Disclaimer
The basis on which research published here should be read.
Nature of the research
Unpriced publishes general equity research. It is not personalised investment advice, and nothing published here takes account of the objectives, financial situation or particular needs of any individual reader.
Wording pending review. Must address, at minimum: the general nature of the research, the absence of any advisory relationship, and the reader's responsibility for their own decisions.
No offer or solicitation
To be drafted. Must state that nothing published constitutes an offer to buy or sell any security.
Accuracy, sources and forward-looking statements
To be drafted. Must cover reliance on primary sources, the possibility of error, and the treatment of estimates, fair values and expected returns as opinion rather than fact.
Prices and dates
Every price published on this site is the price observed at the time of the analysis and is never updated afterwards. Each figure is shown with the date on which it was observed. A price shown against a research piece from a previous year is a historical record, not a current quotation.
Author interests and conflicts
To be drafted following legal advice. Whether a position disclosure is required, what form it must take, and whether a record of research issued over the trailing twelve months is mandatory, are open questions under the EU regime for investment recommendations. Each research piece records the author, the time the analysis was produced, the price used and its observation time, and the valuation basis, so that whatever is ultimately required can be presented from data already captured.
Jurisdiction
To be drafted. Unpriced operates from Spain and is read internationally. A Spanish lawyer must confirm the applicable regime before launch.