EUROPE
Disclaimer
Grey Epoch Europe Limited is an appointed representative of Thornbridge Investment Management LLP which is authorised and regulated by the Financial Conduct Authority.
Addressee Only
This document (the "Document") has been prepared and is issued by Grey Epoch Europe Limited (“Grey Epoch") and it is provided on a confidential basis to a limited number of recipients (subject to the applicable marketing restrictions in each relevant jurisdiction). This Document is intended for the sole confidential use of the person or firm to whom it is provided by Grey Epoch. Any reproduction, distribution or use of this Document for any other purpose, in whole or in part, or the disclosure of its contents, without Grey Epoch’s prior written consent is prohibited, except to the recipient's professional advisers who are bound by substantially equivalent duties of confidentiality as apply to the recipient of this Document, and that any unauthorised disclosure may constitute a violation of applicable securities laws.2. MIFID II
Regulated firms such as Grey Epoch Europe are required to consider all risks (rather than only material risks) associated with conflicts of interest. Regulation places a greater emphasis on the management of and elimination of conflicts, rather than disclosure. Grey Epoch Europe has always sought to manage any conflicts of interest fairly and to pay full regard to our clients’ best interest and as such we believe our actual behaviour is in accordance with the MiFID II standards. Nevertheless, this document includes additional detail on the conflicts that we face and how those are managed.
Capacity
This Document is not, and must not be treated as, investment advice, investment recommendations, or investment research. Recipients of this Document must not take (or refrain from taking) any investment decision, or act, on the basis of the information set out in this Document. Before making any investment decision, you should seek independent investment, legal, tax, accounting or other professional advice as appropriate. In making an investment decision, recipients must rely on their own examination of an investment and the terms of any offering and must make an independent determination of whether the interests meet their investment objectives and risk tolerance level.
No Offer
This Document is intended for informational purposes only and it is not intended to and does not constitute an offer, invitation, solicitation or recommendation to invest in any fund, security or other product or service. The information contained herein should not be relied upon by any recipient for any purpose.
Non-Reliance - Performance
This Document contains statements that are not purely historical in nature but are “forward-looking statements.” These forward-looking statements are based upon certain assumptions. Actual events may differ materially from those assumed. All forward-looking statements included are based on information available on the date hereof and Grey Epoch does not assume any duty to update any forward-looking statement. Accordingly, there can be no assurance that estimated returns or projections can be realised, that forward-looking statements will prove to be accurate or that actual returns or results will not be materially lower than those presented.
Therefore, undue reliance should not be placed on such forward-looking statements. Any reference to past performance is not an indication of future performance and cannot be relied on as a guide to future performance.
Sales & Trading
This Document may have been prepared by sales and/or trading functions (“Sales & Trading”) within Grey Epoch and/or one of its affiliates (collectively, the “Grey Epoch Group”). Any opinions expressed in this Document are those of the author or individual sender (“Author”) and may differ from the opinions expressed by other Grey Epoch Group personal and/or departments. Accordingly, this Document does not carry all of the independence and disclosure standards of a more formal financial promotion.
Sales & Trading - Proprietary Positions
This Document may not be independent of the proprietary trading interests of Grey Epoch’s affiliates. Please note, that in particular Grey Epoch’s affiliates: (a) trade or may trade as principal in the instruments (or related derivatives); (b) may have proprietary positions in the instruments (or related derivatives) discussed in this Document; and / or (c) may make a market in the instruments (or related derivatives) discussed herein. Additionally, the Author may know the nature of such trading positions and strategies.
Accordingly, provided the recommendations are determined in a fair and reliable manner with due care and skill, the Author may recommend instruments (or related derivatives) that Grey Epoch’s affiliates currently maintain positions on (or propose to acquire and/or dispose) in any of the instruments (or related derivatives) mentioned within this Document. Such recommendations may also be beneficial for Grey Epoch if its clients enter into the same and/or similar trade(s) as that of its affiliates.
Sales & Trading personnel may be compensated in part based on a number of factors, such as the volume of transactions effected by them as well as the price of the trade/margin of transactions effected by Grey Epoch’s affiliates in connection therewith.
Sales & Trading - No Warranty
This Document incorporates estimates and factual values and the Author’s fundamental view on the instrument. However, all statements of opinion and/or belief contained in this Document and all views expressed and all projections, forecasts or statements relating to expectations regarding future events or the possible performance of investments represent such Sales & Trading personal, the applicable Author(s), Grey Epoch' and/or its affiliates own assessment and interpretation of information available to it as at the date of this Document. No representation is made, or assurance or warranty is given that such statements, views, projections or forecasts are correct or that the objectives of Grey Epoch will be achieved. Accordingly, Grey Epoch accepts no responsibility regarding the reliance on any such statements, views, projections or forecasts by anyone, including the recipients of this Document.
Actual returns of such investments could differ substantially from projections, comparisons and/or past track record provided in this Document. Prospective investors are encouraged to contact Grey Epoch representatives for further information on any specific trades or outcomes of particular structures that they are interested in.
Other Restrictions:
This Document is issued by Grey Epoch only to and/or is directed only at persons who are permitted to receive it under the rules and regulations applicable in the jurisdiction where such persons are located. In the UK, this includes persons who are professional clients or eligible counterparties for the purposes of the FCA Rules. Accordingly, this Document may not be used in any jurisdiction except under circumstances that will result in compliance with any applicable laws and regulations. Recipients of this Document should inform themselves about and observe any such restrictions. Any failure to comply with these restrictions may constitute a violation of applicable securities law.
Accuracy
The information provided in this Document has not been audited or verified by Grey Epoch or any third party and is subject to change at any time, without notice. None of Grey Epoch, its affiliates or any of their respective directors, officers, employees, partners, shareholders or agents (each, a “Grey Epoch Party”) accepts any responsibility for nor makes any representation or warranty, express or implied, as to the truth, accuracy or completeness of the information contained in this Document. In preparing this Document, Grey Epoch has relied upon and assumed, without independent verification, the accuracy and completeness of all information available from public sources or which was otherwise used in the preparation of this Document (“Third Party Information”). While such sources are believed to be reliable, no Grey Epoch Party assumes any responsibility for the accuracy of any Third-Party Information. Neither Grey Epoch and/or a Grey Epoch Party are under any obligation to update the information contained in this Document. No Grey Epoch Party shall have any liability to any recipient of this Document or any other person in relation to or resulting from the use of or reliance on any such information contained herein or any errors therein or emissions therefrom. Unless otherwise specified herein, this Document speaks as of the date set forth. The delivery of this Document shall not, under any circumstances, create any implication that the information contained herein is correct as of any time after that date.
Information
Grey Epoch Europe Limited is a limited liability company registered in England and Wales with registered office at 40 Gracechurch Street, London, EC3V 0BT, United Kingdom (Registered No.13515204). Grey Epoch is an appointed representative (Reference No.959638) of Thornbridge Investment Management LLP, who is authorised and regulated by the Financial Conduct Authority (Reference No.713859).
