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Termeni si conditii de utilizare

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The materials presented on the site of Romcapital S.A. are protected by copyright, trademark right or other intellectual property rights. The reproduction, distribution, storing, emission, transmission, retransmission, transfer, public communication, rental or utilization in any other way of them, without the prior written approval of Romcapital S.A. and/or of their holders, constitutes a violation of the rights in question and may lead to civil, contraventional or, as the case may be, penal liability of the guilty person.


SSIF Romcapital S.A. does not guarantee in any way, explicitly or implicitly, the reality, the actuality and the integrality of the data and information presented on the site of Romcapital S.A. The data and information regarding mobile values or other financial instruments accessible to the public on this site, do not constitute recommendations, indications or warranties of quality or of the performances of these instruments. Romcapital S.A shall not be held liable with respect to any person/ entity for any kind of losses or damages which could result, directly or indirectly, from or in connection with the utilization of the site Romcapital S.A. or following any error or omission.
The analyses, the comments and the opinions expressed by third parties by means of the site of Romcapital S.A. represent the point of view of their authors and in no way engage the responsibility of Romcapital S.A.


S.S.I.F. Romcapital S.A. is a personal data operator according to the Law no. 677/2001 having the registration number 4282.
NOTE: The materials containing investment recommendations made by SSIF Romcapital SA are only informative. SSIF Romcapital SA does not take responsibility for the transactions performed based on this information. The data used for elaborating the material have been obtained by sources considered by us to be trustworthy; however, we cannot guarantee their correctness and completeness. SSIF Romcapital SA could hold at various times mobile values referred to in this material or could act as market formator for them. This report is made by SSIF Romcapital SA (http://www.romcapital.ro), financial investments services company, member of the Bucharest Stock Exchange. Taking the information from this report is allowed under the obligatory condition that SSIF Romcapital SA be presented as the source of said information.
For additional information about SSIF Romcapital SA, the services it offers or the capital market in Romania, please visit www.romcapital.ro. The information contained in this report express certain opinions related to a mobile values class. The final decision of buying or selling them must be made independently by each and every investor, based on a number of opinions and analysis as large as possible/ SSIF Romcapital SA and its employees can hold mobile values presented in this report and/or have contractual relations with the issuers presented in the report. It is recommendable that an investment decision be made after consulting several different information sources.


Investors are notified that any strategy, diagram, methodology or model are rather forms of estimation and cannot guarantee a certain profit. The investment in mobile values is characterized by risks, including the risk of losses for the investors. The facts, the information, the diagrams and the data presented have been obtained from sourced deemed trustworthy; however their correctness and completeness cannot be guaranteed. SSIF Romcapital SA and the makers of this report do not take any responsibility for the possible losses incurred from the use of this information. SSIF Romcapital SA and its employees are not liable for the truthfulness and the quality of the information obtained from public sources or directly from the issuers, or for the effects of the failure to send the issuers the information requested by them.
The authority having attributions of supervision of SSIF Romcapital SA is the National Security Commission. If this report includes recommendations, they refer to investments in shares on a minimum term of 12 months, and signify a price increase of minimum 15% (for recommendations regarding purchases), a decrease of minimum 15% (for recommendations regarding sales) or an evolution between -15% and +15% with respect to the current price (for recommendations of keeping). The information requested by the CNVM Regulation number 32/2006 are available on the web site of SSIF Romcapital SA, www.romcapital.ro. The exact address is http://www.romcapital.ro. The history of the published reports and of the recommendations formulated by SSIF Romcapital SA are found on the site www.romcapital.ro.


 

Policies of SSIF Romcapital SA regarding recommendations for investments in financial instruments.

This document presents information regarding the reports, the recommendations, the analyses and any other types of information containing recommendations made by SSIF Romcapital SA in written or non written form, and called in this document "reports". This information is presented in accordance with the CNVM Regulation 15/2006 regarding the recommendations for investments in financial instruments.


SSIF Romcapital SA. is a Financial Investment Services Company, authorized by the CNVM Decision no. D1668/November 19th, 2006 and reauthorized according to the new legislation of the capital market by the CNVM Decision no. D2051/November 19th, 2006, Registration Number with the Trade Companies Registry: J35/1316/1996, Sole Registration Number: 8882408, registered office; 30 B Mihai Viteazu Avenue, Timis county, Timisoara. The authority having attributions of surveillance of SSIF Romcapital SA is the National Security Commission, http://www.cnvmr.ro.


The reports are made by the employees of SSIF Romcapital SA, such as they are identified in their contents, and having the positions described in this web site.
The sources used in elaborating the report represent analyses made by SSIF Romcapital SA; said sources which do not fall into this category are explicitly mentioned in the reports. SSIF Romcapital SA does not communicate to the issuers the recommendations and/or the reports prior to their being published. The methodologies used in elaborating the reports are presented in this material. The recommendations contained in the reports are made for investments of minimum 12 months.
The significance of the recommendations is the following: a purchase - type recommendation signifies an estimation of SSIF Romcapital SA regarding the increase of the price of the mobile value object of the recommendation by at least 15%. A keeping - type recommendation signifies an estimation of SSIF Romcapital SA regarding the evolution of the price of the mobile value which is the object of the recommendation in a tunnel formed by -15% and +15% with respect to the current price. A purchase - type recommendation represents an estimation of SSIF Romcapital SA regarding the decrease of the price of the mobile object of recommendation by more than 15%.
The reports are updated/ modified only by publishing a new report, at the moment when SSIF Romcapital SA deems it necessary, report which is distributed through the same channels as the original one. The date when a report is published is identified in its contents and/or in the distribution channel used. The history of the written reports and of the recommendations published in the last year can be found on the site www.romcapital.ro, in the system of SSIF Romcapital S.A.


Where applied, following information shall be presented in the content of the report: the potential situations of significant conflicts of interests of significant financial interest of SSIF Romcapital SA and /or of the employees or regarding the issuer which is the object of the recommendation; the potential detentions of SSIF Romcapital SA and/or its employees of minimum 5% of the registered capital of the issuer, or the potential detentions of the issuer of at least 5% of the registered capital of SSIF Romcapital SA; the potential positions of market formator of SSIF Romcapital SA regarding the mobile values recommended in the report; the potential positions of SSIF Romcapital SA of intermediary or member of a mediation union within a public offer issued by the issuer which is the object of the recommendation; potential contracts of financial investment services or of providing recommendations concluded by SSIF Romcapital SA with the issuer which is the object of the recommendation; any other information requested by the CNVM Regulation 15/2006.


SSIF Romcapital SA applies administrative and organizational measures for the prevention and avoidance of conflicts of interest regarding the recommendations, including ways of protecting the information, by separating the analysis and research activities from other activities of the company, presenting all the relevant information on the potential conflicts of interests within the reports, keeping a permanent objectiveness in the reports and recommendations presented.


The remuneration of the persons involved in elaborating the reports is not related to the transactions of SSIF Romcapital SA with the mobile values which are the object of the reports. In case the persons involved in elaborating a report receive or buy shares of the issuer prior to a public offer developed by the latter, one shall publish in the report the date and the price of purchase of said shares.


The proportion and the total of purchase - type, sale - type and keeping - type recommendations are presented on the site www.romcapital.ro.
SSIF Romcapital does not intend to distribute recommendations elaborated by third parties.


The entire research and analysis activity of SSIF Romcapital SA puts in the first place the objectivity, transparence and utility of the formulated recommendations.