Sales - Trading Email Disclaimer
Disclaimer for Risk
Disclosure
This message has been prepared by
personnel in the Sales Department or one or more of the trading desks of AVM,
L.P. ("AVM") or its affiliates. It is not a research report and is
not intended as such.
Non-Reliance and Risk Disclosure: This material should not be construed as an offer to sell or the
solicitation of an offer to buy any security in any jurisdiction where such an
offer or solicitation would be illegal. We are not soliciting any action based
on this material. It is for the general information of our clients. It does not
constitute a recommendation or take into account the particular investment
objectives, financial conditions, or needs of individual clients. Before acting
on this material, you should consider whether it is suitable for your
particular circumstances and, if necessary, seek professional advice. The price
and value of the investments referred to in this material and the income from
them may go down as well as up, and investors may realize losses on any
investments. Past performance is not a guide to future performance. Future
returns are not guaranteed, and a loss of original capital may occur. We do not
provide tax, accounting, or legal advice to our clients, and all investors are
advised to consult with their tax, accounting, or legal advisers regarding any
potential investment. The material is based on information that we consider
reliable, but we do not represent that it is accurate, complete and/or up to
date, and it should not be relied on as such. Opinions expressed are our
current opinions as of the date appearing on this material only and only
represent the views of the author and not those of AVM unless otherwise
expressly noted.
No Offer of Securities: No information presented should be used
or considered as an offer to sell or a solicitation of an offer to buy any
interest in any investment fund. Any such offer or
solicitation can and will be made only by means of the confidential offering
memorandum of each such investment fund, and only in jurisdictions in which
such an offer would be lawful and only to individuals who meet the investor
suitability and sophistication requirements of each such investment fund,
including qualifying as ”accredited investors” within the meaning of the
Securities Act of 1933, as amended and “qualified purchasers” within the
meaning of the Investment Company Act of 1940, as amended. Access to information
about the investment funds is similarly limited to individuals who meet the
applicable investor suitability and sophistication requirements.
Risk Disclosure Regarding futures,
options, equity swaps, and other derivatives as well as non-investment-grade
securities and ADRs: Please ensure that you have
read and understood the current options disclosure document before entering
into any options transactions. Current United States listed options disclosure
documents are available from our sales representatives or at http://www.theocc.com/components/docs/riskstoc.pdf. Certain transactions - including those involving futures,
options, equity swaps, and other derivatives as well as non-investment-grade
securities - give rise to substantial risk and are neither available to nor
suitable for all investors. If you have any questions about whether you are
eligible to enter into these transactions with AVM, please contact your sales
representative. Foreign-currency-denominated securities are subject to
fluctuations in exchange rates that could have an adverse effect on the value
or price of, or income derived from, the investment. In addition, investors in
securities such as ADRs, the values of which are influenced by foreign
currencies, effectively assume currency risk.
Order Handling Practices for Listed
and Over-the-Counter Derivatives: While the firm
is holding your derivative order, the firm or its clients may engage in trading
activity in the same or related products, including transactions in the
underlying securities. While such trading activity is unrelated to your order,
it may coincidentally impact the price of the derivative that you are buying or
selling.
Not a Valuation: Values herein are not customer valuations and should not be
used in lieu of a customer valuation statement or account statement. These
values may not reflect the value of the positions carried on the books and
records of AVM or its affiliates and should not be relied upon for the
maintenance of your books and records or for any tax, accounting, legal or
other purposes. The information provided herein does not supersede any customer
statements, confirmations or other similar notifications.
Reproduction
and Re-Distribution: No part of this material may
be (i) copied, photocopied or duplicated in any form by any means or (ii)
redistributed without our prior written consent. Notwithstanding anything
herein to the contrary, and except as required to enable compliance with
applicable securities law, you (and each of your employees, representatives and
other agents) may disclose to any and all persons the U.S. federal income and
state tax treatment and tax structure of the transaction and all materials of
any kind (including tax opinions and other tax analyses) that are provided to
you relating to such tax treatment and tax structure, without AVM imposing any
limitation of any kind.
Information Not for Further
Dissemination. To the extent this communication
contains pricing information, such pricing information is proprietary and/or
confidential and is provided solely for the internal use of the intended
recipient(s). You are notified that any unauthorized use, dissemination,
distribution or copying of this communication or its contents, including
pricing information, in whole or in part, is strictly prohibited. Further,
unless prohibited by local law, any use, review or acceptance of this
information is subject to and manifests your agreement with AVM to use such
information only in accordance with the terms set forth above. AVM has caused
its proprietary information to be delivered to you in reliance upon such
agreement.