Things you should know
Information prepared and distributed by Commonwealth Bank of Australia ABN 48 123 123 124 AFSL 234945 and its subsidiaries including Commonwealth Australia Securities LLC and CBA Europe Ltd (collectively, “CBA”) (“Communication”) is private and confidential and may not be copied, reproduced or disseminated without the prior express written consent of CBA. Communications are intended solely for the addressee(s) and CBA accepts no liability for any loss or damage of any kind arising out of the use or unauthorised distribution of any Communication. If you are not the intended recipient of a Communication, please immediately advise the sender, do not use or disclose the contents of the Communication and promptly delete the Communication (including any attachments).
Communications are prepared and distributed by the CBA Sales/Trading Departments. Any views or opinions expressed are solely those of CBA Sales/Trading and may differ from the views or opinions expressed by other CBA departments, including the CBA Research department. Communications are not research and should not be construed as such, and are provided solely for information and discussion purposes with institutional, professional or wholesale investors. Communications do not constitute and should not be construed as being an offer to transact, recommendation, solicitation, invitation for subscription or sale or product or strategy advice. Communications must not be relied upon, in whole or in part, as the basis for any decision, contract, policy, view or commitment.
Information, numbers, graphs and charts are provided for illustrative and discussion purposes only, and CBA does not warrant or make any representations as to the accuracy, completeness or future occurrence of any information or opinions provided, some of which are based on assumptions and may be sourced from third parties. Nothing in a Communication should be construed as being investment, tax, legal, accounting, regulatory or other advice or as creating a fiduciary, agency, reliance or other similar relationship. To the maximum extent permitted by law, CBA disclaims any liability in connection with the use of or reliance on any Communication in any manner. Communications do not bind CBA in any way and CBA is under no obligation to update information in any Communication on an ongoing basis.
All financial products involve an element of risk. Unless you are familiar with a specific financial product or strategy, including the potential impact of pertinent risks, the financial products and or strategies mentioned in any Communication may not be suitable for you. Communications do not purport to contain all relevant information for you to make an investment, financial or other decision. You are solely responsible for deciding whether any investment, strategy or transaction is suitable for you at all times and whenever in doubt, you are encouraged to seek legal, financial, tax, investment or other advice as appropriate.
From time to time CBA may have positions in financial products referred to in a Communication. CBA maintains policies and procedures designed to minimise the risk that officers and employees are influenced by conflicts of interest and improper disclosure of confidential information.
In Australia: CBA is authorised and regulated by the Australian Prudential Regulation Authority and the Australian Securities and Investments Commission. The information contained in any Communication is made available solely for persons who are wholesale clients pursuant to the Corporations Act 2001.
In the UK and Europe: Communications are made available in the UK and Europe only for persons who are Eligible Counterparties or Professional Clients, and not Retail Clients as defined by Financial Conduct Authority rules. CBA and CBA Europe Ltd are both registered in England (No. BR250 and 05687023 respectively). CBA is authorised by the Prudential Regulation Authority and subject to regulation by the Financial Conduct Authority (FRN 139185) and limited regulation by the Prudential Regulation Authority. Details about the extent of CBA’s regulation by the Prudential Regulation Authority are available on request. CBA Europe Ltd (FRN 454330): Authorised and regulated by the Financial Conduct Authority.
In Singapore: Commonwealth Bank of Australia, Singapore Branch is established in Singapore as a branch of the Australian incorporated legal entity, and operates as a Wholesale Bank with a Banking License under the Banking Act, issued by the Monetary Authority of Singapore. The information in any Communication is made available only to persons who are Accredited Investors, Institutional Investors or Expert Investors as defined in the Securities and Futures Act (Singapore), and has not been prepared for, and must not be distributed to or replicated in any form to, anyone who is not an Accredited Investor, Institutional Investor or Expert Investor. If you are an Accredited Investor or Expert Investor as defined in Regulation 2(1) of the Financial Advisers Regulations ("FAR"), CBA is obliged to disclose to you that in the provision of any financial advisory services to you, it is exempted under Regulations 28, 34 and 35 of the FAR from complying with the business conduct provisions of 26 (False and misleading statement by licenced financial advisers), 27 (Recommendations by licensed financial advisers), 29 (Obligations to furnish information to the Authority) and 36 (Licensed financial adviser to disclose certain interests in specified products) of the Financial Advisers Act ("FAA").
In Japan: Any Communication is made available only for institutional investors (as those terms are defined by section 58-2 of the Financial Instruments and Exchange Act (FIEA)). Commonwealth Bank of Australia, Tokyo Branch is a licensed banking business authorized by Japan Financial Services Agency. The Tokyo Branch is not allowed to engage in any securities business activities other than the scope of Registered Financial Institution Licence (RFIL).
In Hong Kong: Commonwealth Bank of Australia, Hong Kong Branch is regulated by the Hong Kong Monetary Authority and Securities and Futures Commission. It is a branch of the Australian incorporated legal entity limited by shares. The contents of a Communication have not been reviewed by any regulatory authority in Hong Kong and is made available in Hong Kong only for professional investors as defined under the Securities and Futures Ordinance (Cap 571, laws of Hong Kong).
In New Zealand: Commonwealth Bank of Australia, New Zealand Branch is a registered bank in New Zealand. The information contained in any Communication is made available in New Zealand only for persons who are wholesale investors as defined in the Financial Markets Conduct Regulations 2014.
In the USA: CBA is authorized to maintain a Federal branch by the Office of the Comptroller of the Currency.
Communications are made available for informational purposes only and any products described are not available to retail investors. When a Communication describes deposits, NONE OF THE PRODUCTS DESCRIBED ARE DEPOSITS THAT ARE COVERED BY FDIC INSURANCE.
In the United States, securities and futures products and services are provided solely by or through Commonwealth Australia Securities LLC, a broker-dealer registered with the Securities and Exchange Commission, a member of the Financial Industry Regulatory Authority (CRD# 136321), an introducing broker registered with the Commodity Futures Trading Commission (CFTC) and a member of the National Futures Association (NFA) (NFA ID 0482314).
CBA is also a swap dealer provisionally registered with the CFTC and is a member of the NFA in such capacity (NFA ID 0249150). Swaps as well as products and strategies involving swaps are not suitable for investment by (i) counterparties that are not “eligible contract participants” as defined in the Commodities Exchange Act (CEA) and the regulations adopted thereunder or (ii) entities that have any investors who are not “eligible contract participants.” Each hedge fund or other investment vehicle that purchases the products must be operated by a registered commodity pool operator as defined under the CEA and the regulations adopted thereunder or a person who has qualified as being exempt from such registration requirement.