Corporate Governance & Regulatory
Our clients and counterparties may wish to refer to the following policies which address various regulatory matters:
Conflicts of Interest Summary
Daiwa Capital Markets Europe Limited (Daiwa Europe) is part of the Daiwa Securities Group Inc, an independent full-service securities group providing an extensive range of financial services centred on retail, wholesale and investment banking business and asset management business. Daiwa Securities Group Inc., parent company of Daiwa Europe, is responsible for providing corporate clients and institutional investors with sales & trading and investment banking services.
We continue to recognise that in the normal course of our business, circumstances may arise that could result in our interests conflicting with the interest of, or with the duties we owe to, our clients. These could include conflicts between the interests of Daiwa Europe, or other group companies and our clients, or between the interests of different clients.
Daiwa Europe has always sought to ensure that conflicts are identified and managed at an appropriate level. Procedures have therefore been established to protect the interests of our clients and ensure that all parties are treated fairly and reasonably. In particular, arrangements exist to control the flow and use of non-public, price sensitive information, the execution of client orders, staff’s personal account dealing and their receipt of gifts or other inducements from clients or suppliers.
Where necessary, we segregate the activities of staff working in areas where conflicts of interest may arise. Where we feel that our procedures in themselves may be insufficient to manage the risk we will look to disclose the potential conflict to our client and obtain their agreement to precede. Ultimately we will decline to act where we feel the risks cannot be managed or mitigated. Daiwa Europe may share information regarding investment banking relationships with other group companies. The list of group companies is available on our website.
The risks and associated controls relating to conflicts of interest have been documented internally in the Conflicts of Interest Matrix. This Matrix details the potential conflicts of interest in each department and the controls in place to mitigate these risks. The Conflicts of Interest Matrix is subject to regular review.
Basel II Pillar 3 Disclosures
Basel II Pillar 3 Disclosures
The Company's Pillar 3 disclosures on capital and risk management are available below. This information will be updated, at a minimum, on an annual basis.
Treasury Markets Practices Group
Treasury Markets Practices Group
Please see below for information about Daiwa Capital Markets Europe Limited's adoption of the Treasury Markets Practices Group's recommendations for US securities fails.
UK Credit Research Disclaimer
UK Credit Research disclaimer
This document is produced by Daiwa Securities Co. Ltd and/or its affiliates and is distributed by Daiwa Capital Markets Europe Limited in the European Union, Iceland, Liechtenstein, Norway and Switzerland. Daiwa Capital Markets Europe Limited is authorised and regulated by The Financial Conduct Authority, is a member of the London Stock Exchange and an exchange participant of Eurex. Daiwa Capital Markets Europe Limited and its affiliates may, from time to time, to the extent permitted by law, participate or invest in, or be mandated in respect of, other transactions with the issuer(s) referred to herein, perform services for or solicit business from such issuer(s), and/or have a position or effect transactions in a particular issuer’s securities or options thereof and/or may have acted as an underwriter during the past twelve months in respect of a particular issuer of its securities. In addition, employees of Daiwa Capital Markets Europe Limited and its affiliates may have positions and effect transactions in such securities or options and may serve as Directors of a particular issuer. Daiwa Capital Markets Europe Limited may, to the extent permitted by applicable UK law and other applicable law or regulation, effect transactions in securities of a particular issuer before this material is published to recipients.
This publication is intended for investors who are not Retail Clients in the United Kingdom within the meaning of the Rules of the FCA and should not therefore be distributed to such Retail Clients in the United Kingdom. Should you enter into investment business with Daiwa Capital Markets Europe’s affiliates outside the United Kingdom, we are obliged to advise that the protection afforded by the United Kingdom regulatory system may not apply; in particular, the benefits of the Financial Services Compensation Scheme may not be available.
Daiwa Capital Markets Europe Limited is part of Daiwa Securities Group Inc. Daiwa Securities Group Inc., its subsidiaries or affiliates, or its or their respective directors, officers and employees from time to time have trades as principals, or have positions in, or have other interests in the securities of the company under research including market making activities, derivatives in respect of such securities or may have also performed investment banking and other services for the issuer of such securities. Daiwa Securities Group Inc., its subsidiaries or affiliates do and seek to do business with the company(s) covered in this research report. Therefore, investors should be aware that a conflict of interest may exist.
Daiwa Capital Markets Europe Limited has in place organisational arrangements for the prevention and avoidance of conflicts of interest. Our Conflict Management Policy is available. Regulatory Disclosures of Investment Banking Relationships are available.
The statements in the preceding paragraphs are made as of October 2017.
UK Tax Strategy
Please see below information about Daiwa Capital Markets Limited's UK Tax Strategy.
Daiwa Capital Markets Europe Limited (“DCME”) sets outs the Allocation Policy in accordance with the requirements of MiFID II and relevant regulations and for the purpose of effective arrangement to identify, prevent and manage conflicts of interests.