Regulatory disclosures Transparency in our financial activities

Information on our regulatory disclosures and the financial standards we adhere to

Regulation at a glance Key regulatory statements and disclosures

Client tax information

Combating tax evasion through increased tax transparency and compliance.

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Dodd-Frank

Regulating SWAP transactions by US persons.

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European Market Infrastructure Regulation

Improving derivative market transparency.

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Market abuse regulation

Increasing market integrity and investor protection.

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Markets in Financial Instruments Directive II (MiFID II)

Regulating investment services within the European Economic Area.

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Regulatory Compliance Statement (including the annexed Terms of Business)

We’re committed to complying with the regulations in the markets where we operate.

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Commentary Disclaimers Communications, research and commentary disclaimers

This document is not research material and it 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. This document does not necessarily represent the views of every function within Standard Chartered Bank, particularly those of the Global Research function.

Standard Chartered Bank is incorporated in England with limited liability by Royal Charter 1853 Reference Number ZC18. The Principal Office of the Company is situated in England at 1 Basinghall Avenue, London, EC2V 5DD. Standard Chartered Bank is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority.

Banking activities may be carried out internationally by different Standard Chartered Bank branches, subsidiaries and affiliates (collectively “SCB”) according to local regulatory requirements. With respect to any jurisdiction in which there is a SCB entity, this document is distributed in such jurisdiction by, and is attributable to, such local SCB entity. Recipients in any jurisdiction should contact the local SCB entity in relation to any matters arising from, or in connection with, this document. Not all products and services are provided by all SCB entities.

This document is being distributed for general information only and it does not constitute an offer, recommendation or solicitation to enter into any transaction or adopt any hedging, trading or investment strategy, in relation to any securities or other financial instruments. This document is for general evaluation only, it does not take into account the specific investment objectives, financial situation or particular needs of any particular person or class of persons and it has not been prepared for any particular person or class of persons.

Investment involves risks. The prices of investment products fluctuate, sometimes dramatically. The price of investment products may move up or down, and may become valueless. It is as likely that losses will be incurred rather than profit made as a result of buying and selling investment products. You should not rely on any contents of this document in making any investment decisions. Before making any investment, you should carefully read the relevant offering documents and seek independent legal, tax and regulatory advice. In particular, we recommend you to seek advice regarding the suitability of the investment product, taking into account your specific investment objectives, financial situation or particular needs, before you make a commitment to purchase the investment product.

Opinions, projections and estimates are solely those of SCB at the date of this document and subject to change without notice. Past performance is not indicative of future results and no representation or warranty is made regarding future performance. Any forecast contained herein as to likely future movements in rates or prices or likely future events or occurrences constitutes an opinion only and is not indicative of actual future movements in rates or prices or actual future events or occurrences (as the case may be). This document has not been and will not be registered as a prospectus in any jurisdiction and it is not authorised by any regulatory authority under any regulations.

SCB makes no representation or warranty of any kind, express, implied or statutory regarding, but not limited to, the accuracy of this document or the completeness of any information contained or referred to in this document. This document is distributed on the express understanding that, whilst the information in it is believed to be reliable, it has not been independently verified by us. SCB accepts no liability and will not be liable for any loss or damage arising directly or indirectly (including special, incidental or consequential loss or damage) from your use of this document, howsoever arising, and including any loss, damage or expense arising from, but not limited to, any defect, error, imperfection, fault, mistake or inaccuracy with this document, its contents or associated services, or due to any unavailability of the document or any part thereof or any contents.

SCB, and/or a connected company, may at any time, to the extent permitted by applicable law and/or regulation, be long or short any securities, currencies or financial instruments referred to on this document or have a material interest in any such securities or related investment, or may be the only market maker in relation to such investments, or provide, or have provided advice, investment banking or other services, to issuers of such investments. Accordingly, SCB, its affiliates and/or subsidiaries may have a conflict of interest that could affect the objectivity of this document. This document must not be reproduced, forwarded or otherwise made available to any other person without the express written consent of SCB, nor should it be distributed into any other jurisdiction unless permitted by the local laws and regulations of that jurisdiction. Neither SCB nor any of its directors, employees or agents accept any liability whatsoever for the actions of third parties in this respect.

Copyright: Standard Chartered Bank 2018. Copyright in all materials, text, articles and information contained herein is the property of, and may only be reproduced with permission of an authorised signatory of, Standard Chartered Bank. Copyright in materials created by third parties and the rights under copyright of such parties are hereby acknowledged. Copyright in all other materials not belonging to third parties and copyright in these materials as a compilation vests and shall remain at all times copyright of Standard Chartered Bank and should not be reproduced or used except for business purposes on behalf of Standard Chartered Bank or save with the express prior written consent of an authorised signatory of Standard Chartered Bank. All rights reserved. © Standard Chartered Bank 2018.

Standard Chartered Private Bank is the private banking division of SCB. Private banking activities may be carried out internationally by different SCB legal entities and affiliates according to local regulatory requirements. Not all products and services are provided by all SCB branches, subsidiaries and affiliates. Some of the SCB entities and affiliates only act as representatives of the Standard Chartered Private Bank, and may not be able to offer products and services, or offer advice to clients. They serve as points of contact only.

Standard Chartered Bank is incorporated in England with limited liability by Royal Charter 1853 Reference Number ZC18. The Principal Office of the Company is situated in England at 1 Basinghall Avenue, London, EC2V 5DD. Standard Chartered Bank is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority. Banking activities may be carried out internationally by different Standard Chartered Bank branches, subsidiaries and affiliates (collectively “SCB”) according to local regulatory requirements. Opinions may contain outright "buy", "sell", "hold" or other opinions. The time horizon of this opinion is dependent on prevailing market conditions and there is no planned frequency for updates to the opinion.

This opinion is not independent of SCB’s own trading strategies or positions. SCB and/or its affiliates or its respective officers, directors, employee benefit programmes or employees, including persons involved in the preparation or issuance of this document may at any time, to the extent permitted by applicable law and/or regulation, be long or short any securities or financial instruments referred to in this document or have material interest in any such securities or related investments. Therefore, it is possible, and you should assume, that SCB has a material interest in one or more of the financial instruments mentioned herein. If specific companies are mentioned in this communication, please note that SCB may at times do business or seek to do business with the companies covered in this communication; hold a position in, or have economic exposure to, such companies; and/or invest in the financial products issued by these companies. Further, SCB may be involved in activities such as dealing in, holding, acting as market makers or liquidity providers, or performing financial or advisory services including but not limited to, lead manager or co-lead manager in relation to any of the products referred to in this communication. SCB may have received compensation for these services and activities. Accordingly, SCB may have a conflict of interest that could affect the objectivity of this communication.
SCB has in place policies and procedures, logical access controls and physical information walls to help ensure confidential information, including material non-public or inside information is not disclosed unless in line with its policies and procedures and the rules of its regulators.

Please refer to https://www.sc.com/en/banking-services/market-disclaimer.html for more detailed disclosures, including past opinions in the last 12 months and conflict of interests, as well as disclaimers. This document must not be forwarded or otherwise made available to any other person without the express written consent of SCB.

This communication has been prepared by Standard Chartered Bank. Standard Chartered Bank is incorporated in England with limited liability by Royal Charter 1853 Reference Number ZC18. The Principal Office of the Company is situated in England at 1 Basinghall Avenue, London, EC2V 5DD. Standard Chartered Bank is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority.

Banking activities may be carried out internationally by different Standard Chartered Bank branches, subsidiaries and its affiliates (collectively “SCB”) according to local regulatory requirements. With respect to any jurisdiction in which there is an SCB entity, this document is distributed in such jurisdiction by, and is attributable to, such local SCB entity.

Recipients in any jurisdiction would contact the local SCB entity in relation to any matters arising from, or in connection with, this document. Not all products and services are provided by all SCB entities.

This material is provided for general information purposes only and does not constitute either an offer to sell or the solicitation of an offer to buy any security or any financial instrument or enter into any transaction or recommendation to acquire or dispose of any investment.

The information contained herein does not purport to identify or suggest all the risks (direct or indirect) that may be associated with conducting business.

This communication is prepared by personnel from SCB’s Sales and/or Trading Desks. It is not research material and is not a product of SCB’s Research.

Any views expressed may differ from those of SCB’s Research. This material has been produced for reference and is not independent research or a research recommendation and should therefore not be relied upon as such. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. This material is not subject to any regulatory prohibition on dealing ahead of the dissemination of investment research.

This material is provided on a confidential basis and may not be reproduced, redistributed or transmitted, whole or in part, without the prior written consent of SCB.

This communication is not independent of SCB’s own trading strategies or positions. Therefore, it is possible, and you should assume, that SCB has a material interest in one or more of the financial instruments mentioned herein. If specific companies are mentioned in this communication, please note that SCB may at times seek to do business with the companies covered in this communication; hold a position in, or have economic exposure to, such companies; and/or invest in the financial products issued by these independent judgment (with the advice of your professional advisers as necessary) with respect to the risks and consequences of any matter contained herein.

While reasonable care has been taken in preparing this document, SCB expressly disclaims any liability and responsibility for any damage or loss you may suffer from your use of or reliance of the information contained herein. Any past or simulated past performance including back-testing, modelling or scenario analysis contained herein is not an indication of future performance or results. Changes in rates of exchange may have an adverse effect on the value of investments. No representation is made as to the accuracy of the assumptions made within, or completeness of, any modelling, scenario analysis or back-testing.

Predictions, projections or forecasts contained herein are not necessarily indicative of actual future events and are subject to change without notice. You are cautioned not to place undue reliance on such statements. While all reasonable care has been taken in preparing this communication, SCB makes no representation or warranty as to its accuracy or completeness.

Any opinions or views of third parties expressed in this material are those of the third parties identified, and not of SCB. Some of the information appearing herein may have been obtained from public sources and while SCB believes such information to be reliable, it has not been independently verified by SCB.

All opinions and estimates are given as of the date of the relevant document and are subject to change without notice. The value of any investment may also fluctuate as a result of market changes. SCB is not obliged to inform the recipients of this communication of any change to such opinions or estimates.

Where this material is an “investment recommendation” as defined in Article 3(1)(35) of the EU Market Abuse Regulation (“MAR”), distribution of this material is subject to the relevant provisions of MAR. For more information, please consult the MAR disclosures website.

Europe: This communication is not directed at Retail Clients in the European Economic Area as defined by Directive 2004/39/EC.

United States: Except for any documents relating to foreign exchange, rates or commodities, distribution of this document in the United States or to US persons is intended to be solely to major institutional investors as defined in Rule 15a-6(a)(2) under the US Securities Act of 1934. All US persons that receive this document by their acceptance thereof represent and  agree that they are a major institutional investor and understand the risks involved in executing transactions in securities. Any US recipient of this document wanting additional information or to effect any transaction in any security or financial instrument mentioned herein, must do so by contacting a registered representative of Standard Chartered Securities (North America) LLC., 1095 Avenue of the Americas, New York, N.Y. 10036, US, tel + 1 212 667 0700. WE DO NOT OFFER OR SELL SECURITIES TO U.S. PERSONS UNLESS EITHER (A) THOSE SECURITIES ARE REGISTERED FOR SALE WITH THE U.S. SECURITIES AND EXCHANGE COMMISSION AND WITH ALL APPROPRIATE U.S. STATE AUTHORITIES; OR (B) THE SECURITIES OR THE SPECIFIC TRANSACTION QUALIFY FOR AN EXEMPTION UNDER THE U.S. FEDERAL AND STATE SECURITIES LAWS NOR DO WE OFFER OR SELL SECURITIES TO U.S. PERSONS UNLESS (i) WE, OUR AFFILIATED COMPANY AND THE APPROPRIATE PERSONNEL ARE PROPERLY REGISTERED OR LICENSED TO CONDUCT BUSINESS; OR (ii) WE, OUR AFFILIATED COMPANY AND THE APPROPRIATE PERSONNEL QUALIFY FOR EXEMPTIONS UNDER APPLICABLE U.S. FEDERAL AND STATE LAWS.

Middle East: “This document is available in Arabic upon request.
“يرجى التكرم بالعلم بأننا سنقوم بتزويدكم بترجمة للعربية عن هذه الوثيقة عندالطلب

SCB DIFC: This communication is issued by Standard Chartered Bank, Dubai International Financial Centre Branch (“SCB DIFC”). SCB DIFC having its offices at Dubai International Financial Centre, Building 1, Gate Precinct, P.O. Box 999, Dubai, UAE is authorised by the Dubai Financial Services Authority (“DFSA”). This document is intended for use only by Professional Clients, as defined by the DFSA Rulebook.

For SCB DIFC Islamic business: For Islamic banking business, SCB DIFC act under the supervision of the banks Shariah Supervisory Committee, which currently has three members. Relevant information on the Shari’a Supervisory Committee for the time being is available on the Standard Chartered Bank website in the Islamic banking section (at the time of publication of this Country Supplement at this Web address: https://www.sc.com/en/banking/islamic-banking/. Upon your request we will provide details of the manner and frequency of Our Shari’a reviews. The special features and characteristics of the products we offer are set out in the Shari’a Compliant Agreements. We do not commingle funds attributable to our Islamic finance business with funds attributable to conventional finance business, by ensuring segregation in our booking systems by various system tools such as separate product codes, booking codes, branch codes as appropriate.

© 2018 Copyright Standard Chartered Bank and its affiliates. All rights reserved. All copyrights subsisting and arising out of these materials belong to Standard Chartered Bank and may not be reproduced, distributed, amended, modified, adapted, transmitted in any form, or translated in any way without the prior written consent of Standard Chartered Bank.

The author of communications sent through Bloomberg is authorised to make submissions to certain Financial Benchmarks on behalf of Standard Chartered Bank, which may include Financial Benchmarks commented on or discussed in such communication. Such submissions may affect, materially or otherwise, the rate setting of the Financial Benchmarks. In addition, the author of such communication may trade and/or hold positions on behalf of Standard Chartered Bank in financial instruments that reference these Financial Benchmarks.

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