Research Product terms and conditions

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By accessing this website, you may from time to time have access to certain industry and/or company specific research presentations and/or industry and company models (“Research Products”). By accessing this website, you agree to be bound by the following terms and conditions (“Terms”). In addition, by accessing any Research Product, you agree to be bound by the content of any disclaimer included as part of such document.

No Research Product is directed at or intended for use by any person or entity who is a citizen of or resident in any jurisdiction where such direction or use would be contrary to applicable law or regulation.

Nature of Research Products

Any Research Product provided by SW4 Advisers Ltd (“SW4 Partners”) will constitute “non-independent research” for the purposes of the rules from time to time of the Financial Conduct Authority (“FCA Rules”). As such it will constitute a marketing communication, has not been prepared in accordance with legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research.

Limitation of liability

Whilst any Research Product has been prepared in good faith, SW4 Partners and its group undertakings, members and employees from time to time (“Affiliates”) do not make and are not authorised to make any representation, warranty or undertaking, express or implied, with respect to the information or opinions contained in it and no responsibility or liability is accepted by any of them as to the accuracy, completeness or reasonableness of such information or opinions or any other written or oral information made available to you. Without prejudice to the foregoing and to the fullest extent permitted by law, SW4 Partners and its Affiliates do not accept any liability whatsoever for any loss howsoever arising, directly or indirectly, from use of any Research Product and/or related materials or otherwise arising in connection therewith. Nothing herein shall not exclude any liability for, or remedy in respect of, fraud or fraudulent misrepresentation.


The information contained in any Research Product and/or any related materials does not constitute an offer or solicitation to sell any security or fund to or by anyone in any jurisdiction, nor should it be regarded as a contractual document. Under no circumstances should the information provided in any Research Product or any other written or oral information made available in connection with it be considered as investment advice, or as a sufficient basis on which to make investment decisions and is provided to you for information purposes only.

The information contained in any Research Product is based on publicly available information only, from third party sources we believed reliable. SW4 Partners does not represent that it is accurate, timely or complete and it should not be relied upon as such. The information contained in any Research Product does not purport to be comprehensive and has not been independently verified. No reliance may be placed for any purposes whatsoever on the information contained in any such Research Product or related materials. The information set out in any such Research Product and in any related materials reflects prevailing conditions and SW4 Partners’ views as at its date and may be subject to updating, completion, revision, verification and amendment, and such information may change materially. SW4 Partners is under no obligation to provide you with access to any additional information or to update any Research Product or any related materials or to correct any inaccuracies in it which may become apparent.

Financial promotion

Any Research Product is likely to be considered a financial promotion for the purposes of the FCA Rules. Therefore any such Research Product is directed only at persons having professional experience in matters relating to investments to whom Article 19 of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (“FPO”) applies, or high net worth organisations to whom Article 49 of the FPO applies or to such other persons to whom such product may lawfully be directed (“Relevant Persons”) and accordingly you warrant that you are a Relevant Person.


Any Research Product is confidential and is provided to you for your sole use and information and may not be disclosed or reproduced in any form or further distributed, directly or indirectly, to any other person or published in whole or in part, for any purpose; any failure to comply with this restriction may constitute a violation of applicable securities or other civil laws. You shall treat and safeguard as confidential all information contained in any Research Product and take all reasonable steps to preserve the confidentiality of any Research Product.

Conflicts of interest

The provision of access to Research Products is non-exclusive. You acknowledge that SW4 Partners may provide Research Products and/or related corporate finance advisory services to third parties which may give rise to potential conflicts of interest with you. SW4 Partners has a conflicts of interest policy which sets out the processes and procedures that it has adopted in order to avoid and/or manage potential conflicts of interest.

Provision of material

Without prejudice to any general principles of law, SW4 Partners owns and will retain ownership of all intellectual and other proprietary rights in relation to any Research Product.

Entire agreement

The Terms set out the entire agreement and understanding between SW4 Partners and you in relation to your use of the Research Products and supersede and cancel any prior agreement, understanding or representation, written or oral, between SW4 Partners and you relating thereto.

Governing law and jurisdiction

The Terms and any dispute or claim arising out of or in connection with them (including any non-contractual obligations arising out of or in connection with them) shall be governed by and construed in accordance with the laws of England and Wales and you irrevocably submit to the exclusive jurisdiction of the Courts of England and Wales in regard thereto.



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