Research produced by the Provider is not intended for distribution to, or use by, any person in any jurisdiction or country where such distribution or use would be unlawful. It is your responsibility to ascertain the terms of access and usage of the contents of research comply with the local laws and regulations that you are subject to.

Non independency of research

Research produced by the Provider is non-independent research and a marketing communication. It has not been prepared in accordance with legal requirements designed to promote the independence of research and is not subject to any prohibition on dealing ahead of the dissemination of investment research. The Provider has policies in place to manage the conflicts of interests which may arise around the production of research.


Our analysts have not been, nor are or will be, receiving direct or indirect compensation in exchange for expressing any of the views or the specific recommendation contained in our reports, and confirm that none of the compensation of our analysts was, is or will be, directly or indirectly, related to the specific recommendations or views expressed in our reports.


Risk warning

None of the research is intended to constitute any offer or solicitation to buy or sell any product or financial instrument, to make any investment, or to participate in any particular trading strategy. This information is produced only for value added marketing and/or informational purposes and no member of the Provider makes any representation or warranty, and assumes no liability, for the accuracy or completeness of the information provided herein.

The Provider has not taken into account the investment objectives, special investment goals, financial situation, and specific needs and demands of any recipient and nothing herein is intended as a recommendation for any recipient to invest or divest in a particular manner. No member of the Provider’s group assumes any liability for any recipient sustaining a loss from trading in accordance with a perceived recommendation.

The prices of the investments referred to in this research and the related income from them may go down as well as up and investors may realise losses on them. Neither past performance nor forecasts are a reliable indicator of future results. Neither the Provider nor any of its employees or agents shall have any liability, howsoever arising, for any error, inaccuracy or incompleteness of fact or opinion in it or lack of care in its preparation or publication.


Recording of communication

To the extent permitted or as required by applicable law, the Provider may record conversations and communications (including e-mails, voicemail, online chat conversations, telephone calls, faxes, documentation of face-to-face conversations and website usage records) between the Provider and the Client or any of its Users in connection with this Agreement.

Telephone conversations and electronic communications may be recorded with the use of a warning and/or other prior notification of information than set forth in this Agreement. All records shall be and remain Engie’s sole properties and held for a period of five years from the time of recording (a period subject to any extension up to seven years if required by applicable law).

A copy of the records may be made available to you on request. If required, they might be also at the disposal of the competent national authorities or court in accordance with applicable law.

For the purpose of the foregoing, when dealing with the Provider, the Client :

  • (i) consents to the recording of telephone conversations and other communications (including electronic communications) between the Parties in connection with this Agreement
  • (ii) agrees to obtain any necessary consent of (and give necessary notice of such recording to) its relevant personnel;
  •  (iii) agrees that a copy of the recording of the conversations and communications referred to herein will be available upon request from the date of the conversation or communication for a period of five years, and, where requested by a competent authority, for a period of up to seven years, and
  •  (iv) agrees, to the extent permitted or required by applicable law, that recordings may be submitted as evidence in any dispute or other proceedings in relation to this Agreement or any transactions , including in relation to any enquiry by any competent authority.

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