Disclaimer

‍Application of Research Content & Minor Non-Monetary Benefits under MiFID II and Disclaimers
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The rules on inducements as set out in the second EU Markets in Financial Instruments Directive (Directive 2014/65/EU), known as MiFID II, require investment firms their clients to determine the boundary between:

- research content which must be paid for by clients; and
- other content constituting a Minor Non-Monetary Benefit (MNMB), which can be disseminated without payment. This page sets out Olivetree’s assessment and the context in which our staff communicate with you (regardless of distribution channel). Recipients should always make their own independent assessment contained in the various Sales Notes and Commentaries received. Should you not wish to receive any content disseminated by Olivetree, please notify your sales contact.

Research
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‍Olivetree does not produce independent Investment Research and any content disseminated is not prepared under conditions designed to promote the independence of Investment Research, and as such should be deemed as marketing communications. The firm does produce content which could be construed as Research, which may imply or suggest an investment strategy containing a substantiated opinion on the present or future value of an asset. This content will be sent to clients either for a three-month free trial or within an ongoing Research Payment Agreement.

Minor Non-Monetary Benefit
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‍News, market colour, short-term market commentary, statistics and macro data which is generic in nature and does not embed a substantiated opinion are excluded from Research and can be made available to any client.

General Sales & Trading Commentary - Disclaimer (MNMB)

Under the relevant rules on inducements as set out second EU Markets in Financial Instruments Directive (Directive 2014/65/EU) (MiFID2) we and you, our client, are required to determine the parameters between: (i) research which must be paid for by in scope clients; and(ii) other information which constitutes a Minor Non-Monetary Benefit (MNMB), and which can be freely disseminated. This communication is sourced from a compilation of publicly available information, economic statistics, macro commentary and generic market colour with unsubstantiated opinions. Sales and Trading notes do not contain a bespoke personal recommendation and do not take into account the individual financial circumstances, needs or objectives of the recipients. Recipients should therefore seek their own financial, legal, tax or other advice before deciding to invest in any of the instruments mentioned in such documents. Investments in financial instruments carry significant risk, including the possible loss of the principal amount invested. Financial instruments denominated in a foreign currency are subject to exchange rate fluctuations, which may have an adverse effect on the price or value of an investment in such products. This content does not constitute independent investment research and is not prepared under conditions designed to promote the independence of investment research. It is a marketing communication. Should you wish to stop receiving this content, please contact your Sales contact.  

Investment Recommendation- Disclaimer  (RPA Payment)
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‍Under the relevant rules on inducements as set out second EU Markets in Financial Instruments Directive (Directive 2014/65/EU) (MiFID2) we and you, our client, are required to determine the parameters between:(i) research which must be paid for by in scope clients; and(ii) other information which constitutes a Minor Non Monetary Benefit (MNMB), and which can be freely disseminated. Some content originated from the firm may be considered an Investment Recommendation as defined by Article 20 of the EU Regulation on Market Abuse (no. 596/2014). The recommendations may incorporate estimated values (relative value) and the author’s fundamental view on the security, comprised from multiple sources, including third parties. Unless otherwise indicated these views, are only valid at current market conditions and are subject to change. These views may also differ from the views expressed by other personnel within the firm. The author’s remuneration is not dependent upon individual transactions effected by the firm. Recommendations are made available on request for the preceding twelve months. The firm may facilitate transactions in those issuers mentioned in its investment recommendations, at a client’s request, and not on its own account. For the basis of valuations or methodologies, please contact your Sales contact. The content is directed at professional clients and eligible counterparties only. They do not contain a bespoke personal recommendation and do not take into account the individual financial circumstances, needs or objectives of the recipients. Recipients should therefore seek their own financial, legal, tax or other advice before deciding to invest in any of the instruments mentioned in such documents. Investments in financial instruments carry significant risk, including the possible loss of the principal amount invested. Financial instruments denominated in a foreign currency are subject to exchange rate fluctuations, which may have an adverse effect on the price or value of an investment in such products. This content does not constitute independent investment research and is not prepared under conditions designed to promote the independence of investment research. It is a marketing communication. Should you wish to stop receiving this content, please contact your Sales contact.