Owner and Publisher
A limited company (société anonyme) with share capital of €82,949,490, credit institution under French law governed by Articles L 511-1 et seq. of the French Monetary and Financial Code, and insurance brokerage firm entered into the Register of Insurance Intermediaries under No 07 004 759. Having its registered offices at 17, rue du Docteur Lancereaux, 75008 Paris, France, registered in the Paris Trade and Companies Registry under number 572 171 635, and whose supervisory authorities are the Autorité de Contrôle Prudentiel et de Résolution (61, rue Taitbout - 75436 Paris Cedex 09) and the Autorité des Marchés Financiers (17, place de la Bourse - 75082 Paris Cedex 02).
Head of Publication
Olivier TOUSSAINT - Chief Executive Officer
Julie de LA PALME – Head of Communication
Telephone: +33 (0)1 40 75 62 62
VAT number: FR 075 72 17 16 35
A limited company registered at the commercial register of the Canton of Vaud under the identification number CH-234.349.335
Chemin de Bérée 38, CH-1010 Lausanne - Switzerland
For purposes of the present warning, the terms below are defined as follows:
The Website and its access or use are subject to French law and regulations. In the event of any dispute, the Paris Court of Appeals shall be competent.
1. Terms and conditions for accessing and using the Website
The User acknowledges that they are aware of the terms and conditions for accessing and using the Website as well as the policies regarding the protection of personal data, intellectual property and online security set out below, and undertakes to abide by said terms and conditions at all times.
CA Indosuez Wealth (France) reserves the right to modify the contents of this warning at any time. The User is deemed to be aware of the latest version of this warning each time they connect to the Website.
The Website is accessible 24 hours a day, 7 days a week, except in the case of force majeure, as a result of the actions of a third party, and/or in the event of maintenance work and interventions necessary to its proper functioning. Where maintenance work is carried out, any interruptions shall, insofar as is possible, be notified by a warning on the homepage or by any other process. Neither CA Indosuez Wealth (France) nor the Host may be held liable for any interruption or disruption, whatever the cause, nor will any interruption or disruption open the right to any compensation.
Insofar as the confidentiality and integrity of information provided on the Internet cannot be guaranteed, the User is informed that they are responsible for taking all appropriate measures to protect their messages or data and/or tools. For more information, the User is advised to visit the Website page devoted to general information on security.
If a User does not wish to send personal information via the Internet, they may send it by regular post to CA Indosuez Wealth (Group).
The User agrees to respect the integrity of the Website and not to impede its functioning. They agree not to modify or delete any content, whether in whole or in part, or to fraudulently enter any data.
Access to this Website is free of charge, excluding any internet service provision and dial-up costs that are invoiced directly by operators.
Access to the ebanking.ca-indosuez.fr website for CA Indosuez Wealth (France) online services is possible from the Website. The terms governing access to and the pricing and provision of online services are stipulated in an agreement signed between the User and CA Indosuez Wealth (France). Any User wishing to access and use the online services should contact CA Indosuez Wealth (France).
3. Available information
All information and opinions of a general nature (economic, financial, etc.) featured on the Website are for information purposes only. Although CA Indosuez Wealth (France) takes all reasonable steps to obtain information from sources that it deems reliable, it does not represent nor warrant that the information or data on the Website is accurate, reliable or complete. Said information or data is not provided on a contractual basis and is only of indicative value.
The User acknowledges that information may be modified at any time and without prior notice and may not be automatically updated or valued on a real-time basis. The Website may include information provided by external companies or hyperlinks to other websites. The existence of links to other websites does not constitute a validation or endorsement of the websites in question or their contents. It is the User’s sole responsibility to verify and use any such information with discernment and with a critical mind. CA Indosuez Wealth (France) may not be held liable with regard to any information, opinions or recommendations by third parties.
Given the inherent risks linked to the electronic transmission of information, delays, omissions or inaccuracies may occur. Any information available on the Website is provided “as is”, whatever its origin. Accordingly, CA Indosuez Wealth (France) declines all responsibility as to the contents of the Website and its use.
Information available on the Website may be provided in several languages. In the event of a dispute, the French version shall prevail.
The use of the information provided on the Website is the sole responsibility of the User. CA Indosuez Wealth (France) declines all responsibility as to its use and consequences.
4. No offer
None of the information, publications, services and products appearing on the Website, in whatever form and whatever their nature, may be interpreted as constituting an incitement, solicitation, proposal or recommendation of banking or financial products or services from CA Indosuez Wealth (France).
Likewise, none of the information on the Website shall constitute or be deemed to constitute a form of investment, legal or tax advice.
Any User requiring further information may contact CA Indosuez Wealth (France) which will provide them with said information within the limits of the law.
5. Restrictions on access to the Website, products and services
The Website is not intended for persons in those jurisdictions where (due to their nationality, place of residence or for any other reason) access to and/or use of the Website is unlawful. Users are solely responsible for ensuring that they are legally authorised to access and/or use the Website in the country from which the connection is established. All persons subject to these restrictions should refrain from connecting to and/or navigating on the Website.
The products and services mentioned on the Website may not be approved for sale or made available to residents or nationals of certain countries or certain categories of investors. The offer and use of the products and services presented on the Website are subject to the contractual conditions and rates applied by CA Indosuez Wealth (France), in compliance with the applicable laws and regulations. In particular, products and services may be reserved for certain clients only or may be subject to restrictions regarding certain persons or in certain countries. In any case, the User should ensure that they are legally authorised to subscribe to the products or services presented on the Website, and should refrain from subscribing to any such products or services where restrictions apply. The User is informed that CA Indosuez Wealth (France) will not provide products and services to any persons who are not legally authorised to subscribe to them.
More specifically, the User’s attention is drawn to the fact that:
6. No liability
CA Indosuez Wealth (France), its directors, employees or agents may not be liable for any direct or indirect losses, costs, complaints, charges or damages of any nature, contractual or tortious, including negligence, resulting from or linked to the use of the Website, even if CA Indosuez Wealth (France) was informed of the possibility of such losses, costs, complaints, charges or damages.
7. Job applicants and employment
The User can spontaneously apply or respond to an offer posted on the “jobs.ca-indosuez.com” website which can be accessed via a link on the “Careers” tab.
The “jobs.ca-indosuez.com” website falls under the editorial responsibility of CA Indosuez Wealth (Group) and is hosted by Talentsoft in France. The conditions applying to applications are specified in the Disclaimer of the “jobs.ca-indosuez.com” website which the User is advised to read.
8. Intellectual property
The User acknowledges that the Website and its contents (in particular, the information, data, sounds, images, texts, drawings, graphics, distinctive signs, logos, brands, iconographic and photographic representations, downloadable documents, etc.) are the property of CA Indosuez Wealth (Group) or its partners. The reproduction, representation or distribution, for any purpose other than private use, of all or some of the contents of the Website, on any medium or by any means, is forbidden, except with the prior written consent of CA Indosuez Wealth (Group). Any failure to comply therein may engage the civil and criminal liability of the counterfeiter.
All or any of the information on the Website may be downloaded on a hard drive or printed for personal use only, provided that this copyright notice is included in each copy, that no alterations are made, and that it is not used, either in whole or in part, in other works or publications on any medium. The downloading or any other form of copying of software or information from the Website does not bestow the User with any rights. It is also forbidden to distribute or copy all or any of the information on the Website and to transfer (electronically or by any other means), alter or use the pages of the Website or its contents for public or commercial purposes without the prior written consent of CA Indosuez Wealth (Group).
It is strictly prohibited to use or reproduce the terms “Indosuez”, “CA Indosuez”, “CA Indosuez Wealth Management” as well as all of the CA Indosuez Wealth (Group) and CA Indosuez Wealth (France) brands and/or logos, alone or together, for any purpose, and notably for any advertising purposes, without the prior written consent of CA Indosuez Wealth (Group) and CA Indosuez Wealth (France).
Any hyperlinks to the Website require the prior and express authorisation of CA Indosuez Wealth (France).
9. Confidentiality and integrity
The confidentiality and integrity of information on the Internet cannot be guaranteed. As such, there is a risk that the information, personal or otherwise, in the messages that a User sends CA Indosuez Wealth (France) via the Website be intercepted and/or modified in terms of both content and origin. CA Indosuez Wealth (France) declines all liability in this respect.
If a User does not wish to send personal information via the Internet, they may send it by regular post to CA Indosuez Wealth (France).
CA Indosuez Wealth (France) will not accept any instructions to execute a banking or financial transaction sent by electronic mail where said instructions require an order written and signed by the customer or the use of the services placed online by CA Indosuez Wealth (France).
CA Indosuez Wealth (France) will never request, be it via the website or by electronic mail, that a User connect to their online bank or furnish any confidential information (bank card number, PIN code, etc.).
Furthermore, the User is reminded that any messages sent to CA Indosuez Wealth (France) via the Website may be altered, lost, intercepted and/or modified, both in terms of their content and origin, and/or read by a third party. CA Indosuez Wealth (France) declines all liability in this respect.
10. Fonds de garantie des dépôts, des titres et de résolution
The Fonds de Garantie des Dépôts et de Résolution (FGDR) was created by the Law of 25 June 1999 to compensate you in the event that your bank or investment firm is declared bankrupt and customer assets have become “unavailable”.
65, rue de la Victoire – 75009 PARIS
Tel : +33 (0)1 58 18 38 05
11. European Directive on Markets in Financial Instruments (MiFID)
The original European Markets in Financial Instruments Directive (“MiFID I”), which came into effect on 1 November 2007, applied to financial instruments, a very broad category that included equities, bonds, units and shares of UCIs (SICAVs, FCPs, etc.), subordinated securities, ownership interests, negotiable certificates of deposit and forward instruments.
The directive imposed substantial changes in market regulations, notably by providing for greater competition between trading methods. It defined a principle of “best execution” for client orders, stipulated the rules governing investor client assessment and information and reiterated the organisational principles to be respected in order to avoid conflicts of interest.
On 3 January 2018, Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments (“MiFID II”) will enter into force and supplement MiFID I:
You can access the annual report on service providers and execution platforms for the year 2018 (RTS28) Click here.
Please take a moment to review the main ramifications of the MIFID II Directive Click here.
We also recommend that you consult the following documents published by CA Indosuez Wealth (France) subsidiary, CA Indosuez Gestion:
CA Indosuez Gestion is an AMF-accredited portfolio management company registered under number GP 98025. It is a limited company (société anonyme) with share capital of €11,037,435, having its registered office at 17, rue du Docteur Lancereaux, 75008 Paris, France, and registered in the Paris Trade and Companies Registry under number 392 945 382.
12. Information on investment recommendations
Valuation and methodology
Our investment recommendations are produced following a top-down view of the major asset classes and regions by analysing the policies of central banks.
With regard to equities, the analysis does not adhere to any specific/declared style factors such as “value”, “growth”, or “momentum”. On the contrary, the approach taken mixes styles, putting a particular focus on the market capitalisation and daily liquidity of the underlying securities. Recommendations are based on three pillars: an investment proposition, which is the reason why the company is selected from a qualitative and quantitative perspective (brand, management, market share, etc.); a quantitative valuation model based primarily on DCF analyses and EPS/EBITDA projections (data from authorised brokers and Bloomberg); and two risk indicators, solvency and volatility, analysed using our proprietary rating methodology to assess the soundness and overall robustness of the corporate structure.
With regard to bonds, a fundamental analysis examines the company’s financial health and financial ratios such as the level of debt and interest rate, the stability of the activity and its behaviour throughout economic cycles, the characteristics of the company’s market and business sector, the credibility of management and forecasts, and the company’s financial policy. This allows us to give the company a negative, neutral, or positive credit rating. Although it is crucial to know the issuer, it is also essential to examine the characteristics of the issued bond, namely its credit category (senior, subordinated, hybrid, etc.), its valuation in relation to its peers (duration/sector/country/ rating), its valuation in the issuer’s bond curve, historical and current spread levels, and special characteristics such as redemption options, fixed floating coupons, or step-up clauses. Our BUY/SELL/HOLD recommendation for a particular bond results from combining these factors with the fundamental analysis and the opinion of the Investment Committee.
All investments involve risk, particularly in terms of fluctuations in value and yield. If an investment is denominated in a currency other than your base currency, exchange rate fluctuations may have a negative impact on its value, price, or income.
Our investment recommendations may refer to investments that involve specific risks. You should seek the advice of your usual adviser before taking investment decisions based on our investment recommendations or to obtain any necessary explanations of its contents.
The price and/or value of income from any security or financial instrument may be positively or negatively influenced by fluctuations in interest rates and spot and forward exchange rates, economic indicators, the financial position of the issuer or the reference issuer, etc. By buying securities or financial instruments, you may incur a loss that may in some cases exceed the nominal value due to fluctuations in market prices, other financial indices, etc.
Structured securities are complex instruments that generally involve a high level of risk and are intended exclusively for sophisticated investors who are able to understand and assume the risks involved. The market value of any structured security may be affected by changes in economic, financial, and political factors (including but not limited to interest rates and spot and forward exchange rates), the remaining time to maturity, market conditions, volatility, and the credit quality of an issuer or a reference issuer. Investors who are interested in buying a structured product should perform their own analysis of the product and consult their usual advisers about the risks associated with such a purchase.
Certain investments potentially mentioned in this publication, namely derivatives such as options, may present a high level of volatility. High-volatility investments may experience sudden, sharp drops in their value, causing losses when the investment is realised. These losses may reach or even exceed the level of the initial investment. In such circumstances, you may be required to make a margin call payment to cover potential losses. Some investments may be difficult to sell or realise, and it may be difficult for you to obtain reliable information about the value or the risks to which such an investment is exposed. Investors who are interested in buying such products should perform their own analysis of the risks associated with such a purchase and consult their usual advisers.
Financial market risks
Past financial market performance and scenarios are neither a guarantee nor an estimate of future performance. The price and value of the mentioned investments and any income generated by them could fall, rise, or fluctuate. The investments may be traded on a public market or exclusively on a small secondary market. When a secondary market exists, it is impossible to predict the prices at which the investments will trade on that market or to know in advance whether that market will be liquid or illiquid.
When this publication discusses emerging markets, you should be aware that there are uncertainties and risks associated with investments and transactions in various types of investments offered by or related to corporate issuers and debtors that are based in or primarily operate in emerging markets. Investments associated with emerging countries may be considered speculative, and their prices are often much more volatile than those observed in the most developed countries. Investments in emerging markets should be made only by sophisticated investors or experienced professionals who are familiar with the markets in question, are able to examine and assess the various risks associated with these investments, and have the financial resources to assume the risk of a substantial loss associated with these investments. It is your responsibility to manage the risks of investing in emerging markets as well as the allocation of assets in your portfolio. You should contact your usual adviser for explanations of the various risks and factors to be considered when investing in emerging market financial instruments.
Hedge funds are not subject to the numerous investor protection rules applicable to regulated mutual funds, and hedge fund managers are largely non-authorised. Hedge funds are not limited to a specific investment discipline or trading strategy and seek to generate gains in all kinds of markets through the use of leverage, derivatives, and complex speculative investment strategies likely to increase the risk of loss. Commodity transactions involve a high level of risk and may not be appropriate for many investors. The extent of losses due to market movements may be significant or even result in a total loss of the invested amount. Real estate investors are exposed to liquidity, currency, and other risks, including cyclical risk, rental risk, and local market risk in addition to environmental risk and risks related to changes in the legal environment.
Interest rate and credit risks
The value of a bond depends on the credit quality of the Issuer and/or the Guarantor (where applicable), which may vary during the life of the bond. If the bond’s Issuer and/or Guarantor defaults, the bond or any resulting income will not be guaranteed, and it is possible that you will not be able to recover the amount originally invested.
Conflict of Interest
CA Indosuez Wealth (France) as well as its shareholders, entities, subsidiaries, and more generally companies in the Crédit Agricole SA group (the “Group”) and respectively their corporate officers, senior management, or employees may, on a personal basis or in the name and on behalf of third parties, undertake transactions in the financial instruments described in this publication, hold other financial instruments in respect of the issuer or the guarantor of those financial instruments, or may provide or seek to provide (or have provided within the last twelve months) securities services, financial services, or any other type of service for or from such parties.
Where CA Indosuez Wealth (France) and/or a Group entity acts as an investment adviser and/or manager, administrator, distributor, or placement agent for certain products or services mentioned in this publication or carries out other services in which CA Indosuez Wealth (France) or the Group has or is likely to have a direct or indirect interest, the CA Indosuez Wealth (France) shall give priority to the investor’s interest.
13. Overview of ESG criteria (Articles L. 533-22-1 et seq. of the French Monetary and Financial Code)
SRI, what is it?
Socially responsible investment (SRI) is an investment discipline that seeks to incorporate sustainable development criteria in fund investments.
It is intended for investors that seek to combine financial performance with the protection of future generations. Socially responsible investment fund strategies factor in both financial and non-financial criteria.
Socially responsible investment factors in three types of criteria - Environmental, Social and Governance - commonly referred to as ESG criteria.
The Transparency Code of the French Asset Management Association (AFG) defines these criteria as follows:
In order to qualify as a "SRI", funds must meet the ESG criteria. The method of selection for securities is defined in the prospectus.
Non-financial rating agencies can assign the label of SRI to funds which certifies that the management company or SICAV has met the relevant criteria.
In accordance with articles L. 533-22-1 and D. 533-16-1 of the French Monetary and Financial Code, investors are informed that CA Indosuez Gestion does not automatically and simultaneously take into account the ESG criteria in its investment process. However, these are not ignored and are among the many criteria analyzed by the management team when selecting securities.
CA Indosuez Gestion applies the Governance criterion in the context of the exercise of voting rights at General Meetings in respect of securities of which it is a shareholder on behalf of the Collective Investment Undertakings (OPC) it manages. Also, CA Indosuez Gestion exercises its voting rights in a listed European securities environment. The policy followed by CA Indosuez Gestion in this area is based on the principles of accountability, independence and transparency.
CA Indosuez Gestion manages a mutual fund (FCP) whose outstanding amount exceeds 500 million euros: Indosuez Allocation Mandat. This fund is partially invested in other funds. The latter can take into account the ESG criteria and the climate issue in their investment policy. However, these criteria do not systematically come into play in the selection of the funds that make up the FCP insofar as not all asset classes and geographic zones are systematically subject to an adequate ESG fund offering. In addition, the fund is invested with purely index strategies (via futures or ETFs) without taking ESG criteria into account.
13. Foreign Account Tax Compliance Act
Enacted by the US Congress on 18 March 2010, the Foreign Account Tax Compliance Act (“FATCA”) requires that all non-US financial institutions document and report their US account holders to the US tax authorities or face a punitive 30% withholding tax on certain US-sourced income (or similar) which they collect themselves or on behalf of their customers. As stipulated in the Registration Document of Crédit Agricole S.A. Group for financial year 2011, Crédit Agricole S.A. Group and its subsidiaries have set up a transversal project team to carry out the implementation of the Foreign Account Tax Compliance Act in line with their obligations.
14. Complaints - Mediation
All customers can address any complaints in writing to the customer complaints department at the following address: Service Réclamations Clients (SRC) de CA Indosuez Wealth (France) 17, rue du Docteur Lancereaux - 75008 Paris, which will endeavour to find a solution.
The complaints department undertakes to acknowledge receipt of your letter of complaint within 10 days and to reply within 60 days unless special circumstances dictate otherwise in which case you will be kept duly informed.
If you are not satisfied with the solution proposed by CA Indosuez Wealth (France), you can refer the matter free of charge to the Ombudsman of the F.B.F. (via the website lemediateur.fbf.fr or by post for the attention of the Médiateur de la F.B.F. - CS. 151 - 75422 PARIS CEDEX 09).
To directly access the Ombudsman's site in order to submit your referral file online, you can click on the following link: http://lemediateur.fbf.fr/formulaire-reclamation-mediateur/
The stages and timeframes involved in the mediation process are specified in the mediation charter which is available by clicking on the following link: charte FBF 2016.pdf
15. Credit Agreements for Consumers relating to Residential Immovable Property - General Information
In accordance with applicable regulations (resulting from Ministerial Order No. 2016-351 of 25 March 2016 on credit agreements for consumers relating to residential immovable property, the purpose of this document is to present general information on credit agreements relating to residential immovable property offered by CA Indosuez Wealth (France). The general information contained in this document is provided for information purposes only. The approval of a credit agreements relating to residential immovable property is based on the analysis and acceptance of your credit application by CA Indosuez Wealth (France).
> Download General Information
CA Indosuez Wealth (France) also draws your attention to the fact that borrowers have a 10-day reflection period to consider a credit agreements relating to residential immovable property. Furthermore, when the sale of a real estate is subject to the approval of the loan, if the loan is not approved, the seller is required to reimburse the borrower for any sums paid in advance.
Alex Bamford, CAPA Picture, Peter Jackson, Pierre Olivier, Stuart Redler, Olivier Warter