derived from the financial instrument. You
assume all foreign exchange risks.
ACCURACY AND LIABILITY
5.1
Although the Website Information is obtained or compiled from sources
we believe to be reliable, we cannot and do not guarantee the accuracy,
validity, timeliness or completeness of any information or data made
available to you for any particular purpose.
5.2
All statements, opinions, estimates and projections contained in this
Research are made as of the date on the face of the relevant information
and are not held out as applicable thereafter; they are, however, subject to
change without notice. Prices and availability of financial instruments are
indicative only and are also subject to change without notice. Nau has no
obligation to update, modify or amend this Research after the publication
date, but reserves the right to change this Research at any time.
5.3
The Website Information is not intended to be used as the sole basis for
investment decisions, nor should it be construed as investment, tax, or
legal advice designed to meet the particular needs of an individual
investor. Additionally, the Website Information is provided "AS IS" and
"AS AVAILABLE". The Website Information is presented without warranty
of any kind, either express or implied, including without limitation of any
warranties concerning the availability, reliability, accuracy, completeness,
timeliness or sequencing of the Website Information or its merchantability
and fitness for a particular purpose or the content, products or services
available on or via the website.
PASSION
FOR DISCOVERY
Nau Securities Limited
2 Eaton Gate
London SW1W 9BJ
United Kingdom
t +44 20 7947 5510
f +44 20 3043 0009
www.nau-securities.com
Authorised and regulated by the
Financial Conduct Authority.
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5.4
In no event shall Nau, its directors or employees be liable for any indirect,
incidental, special, punitive or consequential loss or damage (including,
without limitation, damage for loss of data, business or profits) arising out
of or in connection with these terms and conditions, the website, the
Website Information, the inability to use the website or any products,
services or content purchased, obtained or stored in or from the website,
whether based on contract, tort, strict liability or otherwise, even if Nau
has been advised of the possibility of such damages, and notwithstanding
the failure of the essential purpose of any remedy. Without limiting the
foregoing provisions of this paragraph, these limitations also apply to any
third party claims against you. Nau will not be responsible for any loss or
damage that could result from interception by third parties of any
information available on this website.
5.5
As a condition of accessing and using the Website Information, you agree to
indemnify, defend and hold harmless Nau, its affiliates and licensors, and
the officers, members, directors, delegates, partners, employees, and agents
of Nau and its affiliates and licensors, from and against any and all claims,
liabilities, damages, losses or expenses, including legal fees and costs,
arising out of or in any way connected with your access to or use of this
website and the Website Information contained herein by or through you.
HYPERLINKS
6.1
This website may contain hyperlinks that have not been reviewed and are
provided for information only. Should you leave this website via a
hyperlink contained in this website and view content that is not provided
by us, you shall do so at your own risk; by clicking on such a hyperlink you
will leave this website and the regulatory protections that attach to certain
pages herein.
6.2
We provide hyperlinks only as a convenience and without liability. The
ability to link to another website and the fact that a link exists does not
mean that we endorse or guarantee such website, the website sponsor or
the website contents. In addition, be aware that when you leave this
website you will be subject to the terms of use and privacy policies of the
website you are visiting. If you are in any doubt about these terms and
conditions, you should consult an appropriate professional adviser.
COPYRIGHT
7.1
Unless otherwise stated, the Website Information is subject to copyright
with all rights reserved. It is being circulated by Nau on a confidential basis.
7.2
You are entitled to view, copy and print documents from this website
solely for your own use, provided that you do not remove any copyright or
other proprietary notices. The Website Information may not otherwise be
reproduced, copied, transmitted, disclosed, distributed or otherwise
communicated in whole or in part to any other party by you for any
PASSION
FOR DISCOVERY
Nau Securities Limited
2 Eaton Gate
London SW1W 9BJ
United Kingdom
t +44 20 7947 5510
f +44 20 3043 0009
www.nau-securities.com
Authorised and regulated by the
Financial Conduct Authority.
purpose or incorporated into another database, document or other
materials without our prior written consent. You may not sell, publish,
reproduce, sublicense, assign, modify or change any portion of this website
or any content and Website Information without our prior written consent.
7.3
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It is your responsibility to ensure that your computer is virus protected. We
accept no responsibility for any loss suffered as a result of accessing or
downloading information from this website.
GOVERNING LAW AND DISPUTE RESOLUTION
8.1
This website is established in England and these terms and conditions shall
be governed by the laws of England and Wales.
8.2
If any dispute or difference arises out of or in connection with this website
which the parties are unable to resolve by negotiation (“Dispute”), the parties
shall seek to resolve the Dispute amicably by using the following procedure:
I)
The parties shall submit the Dispute to a neutral advisor appointed
by agreement between the parties to assist them in resolving the
Dispute. Either party may give written notice to the other describing
the nature of the Dispute, requiring the Dispute to be submitted to
such a neutral advisor and proposing the names of up to three
suitable persons to be appointed. If no such person is appointed by
agreement between the parties within 14 days after such notice is
given (or, if no such notice is given, within 28 days after the Dispute
has arisen) either party may request the Centre for Dispute
Resolution to appoint a neutral advisor (“Mediator”).
II)
The parties shall, with the assistance of the Mediator, seek to resolve
the Dispute by using an Alternative Dispute Resolution (“ADR”)
procedure between the parties or, in default of such agreement,
established by the Mediator.
III)
If the parties accept any recommendations made by the Mediator or
otherwise reach agreement as to the resolution of the Dispute, such
agreement shall be recorded in writing and signed by the parties
(and, if applicable, the neutral advisor) whereupon it shall become
binding by the parties.
IV)
If the Dispute has not been resolved to the satisfaction of both
parties within 60 days after the appointment of the Mediator; or
either party fails or refuses to agree to or participate in the ADR
procedure; or, in the event the Dispute is not resolved within 90
days after it has arisen then the Dispute shall be referred to
arbitration in accordance with the provisions of clause v).
V)
Any dispute or difference between the parties in connection with
this Agreement which is referred to arbitration, shall be referred to a
sole arbitrator (“Arbitrator”):
PASSION
FOR DISCOVERY
Nau Securities Limited
2 Eaton Gate
London SW1W 9BJ
United Kingdom
t +44 20 7947 5510
f +44 20 3043 0009
www.nau-securities.com
Authorised and regulated by the
Financial Conduct Authority.
a)
The arbitration shall be held in London.
b)
The Arbitrator shall be appointed by the parties or, failing
agreement, by the Chairman for the time being of the London
Stock Exchange.
c)
The procedure shall be agreed by the parties or, failing
agreement, determined by the Arbitrator.
VI)
If either party fails to comply with any procedural order made by
the Arbitrator, the Arbitrator shall have power to proceed in the
absence of that party and deliver the Award.
VII)
In the event that the Dispute is referred to arbitration:
VIII)
a)
Any Mediator involved in the ADR procedure shall not, unless
the parties jointly agree otherwise in writing, take any part in
the arbitration or any other related proceedings, whether as
an Arbitrator, witness or otherwise and no aspect of the ADR
procedure, including any recommendations made by him in
connection with the ADR procedure, shall be relied upon by
either party without the consent of the other Party and the
neutral advisor.
b)
Neither party shall make use of nor rely upon information supplied
or arguments raised by the other party in the ADR procedure.
The costs and fees of the Mediator, the ADR service provider and any
neutral venue shall be borne equally by the parties who shall bear
their own costs of all other aspects of the ADR procedure. However,
nothing in this clause shall prevent the Arbitrator, should he think fit,
from making the costs and expenses of the ADR the subject of an
Order in the arbitration.
Nau accepts no responsibility whatever for any failure to observe the foregoing.
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