Website Terms of Use and Disclaimer

This website is communicated by Nau Securities Limited (“Nau”) which is registered in England and Wales (no. 07128441) having its registered office at 2 Eaton Gate, London SW1W 9BJ, United Kingdom.

1. LEGAL NOTICE

1.1. Please note that access to and the use of this website are subject to the following terms and conditions. Before accessing and using Nau’s website and its contents please read these terms and conditions as they constitute a legal notice and contain important legal information.
1.2. By accessing and using Nau’s website you acknowledge that you have reviewed, understood and agreed to the terms and conditions contained herein. If you do not agree to the terms and conditions below, do not access or use this website in any way. Returning users are advised to check these terms and conditions each time the website is accessed as they are subject to change from time to time without notice.

2. RESTRICTIONS

2.1. This website contains research that is produced in accordance with COBS 12.2 as Investment Research and is directed solely at Eligible Counterparties and Professional Clients as defined by the Financial Conduct Authority’s (“FCA”) handbook of rules and guidance ("FCA Rules") and other information from time to time (“Website Information”). Its contents are not directed at, may not be suitable for and should not be relied on by Retail Clients or be deemed to be advisory services to Retail Clients. Nau do not provide investment advisory services to Retail Clients.
2.2. The Website Information is not intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution, publication or use would be contrary to local law or regulation or in which Nau does not hold any necessary registration or license. Individuals or legal entities in respect of whom such prohibitions apply, whether on grounds of their nationality, their place of residence or on other grounds, must not access or use this website. You assume responsibility for determining whether any legal or regulatory considerations limit your access to or use of this website and it is your responsibility to be aware of and to observe all applicable laws and regulations of any relevant jurisdiction.
2.3. Without prejudice to the foregoing, the Website Information is for informational purposes only and does not constitute an offer to sell or the solicitation of any offer to buy securities in the United States of America (“USA”) to or for the benefit of US persons (being residents of the USA or partnerships or corporations organized under the laws of the USA or any state, territory or possession thereof). In particular neither Nau, nor any affiliate of Nau intends to be members of FINRA, any other USA SRO nor are they registered with the Securities and Exchange Commission (“SEC”) as a broker dealer. If after reviewing this Research an investor in the USA wants to purchase securities in the companies mentioned in this report, they must direct their orders to a USA broker-dealer that is a member of FINRA and registered with the SEC. Nau or its affiliates will not be compensated based on any securities transactions by investors in the USA or any other US persons that result from the distribution of the Website Information, unless Nau or its relevant affiliates are properly registered and licensed. In such case, employees of Nau or its affiliates will receive a share of the commission associated with such transactions.
2.4. Transactions with US Institutional Investors and US Major Institutional Investors, as these terms defined by the SEC Rule 15a-6, are chaperoned by Global Alliance Securities, LLC (“GAS”), SEC-registered broker-dealer (CRD#167164) and FINRA member, in accordance with an agreement between Nau and GAS. (web: www.globalalliancesecurities.com).2.5. Products or services described in the Website Information may not be available in all jurisdictions.2.6. To the extent that the Website Information is issued in the United Kingdom, it is issued for the purposes of the UK Financial Services and Markets Act 2000 by Nau which is authorised and regulated in the UK by the FCA (number 558158) and registered as an investment advisor with the SEC (IARD #281683).

3. RESEARCH

3.1. This website contains information that is Investment Research (“Research Information”). All Research Information contained in this website is produced in accordance with COBS 12.2 as Investment Research and is directed solely at Eligible Counterparties and Professional Clients as defined by the FCA rules.
3.2. All statements and opinions contained in the Research Information are made as of the date on the face of the relevant Research Information and are not held out as applicable thereafter. Research Information will carry the date of the publication or, on a publication printed overnight, the date on which it was sent to the printers. Where a price is quoted in Research Information it will generally, in the absence of contrary words, be the latest practicable price prior to distribution or, in the case of a publication printed overnight, the closing price at the close of business. Research Information will identify material sources.
3.3. A company covered in such Research Information may have paid for an analyst’s reasonable expenses to visit their premises or offered modest hospitality or entertainment: further details are available on request.
3.4. Nau has in place arrangements designed to ensure that the conditions set out in COBS 12.2.5 are satisfied. The Research Information has been prepared in accordance with legal requirements designed to promote the independence of investment research and is subject under the Markets in Financial Instruments Directive (“MiFID”) to the prohibition on dealing ahead of the dissemination of investment research.
3.5. Nau is the employer of the investment analysts responsible for the content of Research Information and these investment analysts are resident outside of the USA and are not associated persons of any US regulated broker-dealer. The investment analysts are therefore not required to satisfy the regulatory licensing requirements of FINRA, or otherwise comply with US rules or regulations.

4. RISK WARNINGS

4.1. The Website Information is for information only and does not constitute or form part of an offer to sell or the solicitation of an offer to buy or sell any securities or any advisory or management service in any jurisdiction. It does not constitute a personal recommendation.
4.2. You are advised not to rely on any of the Website Information in the process of making a fully informed investment decision. Instead, you are urged to base investment decisions upon a thorough investigation and to obtain all necessary professional advice; you must satisfy yourself that any dealing is appropriate in the light of your own understanding, appraisal of risk and reward, objectives, experience, and financial and operational resources.
4.3. Past performance data or forecasts contained in the Website Information is no indication of future performance and nothing on this website should be interpreted to state or imply otherwise. The value of investments may fall as well as rise and investors may not get back the full amount invested.
4.4. If a financial instrument is denominated in a currency other that an investor’s currency, changes in exchange rates may adversely affect the price or value of, or the income derived from the financial instrument. You assume all foreign exchange risks.

5. ACCURACY AND LIABILITY

5.1. Although the Website Information is obtained or compiled from sources we believe to be reliable, we cannot and do not guarantee the accuracy, validity, timeliness or completeness of any information or data made available to you for any particular purpose.
5.2. All statements, opinions, estimates and projections contained in the Website Information are made as of the date on the face of the relevant information and are not held out as applicable thereafter; they are, however, subject to change without notice. Prices and availability of financial instruments are indicative only and are also subject to change without notice. Nau has no obligation to update, modify or amend the Website Information after the publication date, but reserves the right to change the Website Information at any time.
5.3. The Website Information is not intended to be used as the sole basis for investment decisions, nor should it be construed as investment, tax, or legal advice designed to meet the particular needs of an individual investor. Additionally, the Website Information is provided “AS IS” and “AS AVAILABLE”. The Website Information is presented without warranty of any kind, either express or implied, including without limitation of any warranties concerning the availability, reliability, accuracy, completeness, timeliness or sequencing of the Website Information or its merchantability and fitness for a particular purpose or the content, products or services available on or via the website.
5.4. In no event shall Nau, its affiliates, directors or employees be liable for any indirect, incidental, special, punitive or consequential loss or damage (including, without limitation, damage for loss of data, business or profits) arising out of or in connection with these terms and conditions, the website, the Website Information, the inability to use the website or any products, services or content purchased, obtained or stored in or from the website, whether based on contract, tort, strict liability or otherwise, even if Nau has been advised of the possibility of such damages, and notwithstanding the failure of the essential purpose of any remedy. Without limiting the foregoing provisions of this paragraph, these limitations also apply to any third party claims against you. Nau will not be responsible for any loss or damage that could result from interception by third parties of any information available on this website.
5.5. As a condition of accessing and using the Website Information, you agree to indemnify, defend and hold harmless Nau, its affiliates and licensors, and the officers, members, directors, delegates, partners, employees, and agents of Nau and its affiliates and licensors, from and against any and all claims, liabilities, damages, losses or expenses, including legal fees and costs, arising out of or in any way connected with your access to or use of this website and the Website Information contained herein by or through you.

6. HYPERLINKS

6.1. This website may contain hyperlinks that have not been reviewed and are provided for information only. Should you leave this website via a hyperlink contained in this website and view content that is not provided by us, you shall do so at your own risk; by clicking on such a hyperlink you will leave this website and the regulatory protections that attach to certain pages herein.
6.2. We provide hyperlinks only as a convenience and without liability. The ability to link to another website and the fact that a link exists does not mean that we endorse or guarantee such website, the website sponsor or the website contents. In addition, be aware that when you leave this website you will be subject to the terms of use and privacy policies of the website you are visiting. If you are in any doubt about these terms and conditions, you should consult an appropriate professional adviser.

7. COPYRIGHT

7.1. Unless otherwise stated, the Website Information is subject to copyright with all rights reserved. It is being circulated by Nau on a confidential basis.
7.2. You are entitled to view, copy and print documents from this website solely for your own use, provided that you do not remove any copyright or other proprietary notices. The Website Information may not otherwise be reproduced, copied, transmitted, disclosed, distributed or otherwise communicated in whole or in part to any other party by you for any purpose or incorporated into another database, document or other materials without our prior written consent. You may not sell, publish, reproduce, sublicense, assign, modify or change any portion of this website or any content and Website Information without our prior written consent.
7.3. It is your responsibility to ensure that your computer is virus protected. We accept no responsibility for any loss suffered as a result of accessing or downloading information from this website.

8. GOVERNING LAW AND DISPUTE RESOLUTION

8.1. This website is established in England and these terms and conditions shall be governed by the laws of England and Wales.
8.2. If any dispute or difference arises out of or in connection with this website which the parties are unable to resolve by negotiation (“Dispute”), the parties shall seek to resolve the Dispute amicably by using the following procedure:
(a) The parties shall submit the Dispute to a neutral advisor appointed by agreement between the parties to assist them in resolving the Dispute. Either party may give written notice to the other describing the nature of the Dispute, requiring the Dispute to be submitted to such a neutral advisor and proposing the names of up to three suitable persons to be appointed. If no such person is appointed by agreement between the parties within 14 days after such notice is given (or, if no such notice is given, within 28 days after the Dispute has arisen) either party may request the Centre for Dispute Resolution to appoint a neutral advisor (“Mediator”).
(b) The parties shall, with the assistance of the Mediator, seek to resolve the Dispute by using an Alternative Dispute Resolution (“ADR”) procedure between the parties or, in default of such agreement, established by the Mediator.
(c) If the parties accept any recommendations made by the Mediator or otherwise reach agreement as to the resolution of the Dispute, such agreement shall be recorded in writing and signed by the parties (and, if applicable, the neutral advisor) whereupon it shall become binding by the parties.
(d) If the Dispute has not been resolved to the satisfaction of both parties within 60 days after the appointment of the Mediator; or either party fails or refuses to agree to or participate in the ADR procedure; or, in the event the Dispute is not resolved within 90 days after it has arisen then the Dispute shall be referred to arbitration in accordance with the provisions of clause 8.2(e).
(e) Any dispute or difference between the parties in connection with this Agreement which is referred to arbitration, shall be referred to a sole arbitrator (“Arbitrator”):
(i) The arbitration shall be held in London.
(ii) The Arbitrator shall be appointed by the parties or, failing agreement, by the Chairman for the time being of the London Stock Exchange.
(iii) The procedure shall be agreed by the parties or, failing agreement, determined by the Arbitrator.
(f) If either party fails to comply with any procedural order made by the Arbitrator, the Arbitrator shall have power to proceed in the absence of that party and deliver the Award.
(g) In the event that the Dispute is referred to arbitration:
(i) Any Mediator involved in the ADR procedure shall not, unless the parties jointly agree otherwise in writing, take any part in the arbitration or any other related proceedings, whether as an Arbitrator, witness or otherwise and no aspect of the ADR procedure, including any recommendations made by him in connection with the ADR procedure, shall be relied upon by either party without the consent of the other Party and the neutral advisor.
(ii) Neither party shall make use of nor rely upon information supplied or arguments raised by the other party in the ADR procedure.
(h) The costs and fees of the Mediator, the ADR service provider and any neutral venue shall be borne equally by the parties who shall bear their own costs of all other aspects of the ADR procedure. However, nothing in this clause shall prevent the Arbitrator, should he think fit, from making the costs and expenses of the ADR the subject of an Order in the arbitration.

9. Nau and its affiliates, including employees, may own, buy or sell securities mentioned herein.

10. Nau accepts no responsibility whatever for any failure to observe the foregoing.
 

INFORMATION ABOUT OUR USE OF COOKIES

Our website uses cookies to distinguish you from other users of our website. This helps us to provide you with a good experience when you browse our website and also allows us to improve our site. By continuing to browse the site, you are agreeing to our use of cookies.
A cookie is a small file of letters and numbers that we store on your browser or the hard drive of your computer if you agree. Cookies contain information that is transferred to your computer's hard drive.
We use the following cookies:

  • Strictly necessary cookies. These are cookies that are required for the operation of our website. They include, for example, cookies that enable you to log into secure areas of our website, use a shopping cart or make use of e-billing services. 
  • Analytical/performance cookies. They allow us to recognise and count the number of visitors and to see how visitors move around our website when they are using it. This helps us to improve the way our website works, for example, by ensuring that users are finding what they are looking for easily. 
  • Functionality cookies. These are used to recognise you when you return to our website. This enables us to personalise our content for you, greet you by name and remember your preferences (for example, your choice of language or region).
  • Targeting cookies. These cookies record your visit to our website, the pages you have visited and the links you have followed. We will use this information to make our website and the advertising displayed on it more relevant to your interests. We may also share this information with third parties for this purpose.

You can find more information about the individual cookies we use and the purposes for which we use them in the table below:

CookieOriginPurposeMore Information
__utmaGoogle AnalyticsVisitor trackinghttps://cookiepedia.co.uk/cookies/__utma
__utmbGoogle AnalyticsCalculate visit lengthhttps://cookiepedia.co.uk/cookies/__utmb
__utmcGoogle AnalyticsRecords page visit starthttps://cookiepedia.co.uk/cookies/__utmc
__utmtGoogle AnalyticsRecords page visit endhttps://cookiepedia.co.uk/cookies/__utmt
__utmzGoogle AnalyticsMonitorization of from where user arrived (Referral)https://cookiepedia.co.uk/cookies/__utmz
cookie-disclaimerQueoGreets user with message informing about our cookie policy
csrftokenDjangoProtects site from Cross-site request forgery attackshttps://media.readthedocs.org/pdf/django/1.3.X/django.pdf Page 458 Ch. 6.5.2 Cross Site Request Forgery protection
django_languageDjangoProvides tailored internationalization and localization language supporthttps://docs.djangoproject.com/en/1.10/topics/i18n/
sessionidDjangoContains session ID that helps storing and retrieving arbitrary data on a per-site-visitor basis.https://media.readthedocs.org/pdf/django/1.3.X/django.pdf Page 143 Ch. 3.3.8 How to use sessions

Please note that third parties (including, for example, advertising networks and providers of external services like web traffic analysis services) may also use cookies, over which we have no control. These cookies are likely to be analytical/performance cookies or targeting cookies.You block cookies by activating the setting on your browser that allows you to refuse the setting of all or some cookies. However, if you use your browser settings to block all cookies (including essential cookies) you may not be able to access all or parts of our site. All cookies will expire after two years.

Privacy Policy

Nau Securities Ltd (“We”) are committed to protecting and respecting your privacy.
This policy, together with our Website Terms of Use and Disclaimer and any other documents referred to on it, sets out the basis on which any personal data we collect from you, or that you provide to us, will be processed by us. Please read the following carefully to understand our views and practices regarding your personal data and how we will treat it. By visiting 

USES MADE OF THE INFORMATION


We use information held about you in the following ways:

  • Information you give to us. We will use this information:
    • to carry out our obligations arising from any contracts entered into between you and us and to provide you with the research, and services that you request from us;
    • to provide you with information about other services we offer that are similar to those that you have already purchased or enquired about;
    • to notify you about changes to our service;to ensure that content from our site is presented in the most effective manner for you and for your computer.
  • Information we collect about you. We will use this information:
    • to administer our site and for internal operations, including troubleshooting, data analysis, testing, research, statistical and survey purposes;
    • to improve our site to ensure that content is presented in the most effective manner for you and for your computer; 
    • as part of our efforts to keep our site safe and secure;
  • Information we receive from other sources. We will combine this information with information you give to us and information we collect about you. We will use this information and the combined information for the purposes set out above (depending on the types of information we receive).
 you are accepting and consenting to the practices described in this policy.

All US clients will be governed by the privacy policy of Global Alliance Securities, LLC (CRD# 167164), a SEC-registered broker-dealer and FINRA member which has entered into a SEC Rule 15a-6 chaperone agreement with Nau Securities.
For the purpose of the Data Protection Act 1998 (the “Act”), the data controller is Nau Securities Ltd of 2 Eaton Gate, London SW1W 9BJ, United Kingdom.

INFORMATION WE COLLECT FROM YOU


We will collect and process the following data about you:

  • Information you give us. This is information about you that you give us by logging in to, or otherwise using, our site www.nau-securities.com  (our site) or by corresponding with us by phone, e-mail or otherwise. It includes information you provide when you register to use our site, download our research, use our execution services, and when you report a problem with our site. The information you give us may include your name, address, e-mail address and phone number, financial and credit card information, personal description and photograph, investment strategy and trading activity.
  • Information we collect about you. With regard to each of your visits to our site we will automatically collect the following information:
    • technical information, including the Internet protocol (IP) address used to connect your computer to the Internet, your login information, browser type and version, time zone setting, browser plug-in types and versions, operating system and platform. 
    • information about your visit, including research you viewed or searched for, download errors, length of visits to certain pages, any email address used to contact us, and any phone number used to call us. 

USES MADE OF THE INFORMATION


We use information held about you in the following ways:

  • Information you give to us. We will use this information:
    • to carry out our obligations arising from any contracts entered into between you and us and to provide you with the research, and services that you request from us;
    • to provide you with information about other services we offer that are similar to those that you have already purchased or enquired about;
    • to notify you about changes to our service;to ensure that content from our site is presented in the most effective manner for you and for your computer.
  • Information we collect about you. We will use this information:
    • to administer our site and for internal operations, including troubleshooting, data analysis, testing, research, statistical and survey purposes;
    • to improve our site to ensure that content is presented in the most effective manner for you and for your computer; 
    • as part of our efforts to keep our site safe and secure;
  • Information we receive from other sources. We will combine this information with information you give to us and information we collect about you. We will use this information and the combined information for the purposes set out above (depending on the types of information we receive).

DISCLOSURE OF YOUR INFORMATION


You agree that we have the right to share your personal information with:

  • Any member of our group, which means our subsidiaries, our ultimate holding company and its subsidiaries, as defined in section 1159 of the UK Companies Act 2006.
  • Selected third parties including:
    • business partners, suppliers and sub-contractors for the performance of any contract we enter into with them or you;
  • We will disclose your personal information to third parties:
  • In the event that we sell or buy any business or assets, in which case we will disclose your personal data to the prospective seller or buyer of such business or assets.
  • If Nau Securities Limited or substantially all of its assets are acquired by a third party, in which case personal data held by it about its customers will be one of the transferred assets.
  • If we are under a duty to disclose or share your personal data in order to comply with any legal obligation, or in order to enforce or apply our Website Terms of Use and Disclaimer above, our Terms of Business, and other agreements; or to protect the rights, property, or safety of Nau Securities Ltd, our customers, or others. This includes exchanging information with other companies and organisations for the purposes of fraud protection and credit risk reduction.

WHERE WE STORE YOUR PERSONAL DATA


The data that we collect from you may be transferred to, and stored at, a destination outside the European Economic Area (“EEA”). It may also be processed by staff operating outside the EEA who work for us or for one of our suppliers. This includes staff engaged in, among other things, the fulfilment of US execution requests, and the provision of support services. By submitting your personal data, you agree to this transfer, storing or processing. Nau Securities Ltd will take all steps reasonably necessary to ensure that your data is treated securely and in accordance with this privacy policy.

Where we have given you (or where you have chosen) a password which enables you to access certain parts of our site, you are responsible for keeping this password confidential. We ask you not to share a password with anyone.

Unfortunately, the transmission of information via the internet is not completely secure. Although we will do our best to protect your personal data, we cannot guarantee the security of your data transmitted to our site; any transmission is at your own risk. Once we have received your information, we will use strict procedures and security features to try to prevent unauthorised access.

YOUR RIGHTS


You have the right to ask us not to process your personal data for marketing purposes. We will usually inform you (before collecting your data) if we intend to use your data for such purposes or if we intend to disclose your information to any third party for such purposes. You can exercise your right to prevent such processing by checking certain boxes on the forms we use to collect your data. You can also exercise the right at any time by contacting us at 2 Eaton Gate, London SW1W 9BJ, United Kindom.

Our site may, from time to time, contain links to and from the websites of our partner networks, advertisers and affiliates. If you follow a link to any of these websites, please note that these websites have their own privacy policies and that we do not accept any responsibility or liability for these policies. Please check these policies before you submit any personal data to these websites.

ACCESS TO INFORMATION


The Act gives you the right to access information held about you. Your right of access can be exercised in accordance with the Act. Any access request will be subject to a fee of £10 to meet our costs in providing you with details of the information we hold about you.

CHANGES TO OUR PRIVACY POLICY


Any changes we make to our privacy policy in the future will be posted on this page and, where appropriate, notified to you by e-mail. Please check back frequently to see any updates or changes to our privacy policy.

CONTACT


Questions, comments and requests regarding this privacy policy are welcomed and should be addressed to 2 Eaton Gate, London SW1W 9BJ, United Kingdom.