ICBC Standard Securities Inc. Disclosures Appendix
ICBC Standard Securities Inc. ("ICBCSSI") is a New York based entity registered with the US Securities and Exchange Commission as a broker-dealer, and a member of the Financial Industry Regulatory Authority ("FINRA"). As a FINRA member, ICBCSSI is required to make certain disclosures relating to its or its affiliates' relationship(s) to the companies or issuers discussed in investment research reports prepared by the Standard Bank Group Limited ("SBGL Research") that are distributed or made available by ICBCSSI to US investors. The disclosures provided on this page pertain to those companies or issuers that are referenced in SBGL Research distributed or made available by ICBCSSI.
ICBCSSI is deemed an affiliate of SBGL under applicable FINRA rules, and SBGL Research is considered third-party affiliate research under FINRA Rule 2241. ICBCSSI, however, has no involvement in the production of SBGL Research. ICBCSSI personnel are not involved in the preparation, review, or approval of SBGL Research. ICBCSSI personnel do not provide input on the content of SBGL Research and do not have access to such content prior to publication by SBGL. In addition, ICBCSSI does not alter, adapt, white label, or otherwise present SBGL Research as its own. Finally, ICBCSSI does not have influence or input into decisions by SBGL as to what companies or issuers it will cover.
For important disclosures related to the relationship between the companies and issuers that are the subject of SBGL Research and ICBCSSI, and/or one or more ICBCSSI affiliates, please see the below table and the corresponding key reference details. ICBCSSI's parent company, ICBC Standard Bank, Plc, is majority owned by the Industrial and Commercial Bank of China Limited ("ICBC"). ICBCSSI is unaware of any ICBC group entity having any influence over the selection of companies or issuers to be covered by SBGL Research, or the creation, content, dissemination, or publication of SBGL Research.
Third Party Research Disclosure - Americas 200220
Last Updated: 18/03/2020
||ICBC Standard Securities Inc. or an affiliate beneficially owns 1% or more of a class of common equity securities of the subject company.
||Please see conflict description in "Other Material Conflicts" column.
||ICBC Standard Securities Inc. or an affiliate managed or co-managed a public offering of securities for the subject company in the past 12 months.
||ICBC Standard Securities Inc. or an affiliate expects to receive or intends to seek compensation for investment banking services from the subject company in the next 3 months.
||ICBC Standard Securities Inc. or an affiliate received compensation for investment banking services from the subject company in the past 12 months.
||ICBC Standard Securities Inc. is or was making a market in the securities of the subject company at the time of publication or distribution of the research report.
|Other Material Conflicts
ICBC Standard Securities Inc. knows or has reason to know of a material conflict of interest that is not identified above (see narrative in table).
Note: The term "affiliate" within the above Disclosure Key excludes Standard Bank Group Limited and its group affiliates, other than ICBC Standard Bank Plc and its subsidiaries, including ICBCSSI. For important disclosures related to the relationship between the companies and issuers that are the subject of SBGL Research and SBGL and its affiliates, please click on the following link: http://www.sbgsecurities.com/ or visit the following web address: http://research.standardbank.com/
ICBCSSI's disclosures of the relationship(s) between companies and issuers that are the subject of SBGL Research, and ICBCSSI and ICBC Standard Bank Plc (and its subsidiaries), are current through the end of the month prior to the month that the research report was published, or in limited situations, through the end of the second month prior to the month that the research report was published.
ICBCSSI also analyzes information relating to other ICBC group entities that may impact these disclosures. While ICBCSSI reasonably believes that the disclosures capture relevant information regarding the relationships between companies and issuers that are the subject of SBGL Research and ICBCSSI and its affiliates, it is possible that the information utilized by ICBCSSI in making its disclosures is dated, incomplete, or not verifiably accurate in relation to certain ICBC group entities. For example, an ICBC group entity may have undisclosed holdings that would cause the beneficial ownership disclosure threshold to be met, or may have an undisclosed qualifying investment banking relationship. These holdings or relationships, however, are unknown to ICBCSSI, and therefore, could not reasonably impact ICBCSSI's decisions about what SBGL Research to distribute or make available. Moreover, no such ICBC group entity has direct or indirect influence over, or actual impact on ICBCSSI's decisions about what SBGL Research reports it makes available to US persons. ICBCSSI will promptly update the disclosures above if it obtains actual knowledge of affiliate holdings, investment banking activities, or other conflicts of interest that are not already disclosed.
SBGL Research distributed by ICBCSSI to US institutional investors may result in transactional business for ICBCSSI that financially benefits ICBCSSI and its affiliates. Research reports on subject companies may also be available from other third-party sources. Recipients are encouraged to consult multiple independent sources of information about the subject companies, including securities or other professionals, before making any investment decision.
SBGL Research reports do not constitute personal recommendations or take into account the particular investment objectives, financial situations, or needs of specific investors. Investors are advised to use the information contained in SBGL Research as one of many inputs and considerations prior to engaging in any trading activity. SBGL Research does not constitute any prospectus or other offering document or an offer or solicitation to buy or sell any securities or other investments. Information and opinions contained in SBGL Research reports are published for the reference of recipients and should not to be relied upon as authoritative, acted upon without the recipient’s own independent verification, or taken in substitution for the exercise of judgment by the recipient. Please carefully review the other disclosures in the SBGL Research reports and the SBGL group disclosures available at http://www.sbgsecurities.com/.
In respect of the United States, this report is solely intended for distribution to US institutional investors that qualify as Major US Institutional Investors under Rule 15a-6 of the US Securities Exchange Act of 1934. US investors wishing to effect transactions in the securities featured or discussed in this report should do so through ICBC Standard Securities Inc., a US registered broker-dealer