Disclaimers and Disclosures

 

Asset Servicing

 

Global Disclosure

 

bnymellon.com

 

BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation and may be used to reference the corporation as a whole and/or its various subsidiaries generally. This material does not constitute a recommendation by BNY Mellon of any kind. The information herein is not intended to provide tax, legal, investment, accounting, financial or other professional advice on any matter, and should not be used or relied upon as such. The views expressed within this material are those of the contributors and not necessarily those of BNY Mellon. BNY Mellon has not independently verified the information contained in this material and makes no representation as to the accuracy, completeness, timeliness, merchantability or fitness for a specific purpose of the information provided in this material. BNY Mellon assumes no direct or consequential liability for any errors in or reliance upon this material.

 

The Bank of New York Mellon, a banking corporation organized pursuant to the laws of the State of New York, whose registered office is at 240 Greenwich St, NY, NY 10286, USA. The Bank of New York Mellon is supervised and regulated by the New York State Department of Financial Services and the US Federal Reserve and is authorized by the Prudential Regulation Authority (PRA).

 

The Bank of New York Mellon operates in the UK through its London branch (UK companies house numbers FC005522 and BR000818) at One Canada Square, London E14 5AL and is subject to regulation by the Financial Conduct Authority (FCA) at 12 Endeavour Square, London, E20 1JN, UK and limited regulation by the Prudential Regulation Authority at Bank of England, Threadneedle St, London, EC2R 8AH, UK. Details about the extent of our regulation by the Prudential Regulation Authority are available from us on request.

 

The Bank of New York Mellon SA/NV, a Belgian limited liability company, registered in the RPM Brussels with company number 0806.743.159, whose registered office is at 46 Rue Montoyerstraat, B-1000 Brussels, Belgium, authorized and regulated as a significant credit institution by the European Central Bank (ECB) at Sonnemannstrasse 20, 60314 Frankfurt am Main, Germany, and the National Bank of Belgium (NBB) at Boulevard de Berlaimont/de Berlaimontlaan 14, 1000 Brussels, Belgium, under the Single Supervisory Mechanism and by the Belgian Financial Services and Markets Authority (FSMA) at Rue du Congrès/Congresstraat 12-14, 1000 Brussels, Belgium for conduct of business rules, and is a subsidiary of The Bank of New York Mellon.

 

The Bank of New York Mellon SA/NV operates in Ireland through its Dublin branch at Riverside II, Sir John Rogerson's Quay Grand Canal Dock, Dublin 2, D02KV60, Ireland and is registered with the Companies Registration Office in Ireland No. 907126 & with VAT No. IE 9578054E. The Bank of New York Mellon SA/NV, Dublin Branch is subject to limited additional regulation by the Central Bank of Ireland at New Wapping Street, North Wall Quay, Dublin 1, D01 F7X3, Ireland for conduct of business rules and registered with the Companies Registration Office in Ireland No. 907126 & with VAT No. IE 9578054E.

 

The Bank of New York Mellon SA/NV is trading in Germany as The Bank of New York Mellon SA/NV, Asset Servicing, Niederlassung Frankfurt am Main, and has its registered office at MesseTurm, Friedrich-Ebert-Anlage 49, 60327 Frankfurt am Main, Germany. It is subject to limited additional regulation by the Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht, Marie-Curie-Str. 24-28, 60439 Frankfurt, Germany) under registration number 122721.

 

The Bank of New York Mellon SA/NV operates in the Netherlands through its Amsterdam branch at Strawinskylaan 337, WTC Building, Amsterdam, 1077 XX, the Netherlands. The Bank of New York Mellon SA/NV, Amsterdam Branch is subject to limited additional supervision by the Dutch Central Bank (‘De Nederlandsche Bank’ or ‘DNB’) on integrity issues only (registration number 34363596). DNB holds office at Westeinde 1, 1017 ZN Amsterdam, the Netherlands.

 

The Bank of New York Mellon SA/NV operates in Luxembourg through its Luxembourg branch at 2-4 rue Eugene Ruppert, Vertigo Building – Polaris, L- 2453, Luxembourg. The Bank of New York Mellon SA/NV, Luxembourg Branch is subject to limited additional regulation by the Commission de Surveillance du Secteur Financier at 283, route d’Arlon, L-1150 Luxembourg for conduct of business rules, and in its role as UCITS/AIF depositary and central administration agent.

 

The Bank of New York Mellon SA/NV operates in France through its Paris branch at 7 Rue Scribe, Paris, Paris 75009, France. The Bank of New York Mellon SA/NV, Paris Branch is subject to limited additional regulation by Secrétariat Général de l’Autorité de Contrôle Prudentiel at Première Direction du Contrôle de Banques (DCB 1), Service 2, 61, Rue Taitbout, 75436 Paris Cedex 09, France (registration number (SIREN) Nr. 538 228 420 RCS Paris - CIB 13733). 

 

The Bank of New York Mellon SA/NV operates in Italy through its Milan branch at Via Mike Bongiorno no. 13, Diamantino building, 5th floor, Milan, 20124, Italy. The Bank of New York Mellon SA/NV, Milan Branch is subject to limited additional regulation by Banca d’Italia - Sede di Milano at Divisione Supervisione Banche, Via Cordusio no. 5, 20123 Milano, Italy (registration number 03351).

 

BNY Mellon Fund Services (Ireland) Designated Activity Company is registered in Ireland No 218007, VAT No. IE8218007 W with a registered office at One Dockland Central, Guild Street, IFSC, Dublin 1. BNY Mellon Fund Services (Ireland) Designated Activity Company is regulated by the Central Bank of Ireland.

 

The Bank of New York Mellon SA/NV operates in Spain through its Madrid branch with registered office at Calle José Abascal 45, Planta 4ª, 28003, Madrid, and enrolled on the Reg. Mercantil de Madrid, Tomo 41019, folio 185 (M-727448). The Bank of New York Mellon, Sucursal en España is registered with Banco de España (registration number 1573).

 

The Bank of New York Mellon (International) Limited is registered in England & Wales with Company No. 03236121 with its Registered Office at One Canada Square, London E14 5AL. The Bank of New York Mellon (International) Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.

 

Regulatory information in relation to the above BNY Mellon entities operating out of Europe can be accessed at the following website: https://www.bnymellon.com/RID.

 

The Bank of New York Mellon has various subsidiaries, affiliates, branches and representative offices in the Asia-Pacific Region which are subject to regulation by the relevant local regulator in that jurisdiction. Details about the extent of our regulation and applicable regulators in the Asia-Pacific Region are available from us on request. Among others, The Bank of New York Mellon, Singapore Branch is subject to regulation by the Monetary Authority of Singapore. The Bank of New York Mellon, Hong Kong Branch (a banking corporation organized and existing under the laws of the State of New York with limited liability) is subject to regulation by the Hong Kong Monetary Authority and the Securities & Futures Commission of Hong Kong. The Bank of New York Mellon, Shanghai and Beijing branches are subject to regulation by the China Banking and Insurance Regulatory Commission. The Bank of New York Mellon, Seoul Branch is subject to regulation by the Financial Services Commission, the Financial Supervisory Service and The Bank of Korea.

 

Whilst The Bank of New York Mellon (BNY Mellon) is authorised to provide financial services in Australia, it is exempt from the requirement to hold, and does not hold, an Australian financial services license as issued by the Australian Securities and Investments Commission under the Corporations Act 2001 (Cth) in respect of the financial services provided by it to persons in Australia. BNY Mellon is regulated by the New York State Department of Financial Services and the US Federal Reserve under Chapter 2 of the Consolidated Laws, The Banking Law enacted April 16, 1914 in the State of New York, which differs from Australian laws.

 

The Bank of New York Mellon Securities Company Japan Ltd, subject to supervision by the Financial Services Agency of Japan, acts as intermediary in Japan for The Bank of New York Mellon and its affiliates, with its registered office at Marunouchi Trust Tower Main, 1-8-3 Marunouchi, Chiyoda-ku, Tokyo 100-1005, Japan.

 

If this material is distributed in, or from, the Dubai International Financial Centre (“DIFC”), it is communicated by The Bank of New York Mellon, DIFC Branch, regulated by the DFSA and located at DIFC, The Exchange Building 5 North, Level 6, Room 601, P.O. Box 506723, Dubai, UAE, on behalf of The Bank of New York Mellon, which is a wholly-owned subsidiary of The Bank of New York Mellon Corporation. This material is intended for Professional Clients and Market Counterparties only and no other person should act upon it.

 

Past performance is not a guide to future performance of any instrument, transaction or financial structure and a loss of original capital may occur. Calls and communications with BNY Mellon may be recorded, for regulatory and other reasons.

 

Disclosures in relation to certain other BNY Mellon group entities can be accessed at the following website: http://disclaimer.bnymellon.com/eu.htm.

 

This document and the statements contained herein, are not an offer or solicitation to buy or sell any products (including financial products) or services or to participate in any particular strategy mentioned and should not be construed as such. This material is intended for wholesale/professional clients (or the equivalent only), is not intended for use by retail clients and no other person should act upon it. Persons who do not have professional experience in matters relating to investments should not rely on this material. BNY Mellon will only provide the relevant investment services to investment professionals.

 

Not all products and services are offered in all countries.

 

If distributed in the UK, this material is a financial promotion. If distributed in the EU, this material is a marketing communication.

 

This material, which may be considered advertising, is for general information purposes only and is not intended to provide legal, tax, accounting, investment, financial or other professional advice on any matter. This material does not constitute a recommendation or advice by BNY Mellon of any kind. Use of our products and services is subject to various regulations and regulatory oversight. You should discuss this material with appropriate advisors in the context of your circumstances before acting in any manner on this material or agreeing to use any of the referenced products or services and make your own independent assessment (based on such advice) as to whether the referenced products or services are appropriate or suitable for you. This material may not be comprehensive or up to date and there is no undertaking as to the accuracy, timeliness, completeness or fitness for a particular purpose of information given. BNY Mellon will not be responsible for updating any information contained within this material and opinions and information contained herein are subject to change without notice. BNY Mellon assumes no direct or consequential liability for any errors in or reliance upon this material.

 

This material may not be distributed or used for the purpose of providing any referenced products or services or making any offers or solicitations in any jurisdiction or in any circumstances in which such products, services, offers or solicitations are unlawful or not authorized, or where there would be, by virtue of such distribution, new or additional registration requirements.

 

© 2021 The Bank of New York Mellon Corporation. All rights reserved.

 

 

 


Asset Servicing

 

Compensation Disclosure (PDF)

 

A password is required to open the disclosure document. The password can be found on your fee schedule, or by contacting your BNY Mellon Asset Servicing relationship team.

 

 


Asset Servicing

 

Dedicated Managed Accounts

 

BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation and may also be used as a generic term to reference the Corporation as a whole or its various subsidiaries generally. HedgeMark Advisors, LLC (“HMA”) provides dedicated managed account solutions to institutional clients comprising consultative, administrative, middle office, and technological services (directly or through its affiliates), including daily (generally T+1) investment guideline compliance monitoring, and daily holdings-based risk, performance attribution and performance analytic reporting provided by HedgeMark Risk Analytics, LLC. The managed accounts are referred to as “Funds” for purposes of this document. HMA transacts business in the United States and other jurisdictions where it is properly registered, or excluded or exempted from registration requirements.

 

Funds tailored exclusively for each institutional client and are designed in conjunction with their legal, financial and tax advisors. They do not comprise commingled investment funds for which HMA or any affiliated entity are serving as “sponsor” or “promoter”, and interests in the Funds are not being “offered” to such institutional clients by HMA or any affiliated entity. Accordingly, no authorization or licensing from any regulatory authority has been sought in connection therewith.

 

No representation is made that any Fund’s investment process, objectives, goals or risk management techniques will or are likely to be achieved or be successful or that any Fund or any underlying investment will make any profit or will not sustain losses. The risks of investing in a Fund will not be negated by HMA’s dedicated managed account services, and no assurance is given that a Fund will not be exposed to risks of significant trading losses.

 

The information provided herein does not constitute tax, legal, accounting or financial advice. HedgeMark does not provide legal, financial, accounting, tax or portfolio management advice, and prospective clients and investors (“Investors”) are advised to seek the counsel of their own legal, financial and tax advisers for all matters relating to the services and structures contemplated herein. Each Investor (either alone or with its professional advisors) is solely responsible for its own due diligence, risk assessment and tolerance, investment objectives, any decision to invest in a Fund, and for monitoring its investment for purposes of determining whether it wishes to remain invested in such product and whether such product continues to be appropriate for its circumstances and requirements.

 

Interests in Funds will not be insured by the FDIC, the SIPC or any other organization, will not be deposits of any bank, and are not guaranteed by any bank (including BNY Mellon).

 

RISK DISCLOSURES: An investment in hedge fund investment strategies are speculative and involve a high degree of risk, and are not suitable for all investors. Investors could lose all or a substantial portion of their investment and must have the financial ability, sophistication/experience and willingness to bear the risks of an investment long term. Funds may lack diversification and performance may be volatile. Hedge fund investment strategies commonly include swaps, futures, forwards, options and other derivative transactions that can result in leverage. Leveraging may increase risk. A Fund's fees and expenses may be substantial regardless of any positive return and may offset the account's trading profits. There may be significant restrictions on transferring or selling Fund interests. This statement is not intended to be a complete list of the risks and other important disclosures involved in investing in any Fund.

 

REPORTING SERVICE DISCLOSURES: HedgeMark provides transparency and risk analytics reporting services (the “Reporting Service”). Use of the Reporting Service is subject to terms and conditions accessible at https://www.hedgemark.com/TermsAndConditions.html (the “Terms and Conditions”).

 

© 2021 The Bank of New York Mellon Corporation. Services are provided by The Bank of New York Mellon and its various affiliates. All rights reserved.

 

 


Future First

 

2020 Enterprise ESG Report Disclosure

Legal Notices

 

BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation and may be used to reference the corporation as a whole and/or its various subsidiaries generally. This material and any products and services may be issued or provided under  various brand names of BNY Mellon in various countries by duly authorized and regulated subsidiaries, affiliates, and joint ventures of BNY Mellon, which may include any of those listed below: The Bank of New York  Mellon, a banking corporation organized pursuant to the laws of the State of New York, whose registered office is at 240 Greenwich St, NY, NY 10286, USA. The Bank of New York  Mellon is supervised and regulated by the New York  State Department of Financial Services and the US Federal Reserve and is authorized by the Prudential Regulation Authority (PRA)  (Firm Reference Number:122467).

 

In the U.K., a number of services associated with BNY Mellon Wealth Management’s Family Office Services – International are provided through The Bank of New York  Mellon, London Branch. The Bank of New York Mellon also operates in the UK through its London branch (UK companies house numbers FC005522 and BR000818) at One Canada Square, London E14 5AL and is subject to regulation by the Financial Conduct Authority (FCA) at 12 Endeavour Square, London, E20 1JN, UK and limited regulation by the PRA  at Bank of England, Threadneedle St, London, EC2R 8AH,  UK. Details about the extent of our regulation by the PRA are available from us on request. Investment management services are offered through BNY Mellon Investment Management EMEA Limited, BNY Mellon Centre, One Canada Square, London E14 5AL, which is registered in England No. 1118580 and is authorised and regulated by the Financial Conduct Authority. Offshore trust and administration services are through BNY Mellon Trust Company (Cayman) Ltd. BNY Mellon Fund Services (Ireland) Limited is regulated by the Central Bank of Ireland.

 

The Bank of New York  Mellon SA/NV, a Belgian public limited liability company, with company number 0806.743.159, whose registered office is at 46 Rue  Montoyerstraat, B-1000 Brussels, Belgium, authorised and regulated as a significant credit institution by the European Central Bank (ECB), under the prudential supervision of the National Bank of Belgium (NBB) and under  the supervision of the Belgian Financial Services and Markets Authority (FSMA) for conduct of business rules, a subsidiary of The Bank of New York  Mellon. The Bank of New York  Mellon SA/NV operates in Ireland through its Dublin branch at Riverside II, Sir John Rogerson's Quay Grand Canal Dock, Dublin 2, D02KV60, Ireland and is registered with the Companies Registration Office in Ireland No. 907126 & with VAT No. IE 9578054E. The Bank of New York Mellon SA/NV, Dublin Branch is subject to limited additional regulation by the Central Bank of Ireland at New Wapping Street, North  Wall Quay, Dublin 1, D01 F7X3, Ireland for conduct of business rules and registered with the Companies Registration Office in Ireland No. 907126 & with VAT No. IE 9578054E.

 

The Bank of New York  Mellon SA/NV is trading in Germany as The Bank of New York  Mellon SA/ NV, Asset Servicing, Niederlassung Frankfurt am Main, and has its registered office at MesseTurm, Friedrich-Ebert-Anlage 49, 60327  Frankfurt am Main, Germany. It is subject to limited additional regulation by the Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht, Marie-Curie-Str. 24-28, 60439  Frankfurt, Germany) under  registration number 122721.

 

The Bank of New York  Mellon SA/NV operates in the Netherlands through its Amsterdam branch at Strawinskylaan 337, WTC Building, Amsterdam, 1077 XX, the Netherlands. The Bank of New York  Mellon SA/NV, Amsterdam Branch is subject to limited additional supervision by the Dutch Central Bank (“De Nederlandsche Bank” or “DNB”) on integrity issues only (registration number 34363596). DNB holds office at Westeinde 1, 1017 ZN Amsterdam, the Netherlands. The Bank of New York  Mellon SA/NV operates in Luxembourg through its Luxembourg branch at 2-4 rue Eugene Ruppert, Vertigo Building – Polaris, L- 2453,  Luxembourg. The Bank of New York  Mellon SA/NV, Luxembourg Branch is subject to limited additional regulation by the Commission de Surveillance du Secteur Financier at 283, route d’Arlon, L-1150 Luxembourg for conduct of business rules, and in its role as UCITS/AIF depositary and central administration agent.

 

The Bank of New York  Mellon SA/NV operates in France through its Paris branch at 7 Rue Scribe, Paris, Paris 75009, France. The Bank of New York  Mellon SA/NV, Paris Branch is subject to limited additional regulation by Secrétariat Général de l’Autorité de Contrôle Prudentiel at Première Direction du Contrôle de Banques (DCB 1), Service 2, 61, Rue  Taitbout, 75436  Paris Cedex 09, France (registration number (SIREN) Nr. 538 228 420 RCS Paris - CIB  13733).

 

The Bank of New York  Mellon SA/NV operates in Italy through its Milan branch at Via Mike Bongiorno no. 13, Diamantino building, 5th floor, Milan, 20124, Italy. The Bank of New York  Mellon SA/NV, Milan Branch is subject to limited additional regulation by Banca d’Italia - Sede di Milano at Divisione Supervisione Banche, Via Cordusio no. 5, 20123  Milano, Italy (registration number 03351).

 

The Bank of New York  Mellon SA/NV is trading in Denmark as The Bank of New York  Mellon SA/NV, Copenhagen Branch, filial af The Bank of New York Mellon SA/NV, Belgien, and has its registered office at Strandvejen 60/5, 2900 Hellerup, Denmark. It is subject to limited additional regulation by the Danish Financial Supervisory Authority (Finanstilsynet, Århusgade 110, 2100 København Ø).

 

The Bank of New York  Mellon SA/NV operates in Spain through its Madrid branch with registered office at Calle José Abascal 45, Planta 4ª, 28003, Madrid, and enrolled on the Reg. Mercantil de Madrid, Tomo 41019, folio 185 (M-727448). The Bank of New York  Mellon, Sucursal en España is registered with Banco de España (registration number 1573).

 

The Bank of New York  Mellon SA/NV operates in England through its London branch at 160 Queen Victoria Street, London EC4V 4LA, UK, registered in England and Wales with numbers FC029379 and BR014361. The Bank of New York  Mellon SA/NV, London branch is authorized by the ECB (address above)  and subject to limited regulation by the FCA (address above)  and the PRA  (address above).

 

Regulatory information in relation to the above BNY Mellon entities operating out of Europe can be accessed at the following website: https://www.bnymellon.com/RID.

 

The Bank of New York  Mellon, Singapore Branch, is subject to regulation by the Monetary Authority of Singapore. For recipients of this information located in Singapore: This material has not been  reviewed by the Monetary Authority of Singapore. The Bank of New York  Mellon, Hong  Kong Branch (a branch of a banking corporation organized and existing under  the laws of the State of New York  with limited liability), is subject to regulation by the Hong  Kong Monetary Authority and the Securities & Futures Commission of Hong  Kong. The Bank of New York  Mellon, Seoul Branch is subject to regulation by the Financial Services Commission, the Financial Supervisory Service and The Bank of Korea. BNY Mellon in Japan is subject to regulation by the Financial Services Agency of Japan.

 

Pershing is the umbrella name  for Pershing LLC (member FINRA, SIPC and NYSE), Pershing Advisor Solutions (member FINRA and SIPC), Pershing Limited (UK), Pershing Securities Limited (UK), Pershing Securities International Limited (Ireland), Pershing (Channel Islands) Limited, Pershing Securities Canada Limited, Pershing Securities Singapore Private Limited, Pershing Securities Australia Pty. Ltd, and Pershing India Operational Services Pvt Ltd. Pershing business also includes Albridge Solutions, Inc. and Lockwood Advisors, Inc., an investment adviser registered in the United States under  the Investment Advisers Act of 3 6 1940.  Pershing is a member of SIPC, which protects securities customers of its members up to $500,000 (including $250,000 for claims for cash). Explanatory brochure available upon request or at sipc.org. SIPC does not protect against loss due to market fluctuation. SIPC protection is not the same as, and should not be confused with,  FDIC insurance.

 

The Alcentra Group  refers to the affiliated companies Alcentra Limited and Alcentra NY, LLC. AUM includes assets managed by both companies. Dreyfus Cash Investment Strategies (CIS) is a division of BNY Mellon Investment Adviser, Inc. Insight Investment advisory services in North  America are provided through two different investment advisers registered with the Securities and Exchange Commission (SEC), using the brand Insight Investment: Insight North  America LLC (INA) and Insight Investment International Limited (IIIL). The North  American investment advisers are associated with other global investment managers that  also (individually and collectively) use the corporate brand Insight Investment and may be referred to as “Insight” or “Insight Investment.” “Newton” and/or the “Newton Investment Management” brand refers to Newton Investment Management Limited. Newton is incorporated in the United Kingdom and is authorized and regulated by the Financial Conduct Authority in the conduct of investment business. Newton is registered with the SEC as an investment adviser. Newton is a subsidiary of The Bank of New York Mellon Corporation Mellon Investments Corporation (Mellon) is a registered investment adviser and an indirect subsidiary of The Bank of New York  Mellon Corporation. Walter Scott North  America, a division of BNY Mellon Securities Corporation a registered broker dealer. BNY Mellon owns a 20% interest in Siguler Guff & Company, LP and certain related entities (including Siguler Guff Advisers, LLC). BNY Mellon Investor Solutions personnel may offer products and services in their  capacity as employees and officers of The Bank of New York  Mellon (the “Bank”), including investment strategies that  are developed by affiliated BNY Mellon investment advisory firms and managed by officers of such firms acting in their  capacities as dual officers of the Bank. BNY Mellon ARX  (ARX)  is the brand used to describe the Brazilian investment capabilities of BNY Mellon ARX  Investimentos Ltda. ARX  is an affiliate of The Bank of New York  Mellon Corporation.

 

The Bank of New York  Mellon is exempt from the requirement to hold, and does not hold, an Australian financial services license as issued by the Australian Securities and Investments Commission under  the Corporations Act 2001 (Cth) in respect of the financial services provided by it to persons in Australia. The Bank of New York  Mellon is regulated by the New York State Department of Financial Services and the US Federal Reserve under  Chapter 2 of the Consolidated Laws, The Banking Law enacted 16th April 1914 in the State of New York, which differs from Australian laws.

 

Some information contained in this report  has been obtained from third-party sources and has not been independently verified by BNY Mellon. Information contained in this report  may not be comprehensive or up-to-date, and is subject to change without notice.

 

BNY Mellon will not be responsible for updating any information contained within this report  and makes no representation as to the accuracy or completeness of such information. BNY Mellon assumes no liability (direct or consequential or any other form of liability) for any errors in or reliance upon the information contained in the report.

 

A number of statements in this report  may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including statements about BNY Mellon’s strategic priorities, financial goals and aspirations, organic growth, performance, organizational quality and efficiency, investments, capabilities, resiliency, sustainable growth and company management, as well as BNY Mellon’s overall plans, strategies, goals, objectives, expectations, outlooks, estimates, intentions, targets, opportunities, focus and initiatives. These statements may be expressed in a variety of ways, including the use  of future or present tense language. Words such as “estimate,” “forecast,” “project,” “anticipate,” “likely,” “target,” “expect,” “intend,” “continue,” “seek,” “believe,” “plan,” “goal,” “could,” “should,” “would,” “may,” “might,” “will,” “strategy,” “synergies,” “opportunities,” “trends,” “future,” “potentially,” “outlook” and words of similar meaning may signify forward looking statements. These forward-looking statements are based on assumptions that  involve risks and uncertainties and that  are subject to change based on various important factors (some of which are beyond BNY Mellon’s control). Actual results may differ materially from those expressed or implied as a result of a number of factors, including, but not limited to, those discussed in “Risk Factors” in BNY Mellon’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2020 and BNY Mellon’s Annual Report on Form 10-K for the year ended December 31, 2019 and in BNY Mellon’s other filings with the Securities and Exchange Commission. All forward-looking statements speak only as of the date on which such statements are made, and BNY Mellon undertakes no obligation to update any statement to reflect events or circumstances after the date  on which such forward-looking statement is made or to reflect the occurrence of unanticipated events. Reproduction, distribution, republication and retransmission of material contained in this report  is prohibited without the prior consent of BNY Mellon.

 

All currency is in United States Dollar (USD) unless otherwise specified.

 

To learn more about our Enterprise ESG strategy, commitments and achievements, please see www.bnymellon.com/futurefirst. Additional information is available at  www.bnymellon.com, or follow us on Twitter @BNYMellon. All data  included in this publication is as of December 31, 2020, unless otherwise specified. For a full explanation of statistics, please see  https://www.bnymellon.com/us/en/investorrelations/annual-reports.jsp.

 

Trademarks, service marks and logos belong to their respective owners.

 

© 2021 The Bank of New York  Mellon Corporation. All rights reserved.

 

 


Corporate Trust

 

General Disclaimer

 

BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation and may be used to reference the corporation as a whole and/or its various subsidiaries generally.  This material and any products and services may be issued or provided under various brand names in various countries by duly authorised and regulated subsidiaries, affiliates, and joint ventures of BNY Mellon, which may include any of the following entities mentioned herein. The Bank of New York Mellon Trust Company, N.A., a national banking association organized and existing pursuant to the laws of the United States (member FDIC), which is supervised and regulated by the Comptroller of the Currency. The Bank of New York Mellon, located at 240 Greenwich Street, New York, New York, is a banking corporation organised pursuant to the laws of the State of New York and operating in England through its branch at One Canada Square, London E14 5AL UK, and registered in England and Wales with numbers FC005522 and BR000818. The Bank of New York Mellon is supervised and regulated by the New York State Department of Financial Services and the US Federal Reserve and authorised by the Prudential Regulation Authority. The Bank of New York Mellon, London Branch is subject to regulation by the Financial Conduct Authority and limited regulation by the Prudential Regulation Authority. Details about the extent of our regulation by the Prudential Regulation Authority are available from us on request.

 

The Bank of New York Mellon SA/NV, a Belgian public limited liability company, whose registered office is at 46 Rue Montoyerstraat, B-1000 Brussels, Belgium, with company number 0806.743.159, authorised and regulated as a significant credit institution by the European Central Bank (ECB), under the prudential supervision of the National Bank of Belgium (NBB) and under the supervision of the Belgian Financial Services and Markets Authority (FSMA) for conduct of business rules, and a subsidiary of The Bank of New York Mellon.

 

The Bank of New York Mellon SA/NV, operating in Ireland through its branch at Riverside 2, Sir John Rogerson’s Quay, Grand Canal Dock, Dublin 2, D02 KV60, Ireland, trading as The Bank of New York Mellon SA/NV, Dublin Branch, which is authorized by the ECB, regulated by the Central Bank of Ireland for conduct of business rules and registered with the Companies Registration Office in Ireland No. 907126 & with VAT No. IE 9578054E.

 

The Bank of New York Mellon SA/NV – operates in Italy through its Milan branch at Via Mike Bongiorno no. 13, Diamantino building, 5th floor, Milan, 20124, Italy, enrolled with the Companies Register of Milan under number 09827740961 and enrolled as a "filiale di banca estera" under number 3351.4 of the register of banks held by the Bank of Italy pursuant to article 13 of the Consolidated Banking Act.

 

The Bank of New York Mellon SA/NV (Luxembourg Branch), at 2-4 rue Eugene Ruppert, Vertigo Building – Polaris, L- 2453, Luxembourg, authorised by the ECB and subject to limited regulation by the Commission de Surveillance du Secteur Financier (CSSF) in Luxembourg. Details about the extent of our regulation by the Commission de Surveillance du Secteur Financier are available from us on request.

 

In Asia-Pacific, The Bank of New York Mellon, Singapore Branch is subject to regulation by the Monetary Authority of Singapore. The Bank of New York Mellon, Hong Kong Branch is subject to regulation by the Hong Kong Monetary Authority and the Securities & Futures Commission of Hong Kong. In Australia, while The Bank of New York Mellon is authorized to provide financial services, it is exempt from the requirement to hold, and does not hold, an Australian Financial Services License under the Corporations Act 2001 (Cth) in respect of the financial services provided by it to persons in Australia. The Bank of New York Mellon is regulated by the New York State Department of Financial Services and the US Federal Reserve under Chapter 2 of the Consolidated Laws, The Banking Law enacted April 16, 1914 in the State of New York, which differs from Australian laws. This document is issued or distributed in Australia by The Bank of New York Mellon, on behalf of BNY Mellon Australia Pty Ltd (ACN 113 947 309) located at Level 2, 1 Bligh Street, Sydney NSW 2000, and relates to products and services of BNY Mellon Australia Pty Ltd or one of its subsidiaries. BNY Mellon Australia Pty Ltd is ultimately wholly-owned by The Bank of New York Mellon Corporation. The Bank of New York Mellon does not provide this product or service. None of BNY Mellon Australia Pty Ltd or its subsidiaries is an authorized deposit-taking institution and the obligations of BNY Mellon Australia Pty Ltd or its subsidiaries do not represent investments, deposits or other liabilities of The Bank of New York Mellon. Neither The Bank of New York Mellon nor any of its related entities stands behind or guarantees obligations of BNY Mellon Australia Pty Ltd.

 

The content contained in this material which may be considered advertising, is for general information and reference purposes only and is not intended to provide legal, tax, accounting, investment, financial or other professional advice on any matter, and is not to be used as such; you should obtain your own independent professional advice (including financial, tax and legal advice). The views expressed within this material are those of the contributors only and not those of The Bank of New York Mellon Corporation or any of its affiliates or subsidiaries, and no representation is made as to the accuracy, completeness, timeliness, merchantability or fitness for a specific purpose of the information provided in this material. No statement or expression is an offer or solicitation to buy or sell any products or services mentioned. Past performance is not indicative, nor a guarantee, of future results. The contents may not be comprehensive or up-to-date, and BNY Mellon will not be responsible for updating any information contained within this material. This material and the statements contained herein, are not an offer or solicitation to buy or sell any products (including financial products) or services or to participate in any particular strategy mentioned and should not be construed as such. This material is not intended for distribution to, or use by, any person or entity in any jurisdiction or country in which such distribution or use would be contrary to local law or regulation. Similarly, this material may not be distributed or used for the purpose of offers or solicitations in any jurisdiction or in any circumstances in which such offers or solicitations are unlawful or not authorized, or where there would be, by virtue of such distribution, new or additional registration requirements. Persons into whose possession this material comes are required to inform themselves about, and to observe any restrictions that apply to, the distribution of this document in their jurisdiction.

 

Some information contained in herein has been obtained from third party sources and has not been independently verified. BNY Mellon recommends that professional consultation should be obtained before using any service offered by BNY Mellon.

 

BNY Mellon assumes no liability whatsoever for any action taken in reliance on the information contained in this material, or for direct or indirect damages or losses resulting from use of this material, its content, or services. Any unauthorized use of material contained herein is at the user’s own risk. Reproduction, distribution, republication and retransmission of material contained herein is prohibited without the prior consent of BNY Mellon. Trademarks and logos belong to their respective owners.

 

©2021 The Bank of New York Mellon Corporation. All rights reserved.

 


Defined Contribution

 

Defined Contribution Disclosure

 

This information is general in nature and is not intended to constitute tax or estate planning advice. Please consult your tax or estate planning advisor for more detailed information on these issues and advice on your specific situation.

 

BNY Mellon Investment Management is one of the world’s leading investment management organizations, encompassing BNY Mellon’s affiliated investment management firms and global distribution companies. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation and may also be used as a generic term to reference the corporation as a whole or its various subsidiaries generally.

 


Depositary Receipts

 

The information and data provided herein are provided for general informational purposes only.  BNY Mellon does not warrant or guarantee the accuracy, timeliness or completeness of any such information or data.  BNY Mellon does not undertake any obligation to update or amend any information or data, and may change, update or amend any information or data at any time without prior notice.

 

BNY Mellon provides no advice, recommendation or endorsement with respect to any company or securities.  No information or data is intended to provide legal, tax, accounting, investment, financial, trading or other advice on any matter, and is not to be used as such.  We expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon any information or data, including market value loss on the sale or purchase of securities or other instruments or obligations.

 

Nothing herein shall be deemed to constitute an offer to sell or a solicitation of an offer to buy securities.

 

BNY Mellon collects fees from DR holders pursuant to the terms and conditions of the DRs and any deposit agreement under which they are issued.  From time to time, BNY Mellon may make payments to an issuer to reimburse and/or share revenue from the fees collected from DR holders, or waive fees and expenses to an issuer for services provided, generally related to costs and expenses arising out of establishment and maintenance of the DR program.  BNY Mellon may pay a rebate to brokers in connection with unsponsored DR issuances; brokers may or may not disclose or pass back some or all of such rebate to the DR investor.  BNY Mellon may also use brokers, dealers or other service providers that are affiliates and that may earn or share fees and commissions.

 

BNY Mellon may execute DR foreign currency transactions itself or through its affiliates, or the Custodian or the underlying Company may execute foreign currency transactions and pay US dollars to BNY Mellon.  In those instances where it executes DR foreign currency transactions itself or through its affiliates, BNY Mellon acts as principal counterparty and not as agent, advisor, broker or fiduciary.  In such cases, BNY Mellon has no obligation to obtain the most favorable exchange rate, makes no representation that the rate is a favorable rate and will not be liable for any direct or indirect losses associated with the rate. BNY Mellon earns and retains revenue on its executed foreign currency transactions based on, among other things, the difference between the rate it assigns to the transaction and the rate that it pays and receives for purchases and sales of currencies when buying or selling foreign currency for its own account.  The methodology used by BNY Mellon to determine DR conversion rates is available to registered Owners upon request or can be accessed here.  In those instances where BNY Mellon's Custodian executes DR foreign currency transactions, the Custodian has no obligation to obtain the most favorable exchange rate or that the method by which the rate will be determined will be the most favorable rate, and BNY Mellon makes no representation that the rate is a favorable rate and will not be liable for any direct or indirect losses associated with the rate.  In certain instances, BNY Mellon may receive dividends and other distributions from an issuer of securities underlying DRs in U.S. dollars rather than in a foreign currency.  In such cases, BNY Mellon will not engage in or be responsible for any foreign currency transactions and it makes no representation that the rate obtained by an issuer is a favorable rate and it will not be liable for any direct or indirect losses associated with the rate.

 

BNY Mellon is a global investments company dedicated to helping its clients manage and service their financial assets throughout the investment lifecycle.  BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK).

 

BNY Mellon's name, brand and/or trademarks may not be used, copied or reproduced without the prior express written consent of BNY Mellon.

 

DEPOSITARY RECEIPTS ARE NOT INSURED BY THE FDIC OR ANY OTHER GOVERNMENT AGENCY, ARE NOT DEPOSITS OR OTHER OBLIGATIONS OF, AND ARE NOT GUARANTEED BY, BNY MELLON AND ARE SUBJECT TO INVESTMENT RISKS INCLUDING POSSIBLE LOSS OF PRINCIPAL AMOUNT INVESTED.

 

This document, which may be considered advertising, is for general information and reference purposes only and is not intended to provide legal, tax, accounting, investment, financial or other professional advice on any matter, and is not to be used as such. BNY Mellon does not warrant or guarantee the accuracy or completeness of, nor undertake to update or amend the information or data contained herein. We expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon any of this information or data. We provide no advice nor recommendation or endorsement with respect to any company or securities. Nothing herein shall be deemed to constitute an offer to sell or a solicitation of an offer to buy securities. If distributed in the UK or EMEA, this document may be a financial promotion and is for distribution only to persons to whom it may be communicated without breach of applicable law.

 

This document is not intended for distribution to, or use by, any person or entity in any jurisdiction in which such distribution or use would be contrary to local law or regulation. Similarly, this document may not be distributed or used for the purpose of offers or solicitations in any jurisdiction or in any circumstances in which such offers or solicitations are unlawful or not authorized, or where there would be, by virtue of such distribution, new or additional registration requirements.  Persons into whose possession this document comes are required to inform themselves about and to observe any restrictions that apply to the distribution of this document in their jurisdiction. The information contained in this document is for use by wholesale clients only and is not to be relied upon by retail clients.  BNY Mellon has various subsidiaries, affiliates, branches and representative offices in the Asia Pacific Region that are subject to regulation by the relevant local regulator in that jurisdiction.

 

Whilst BNY Mellon is authorized to provided financial services in Australia, it is exempt from the requirement to hold, and does not hold, an Australian financial services licence as issued by the Australian Securities and Investments Commission under the Corporations Act 2001 (Cth) in respect of the financial services provided by it to persons in Australia. BNY Mellon is regulated by the New York State Department of Financial Services and the US Federal Reserve under Chapter 2 of the Consolidated Laws, The Banking Law enacted April 16, 1914 in the State of New York, which differs from Australian laws. Not all products and services are offered in all locations.

 

Depositary Receipts:

 

NOT FDIC, STATE OR FEDERAL AGENCY INSURED

MAY LOSE VALUE

NO BANK, STATE OR FEDERAL AGENCY GUARANTEE

 

©2021 The Bank of New York Mellon Corporation. All rights reserved.

 

 

 


Derivatives

 

Derivatives Disclaimer

 

BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation and may be used as a generic term to reference the corporation as a whole and/or its various subsidiaries generally. This material and any products and services may be issued or provided under various brand names in various countries by duly authorized and regulated subsidiaries, affiliates, and joint ventures of BNY Mellon, which may include any of the following. The Bank of New York Mellon, at 240 Greenwich Street, NY, NY USA, 10286, a banking corporation organized pursuant to the laws of the State of New York, and operating in England through its branch at One Canada Square, London E14 5AL, UK, registered in England and Wales with numbers FC005522 and BR000818. The Bank of New York Mellon is supervised and regulated by the New York State Department of Financial Services and the US Federal Reserve and authorized by the Prudential Regulation Authority. The Bank of New York Mellon, London Branch is subject to regulation by the Financial Conduct Authority and limited regulation by the Prudential Regulation Authority. Details about the extent of our regulation by the Prudential Regulation Authority are available from us on request. The Bank of New York Mellon SA/NV, a Belgian public limited liability company, with company number 0806.743.159, whose registered office is at 46 Rue Montoyerstraat, B-1000 Brussels, Belgium, authorized and regulated as a significant credit institution by the European Central Bank (ECB), under the prudential supervision of the National Bank of Belgium (NBB) and under the supervision of the Belgian Financial Services and Markets Authority (FSMA) for conduct of business rules, and a subsidiary of The Bank of New York Mellon. The Bank of New York Mellon SA/NV operates in England through its branch at 160 Queen Victoria Street, London EC4V 4LA, UK, registered in England and Wales with numbers FC029379 and BR014361. The Bank of New York Mellon SA/NV (London Branch) is authorized by the ECB and subject to limited regulation by the Financial Conduct Authority and the Prudential Regulation Authority. Details about the extent of our regulation by the Financial Conduct Authority and Prudential Regulation Authority are available from us on request. The Bank of New York Mellon SA/NV operating in Ireland through its branch at 4th Floor Hanover Building, Windmill Lane, Dublin 2, Ireland trading as The Bank of New York Mellon SA/NV, Dublin Branch, is authorized by the ECB and is registered with the Companies Registration Office in Ireland No. 907126 & with VAT No. IE 9578054E. The Bank of New York Mellon, Singapore Branch, subject to regulation by the Monetary Authority of Singapore. The Bank of New York Mellon, Hong Kong Branch, subject to regulation by the Hong Kong Monetary Authority and the Securities & Futures Commission of Hong Kong. If this material is distributed in Japan, it is distributed by The Bank of New York Mellon Securities Company Japan Ltd, as intermediary for The Bank of New York Mellon. If this material is distributed in, or from, the Dubai International Financial Centre (“DIFC”), it is communicated by The Bank of New York Mellon, DIFC Branch, regulated by the DFSA and located at DIFC, The Exchange Building 5 North, Level 6, Room 601, P.O. Box 506723, Dubai, UAE, on behalf of The Bank of New York Mellon, which is a wholly-owned subsidiary of The Bank of New York Mellon Corporation. This material is intended for Professional Clients only and no other person should act upon it. Not all products and services are offered in all countries.

 

The information contained in this material is intended for use by wholesale/professional clients or the equivalent only and is not intended for use by retail clients. If distributed in the UK, this material is a financial promotion.

 

This material, which may be considered advertising, is for general information purposes only and is not intended to provide legal, tax, accounting, investment, financial or other professional advice on any matter. This material does not constitute a recommendation by BNY Mellon of any kind. Use of our products and services is subject to various regulations and regulatory oversight. You should discuss this material with appropriate advisors in the context of your circumstances before acting in any manner on this material or agreeing to use any of the referenced products or services and make your own independent assessment (based on such advice) as to whether the referenced products or services are appropriate or suitable for you. This material may not be comprehensive or up to date and there is no undertaking as to the accuracy, timeliness, completeness or fitness for a particular purpose of information given. BNY Mellon will not be responsible for updating any information contained within this material and opinions and information contained herein are subject to change without notice. BNY Mellon assumes no direct or consequential liability for any errors in or reliance upon this material.

 

This material may not be distributed or used for the purpose of providing any referenced products or services or making any offers or solicitations in any jurisdiction or in any circumstances in which such products, services, offers or solicitations are unlawful or not authorized, or where there would be, by virtue of such distribution, new or additional registration requirements.

 

Neither BNY Mellon nor any of its respective officers, employees or agents are, by virtue of providing the materials or information contained herein, acting as an adviser to any recipient (including a “municipal advisor” within the meaning of Section 15B of the Securities Exchange Act of 1934, as amended, “Section 15B”), do not owe a fiduciary duty to the recipient hereof pursuant to Section 15B or otherwise, and are acting only for their own interests.

 

None of BNY Mellon, any data vendors used by BNY Mellon, nor their sources] (“Vendors), warrants the accuracy or completeness or timeliness of any of the derivatives valuations supplied by BNY Mellon or the Vendors. Although the derivatives valuations may be referred to as “valuations” or “prices”, they are prepared by Vendors and in the case of BNY Mellon’s proprietary valuation services, by BNY Mellon based on inputs from such Vendors through the application of methods, standards of judgment and proprietary models used and developed by each Vendor or BNY Mellon, as applicable, and these derivatives valuations may not conform in any way to actual trading prices, prices you may obtain in a sale or purchase, or information available from third parties. A derivatives valuation represents only one view as to the estimated general value of a derivatives instrument at a particular point in time, and therefore is subject to change at any time without notice. Derivatives valuations may incorporate information from the most active markets to which a Vendor or BNY Mellon, as applicable, has access and, consequently, may not represent an estimate of the value of the particular derivatives instrument in all or other markets to which BNY Mellon or others may have access. None of BNY Mellon or the Vendors makes any warranties, express or implied, including but not limited to any warranty of merchantability or fitness for a particular purpose or use or non-infringement in connection with any of the data or anything done or supplied by the Vendors through BNY Mellon or by BNY Mellon though its proprietary valuation services. Derivatives valuations are being provided by BNY Mellon at the client’s request for information purposes only and are not intended as an offer or solicitation for the purchase or sale of a security or a contractual obligation with respect to any derivatives instrument.

 

Money market fund shares are not a deposit or obligation of BNY Mellon. Investments in money market funds are not insured, guaranteed, recommended or otherwise endorsed in any way by BNY Mellon, the Federal Deposit Insurance Corporation or any other government agency. Although a money market fund seeks to preserve the value of your investment at $1.00 per share, fund shares are subject to investment risk and your investment may lose value. Money market fund yield performance represents past performance, which is no guarantee of future results and investment returns will fluctuate. Before investing, investors should carefully consider the investment objectives, risks, charges, tax impact and expenses of the fund that are explained in each fund’s prospectus. The following factors, among many, could reduce any one fund’s income level and/or share price: interest rates could rise sharply, causing the value of the fund’s investments and its share price to drop; interest rates could drop, thereby reducing the fund’s yield; any of the fund’s holdings could have its credit rating downgraded or could default; and there are risks generally associated with concentrating investments in any one industry. Investments in instruments of non-U.S. issuers are subject to the risks of certain domestic events—such as political upheaval, financial troubles, nationalization (certain assets, entities or sectors) or natural disasters—that may weaken a country’s securities markets. Country risk may be especially high in emerging markets. Such investments may be affected by market risk on a global scale based on responses of certain foreign markets to markets of other countries or global market sectors. Foreign-currency denominated securities are subject to fluctuations in exchange rates that could have an adverse effect on the value or price of, or income derived from, the investment. Investments in foreign instruments are subject to the risk that the value of a foreign investment, measured in U.S. dollars, will decrease because of unfavorable changes in currency exchange rates.

 

Securities instruments and services other than money market mutual funds and off-shore liquidity funds are offered by BNY Mellon Capital Markets, LLC.

 

All references to dollars are in US dollars unless specified otherwise.

 

This material may not be reproduced or disseminated in any form without the prior written permission of BNY Mellon. Trademarks, logos and other intellectual property marks belong to their respective owners.

 

The Bank of New York Mellon, member FDIC.

 

© 2018 The Bank of New York Mellon Corporation. All rights reserved.


Individual Retirement 

 

Individual Retirement Disclosure

 

Investors should consider the investment objectives, risks, charges and expenses of any mutual fund carefully before investing. Contact your financial professional to obtain a prospectus or a summary prospectus, if available, that contains this and other information on a fund. Read it carefully before investing.

 

Asset allocation and diversification do not guarantee a profit or protect against a loss.

 

This information is general in nature and is not intended to constitute tax or estate planning advice. Please consult your legal or tax advisor for more detailed information on legal or tax issues and advice on your specific situation. There are fees, expenses, taxes and penalties associated with IRAs.

 

All investment products involve risk of principal loss.

 

BNY Mellon Retirement personnel act as licensed representatives of BNY Mellon Securities Corporation (a registered broker-dealer) to offer securities, and act as officers of The Bank of New York Mellon (a New York chartered bank) to offer bank-maintained collective investment funds as well as to offer separate accounts managed by BNY Mellon Investment Management firms. This material is not intended as an offer to sell or a solicitation of an offer to buy any security, and it is not provided as a sales or advertising communication and does not constitute investment advice. BNY Mellon Securities Corporation, a registered broker-dealer, FINRA member and subsidiary of The Bank of New York Mellon Corporation, has entered into agreements to offer securities in the U.S. on behalf of certain BNY Mellon Investment Management firms.

 

© 2021 BNY Mellon Securities Corporation, Distributor

 


Investment Management

 

 

This material should not be considered as investment advice or a recommendation of any investment manager or account arrangement. Any statements and opinions expressed are as at the date of publication, are subject to change as economic and market conditions dictate, and do not necessarily represent the views of BNY Mellon or any of its affiliates. The information has been provided as a general market commentary only and does not constitute legal, tax, accounting, other professional counsel or investment advice, is not predictive of future performance, and should not be construed as an offer to sell or a solicitation to buy any security or make an offer where otherwise unlawful. The information has been provided without taking into account the investment objective, financial situation or needs of any particular person. BNY Mellon and its affiliates are not responsible for any subsequent investment advice given based on the information supplied. This is not investment research or a research recommendation for regulatory purposes as it does not constitute substantive research or analysis. To the extent that these materials contain statements about future performance, such statements are forward looking and are subject to a number of risks and uncertainties. Information and opinions presented have been obtained or derived from sources which BNY Mellon believed to be reliable, but BNY Mellon makes no representation to its accuracy and completeness. BNY Mellon accepts no liability for loss arising from use of this material.

 

All investments involve risk including loss of principal.

 

Not for distribution to, or use by, any person or entity in any jurisdiction or country in which such distribution or use would be contrary to local law or regulation. This information may not be distributed or used for the purpose of offers or solicitations in any jurisdiction or in any circumstances in which such offers or solicitations are unlawful or not authorized, or where there would be, by virtue of such distribution, new or additional registration requirements. Persons into whose possession this information comes are required to inform themselves about and to observe any restrictions that apply to the distribution of this information in their jurisdiction.

 

Issuing entities
This material is only for distribution in those countries and to those recipients listed, subject to the noted conditions and limitations: • United States: by BNY Mellon Securities Corporation (BNYMSC), 240 Greenwich Street, New York, NY 10286. BNYMSC, a registered broker-dealer and FINRA member, and subsidiary of BNY Mellon, has entered into agreements to offer securities in the U.S. on behalf of certain BNY Mellon Investment Management firms. • Europe (excluding Switzerland): BNY Mellon Fund Management (Luxembourg) S.A., 2-4 Rue EugèneRuppertL-2453 Luxembourg. • UK, Africa and Latin America (ex-Brazil): BNY Mellon Investment Management EMEA Limited, BNY Mellon Centre, 160 Queen Victoria Street, London EC4V 4LA. Registered in England No. 1118580. Authorised and regulated by the Financial Conduct Authority. • South Africa: BNY Mellon Investment Management EMEA Limited is an authorised financial services provider. • Switzerland: BNY Mellon Investments Switzerland GmbH, Fraumünsterstrasse 16, CH-8001 Zürich, Switzerland. • Middle East: Dubai branch of The Bank of New York Mellon. Regulated by the Dubai Financial Services Authority. • Singapore: BNY Mellon Investment Management Singapore Pte. Limited Co. Reg. 201230427E. Regulated by the Monetary Authority of Singapore. • Hong Kong: BNY Mellon Investment Management Hong Kong Limited. Regulated by the Hong Kong Securities and Futures Commission. • Japan: BNY Mellon Investment Management Japan Limited. BNY Mellon Investment Management Japan Limited is a Financial Instruments Business Operator with license no 406 (Kinsho) at the Commissioner of Kanto Local Finance Bureau and is a Member of the Investment Trusts Association, Japan and Japan Investment Advisers Association and Type II Financial Instruments Firms Association. • Australia: BNY Mellon Investment Management Australia Ltd (ABN 56 102 482 815, AFS License No. 227865). Authorized and regulated by the Australian Securities & Investments Commission. • Brazil: ARX Investimentos Ltda., Av. Borges de Medeiros, 633, 4th floor, Rio de Janeiro, RJ, Brazil, CEP 22430-041. Authorized and regulated by the Brazilian Securities and Exchange Commission (CVM). • Canada: BNY Mellon Asset Management Canada Ltd. is registered in all provinces and territories of Canada as a Portfolio Manager and Exempt Market Dealer, and as a Commodity Trading Manager and Investment Fund Manager in Ontario.

 

BNY MELLON COMPANY INFORMATION

 

BNY Mellon Investment Management is one of the world’s leading investment management organizations, encompassing BNY Mellon’s affiliated investment management firms and global distribution companies. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation and may also be used as a generic term to reference the corporation as a whole or its various subsidiaries generally. • Mellon Investments Corporation (Mellon) is a registered investment adviser and a subsidiary of BNY Mellon. • Insight Investments - Investment advisory services in North America are provided through two different investment advisers registered with the Securities and Exchange Commission (SEC) using the brand Insight Investment: Insight North America LLC (INA) and Insight Investment International Limited (IIIL). The North American investment advisers are associated with other global investment managers that also (individually and collectively) use the corporate brand Insight. Insight is a subsidiary of BNY Mellon. • Newton Investment Management - Newton and/or the Newton Investment Management brand refers to the following group of affiliated companies: Newton Investment Management Limited, Newton Investment Management (North America) Limited (NIMNA Ltd) and Newton Investment Management (North America) LLC (NIMNA LLC). NIMNA LLC personnel are supervised persons of NIMNA Ltd and NIMNA LLC does not provide investment advice, all of which is conducted by NIMNA Ltd. NIMNA LLC and NIMNA Ltd are the only Newton companies authorized to offer services in the U.S. In the UK, NIMNA Ltd is authorized and regulated by the Financial Conduct Authority in the conduct of investment business and is a wholly owned subsidiary of BNY Mellon. • Alcentra - BNY Mellon holds 100% of the parent holding company of BNY Alcentra Group Holdings Inc., which is comprised of the following affiliated companies: Alcentra Ltd. and Alcentra NY, LLC. • ARX is the brand used to describe the Brazilian investment capabilities of BNY Mellon ARX Investimentos Ltda. ARX is a subsidiary of BNY Mellon. • Dreyfus Cash Investment Strategies (Dreyfus CIS) is a division of BNY Mellon Investment Adviser, Inc., a subsidiary of BNY Mellon. • Walter Scott & Partners Limited (Walter Scott) is an investment management firm authorized and regulated by the Financial Conduct Authority, and a subsidiary of BNY Mellon. • Siguler Guff - BNY Mellon owns a 20% interest in Siguler Guff & Company, LP and certain related entities (including Siguler Guff Advisers LLC).

 

No part of this material may be reproduced in any form, or referred to in any other publication, without express written permission. All information contained herein is proprietary and is protected under copyright law.

 

NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE |

 

© 2021 THE BANK OF NEW YORK MELLON CORPORATION

 

 


Liquidity Services

 

Liquidity Services Disclaimer

 

*BNY Mellon Capital Markets, LLC is a registered broker-dealer, is a member of FINRA and SIPC and is a wholly owned subsidiary of BNY Mellon.

 

**Liquidity Services (except for safekeep margin balances) are not being offered and not available in Japan currently.

 

BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation and may be used as a generic term to reference the corporation as a whole and/or its various subsidiaries generally. This material and any products and services may be issued or provided under various brand names in various countries by duly authorized and regulated subsidiaries, affiliates, and joint ventures of BNY Mellon, which may include any of the following. The Bank of New York Mellon, at 240 Greenwich Street, NY, NY USA, 10286, a banking corporation organized pursuant to the laws of the State of New York, and operating in England through its branch at One Canada Square, London E14 5AL, UK, registered in England and Wales with numbers FC005522 and BR000818. The Bank of New York Mellon is supervised and regulated by the New York State Department of Financial Services and the US Federal Reserve and authorized by the Prudential Regulation Authority. The Bank of New York Mellon, London Branch is subject to regulation by the Financial Conduct Authority and limited regulation by the Prudential Regulation Authority. Details about the extent of our regulation by the Prudential Regulation Authority are available from us on request. The Bank of New York Mellon SA/NV, a Belgian public limited liability company, with company number 0806.743.159, whose registered office is at 46 Rue Montoyerstraat, B-1000 Brussels, Belgium, authorized and regulated as a significant credit institution by the European Central Bank (ECB), under the prudential supervision of the National Bank of Belgium (NBB) and under the supervision of the Belgian Financial Services and Markets Authority (FSMA) for conduct of business rules, and a subsidiary of The Bank of New York Mellon. The Bank of New York Mellon SA/NV operates in England through its branch at 160 Queen Victoria Street, London EC4V 4LA, UK, registered in England and Wales with numbers FC029379 and BR014361. The Bank of New York Mellon SA/NV (London Branch) is authorized by the ECB and subject to limited regulation by the Financial Conduct Authority and the Prudential Regulation Authority. Details about the extent of our regulation by the Financial Conduct Authority and Prudential Regulation Authority are available from us on request. The Bank of New York Mellon SA/NV operating in Ireland through its branch at 4th Floor Hanover Building, Windmill Lane, Dublin 2, Ireland trading as The Bank of New York Mellon SA/NV, Dublin Branch, is authorized by the ECB and is registered with the Companies Registration Office in Ireland No. 907126 & with VAT No. IE 9578054E. The Bank of New York Mellon, Singapore Branch, subject to regulation by the Monetary Authority of Singapore. The Bank of New York Mellon, Hong Kong Branch, subject to regulation by the Hong Kong Monetary Authority and the Securities & Futures Commission of Hong Kong. If this material is distributed in Japan, it is distributed by The Bank of New York Mellon Securities Company Japan Ltd, as intermediary for The Bank of New York Mellon. If this material is distributed in, or from, the Dubai International Financial Centre (“DIFC”), it is communicated by The Bank of New York Mellon, DIFC Branch, regulated by the DFSA and located at DIFC, The Exchange Building 5 North, Level 6, Room 601, P.O. Box 506723, Dubai, UAE, on behalf of The Bank of New York Mellon, which is a wholly-owned subsidiary of The Bank of New York Mellon Corporation. This material is intended for Professional Clients only and no other person should act upon it. Not all products and services are offered in all countries.

 

The information contained in this material is intended for use by wholesale/professional clients or the equivalent only and is not intended for use by retail clients. If distributed in the UK, this material is a financial promotion.

 

This material, which may be considered advertising, is for general information purposes only and is not intended to provide legal, tax, accounting, investment, financial or other professional advice on any matter. This material does not constitute a recommendation by BNY Mellon of any kind. Use of our products and services is subject to various regulations and regulatory oversight. You should discuss this material with appropriate advisors in the context of your circumstances before acting in any manner on this material or agreeing to use any of the referenced products or services and make your own independent assessment (based on such advice) as to whether the referenced products or services are appropriate or suitable for you. This material may not be comprehensive or up to date and there is no undertaking as to the accuracy, timeliness, completeness or fitness for a particular purpose of information given. BNY Mellon will not be responsible for updating any information contained within this material and opinions and information contained herein are subject to change without notice. BNY Mellon assumes no direct or consequential liability for any errors in or reliance upon this material.

 

This material may not be distributed or used for the purpose of providing any referenced products or services or making any offers or solicitations in any jurisdiction or in any circumstances in which such products, services, offers or solicitations are unlawful or not authorized, or where there would be, by virtue of such distribution, new or additional registration requirements.

 

Money market fund shares are not a deposit or obligation of BNY Mellon. Investments in money market funds are not insured, guaranteed, recommended or otherwise endorsed in any way by BNY Mellon, the Federal Deposit Insurance Corporation or any other government agency. Although a money market fund seeks to preserve the value of your investment at $1.00 per share, fund shares are subject to investment risk and your investment may lose value. Money market fund yield performance represents past performance, which is no guarantee of future results and investment returns will fluctuate. Before investing, investors should carefully consider the investment objectives, risks, charges, tax impact and expenses of the fund that are explained in each fund’s prospectus. The following factors, among many, could reduce any one fund’s income level and/or share price: interest rates could rise sharply, causing the value of the fund’s investments and its share price to drop; interest rates could drop, thereby reducing the fund’s yield; any of the fund’s holdings could have its credit rating downgraded or could default; and there are risks generally associated with concentrating investments in any one industry. Investments in instruments of non-U.S. issuers are subject to the risks of certain domestic events—such as political upheaval, financial troubles, nationalization (certain assets, entities or sectors) or natural disasters—that may weaken a country’s securities markets. Country risk may be especially high in emerging markets. Such investments may be affected by market risk on a global scale based on responses of certain foreign markets to markets of other countries or global market sectors. Foreign-currency denominated securities are subject to fluctuations in exchange rates that could have an adverse effect on the value or price of, or income derived from, the investment. Investments in foreign instruments are subject to the risk that the value of a foreign investment, measured in U.S. dollars, will decrease because of unfavorable changes in currency exchange rates.

 

Securities instruments and services other than money market mutual funds and off-shore liquidity funds are offered by BNY Mellon Capital Markets, LLC.

 

All references to dollars are in US dollars unless specified otherwise.

 

This material may not be reproduced or disseminated in any form without the prior written permission of BNY Mellon. Trademarks, logos and other intellectual property marks belong to their respective owners.

 

The Bank of New York Mellon, member FDIC.

 

© 2017 The Bank of New York Mellon Corporation. All rights reserved.

 

 


BNY Mellon Markets

 

Global Disclaimer

 

BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation and may be used as a generic term to reference the corporation as a whole and/or its various group entities. This material and any products and services may be issued or provided under various brand names of BNY Mellon in various countries by duly authorized and regulated subsidiaries, affiliates, and joint ventures of BNY Mellon, which may include any of those listed below:

 

The Bank of New York Mellon, a banking corporation organized pursuant to the laws of the State of New York, whose registered office is at 240 Greenwich St, NY, NY 10286, USA. The Bank of New York Mellon is supervised and regulated by the New York State Department of Financial Services and the US Federal Reserve and is authorized by the Prudential Regulation Authority (“PRA”) (Firm Reference Number: 122467).

 

The Bank of New York Mellon operates in the UK through its London branch (UK companies house numbers FC005522 and BR000818) at One Canada Square, London E14 5AL and is subject to regulation by the Financial Conduct Authority (“FCA”) at 12 Endeavour Square, London, E20 1JN, UK and limited regulation by the PRA at Bank of England, Threadneedle St, London, EC2R 8AH, UK. Details about the extent of our regulation by the PRA are available from us on request.

 

The Bank of New York Mellon SA/NV, a Belgian limited liability company, registered in the RPM Brussels with company number 0806.743.159, whose registered office is at 46 Rue Montoyerstraat, B-1000 Brussels, Belgium, authorized and regulated as a significant credit institution by the European Central Bank (“ECB”) at Sonnemannstrasse 20, 60314 Frankfurt am Main, Germany, and the National Bank of Belgium (“NBB”) at Boulevard de Berlaimont/de Berlaimontlaan 14, 1000 Brussels, Belgium, under the Single Supervisory Mechanism and by the Belgian Financial Services and Markets Authority (FSMA) at Rue du Congrès/Congresstraat 12-14, 1000 Brussels, Belgium for conduct of business rules, and is a subsidiary of The Bank of New York Mellon.

 

The Bank of New York Mellon SA/NV operates in Ireland through its Dublin branch at Riverside II, Sir John Rogerson's Quay Grand Canal Dock, Dublin 2, D02KV60, Ireland and is registered with the Companies Registration Office in Ireland No. 907126 & with VAT No. IE 9578054E. The Bank of New York Mellon SA/NV, Dublin Branch is subject to limited additional regulation by the Central Bank of Ireland at New Wapping Street, North Wall Quay, Dublin 1, D01 F7X3, Ireland for conduct of business rules and registered with the Companies Registration Office in Ireland No. 907126 & with VAT No. IE 9578054E.

 

The Bank of New York Mellon SA/NV is trading in Germany through its Frankfurt branch “The Bank of New York Mellon SA/NV, Asset Servicing, Niederlassung Frankfurt am Main”, and has its registered office at MesseTurm, Friedrich-Ebert-Anlage 49, 60327 Frankfurt am Main, Germany. It is subject to limited additional supervision by the Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht, Marie-Curie-Str. 24-28, 60439 Frankfurt, Germany) under registration number 122721.

 

The Bank of New York Mellon SA/NV operates in the Netherlands through its Amsterdam branch at Strawinskylaan 337, WTC Building, Amsterdam, 1077 XX, the Netherlands. The Bank of New York Mellon SA/NV, Amsterdam Branch is subject to limited additional supervision by the Dutch Central Bank (“De Nederlandsche Bank” or “DNB”) on integrity issues only (registration number 34363596). DNB holds office at Westeinde 1, 1017 ZN Amsterdam, the Netherlands.

 

The Bank of New York Mellon SA/NV operates in Luxembourg  through its Luxembourg branch at 2-4 rue Eugene Ruppert, Vertigo Building – Polaris, L- 2453, Luxembourg. The Bank of New York Mellon SA/NV,  Luxembourg Branch is subject to limited additional regulation by the Commission de Surveillance du Secteur Financier at 283, route d’Arlon, L-1150 Luxembourg for conduct of business rules, and in its role as UCITS/AIF depositary and central administration agent.

 

The Bank of New York Mellon SA/NV operates in France through its Paris branch at 7 Rue Scribe, Paris, Paris 75009, France. The Bank of New York Mellon SA/NV, Paris Branch is subject to limitted additional regulation by Secrétariat Général de l’Autorité de Contrôle Prudentiel at Première Direction du Contrôle de Banques (DCB 1), Service 2, 61, Rue Taitbout, 75436 Paris Cedex 09, France (registration number (SIREN) Nr. 538 228 420 RCS Paris - CIB 13733).

 

The Bank of New York Mellon SA/NV operates in Italy through its Milan branch at Via Mike Bongiorno no. 13, Diamantino building, 5th floor, Milan, 20124, Italy. The Bank of New York Mellon SA/NV, Milan Branch is subject to limiteed additional regulation by Banca d’Italia - Sede di Milano at Divisione Supervisione Banche, Via Cordusio no. 5, 20123 Milano, Italy (registration number 03351).

 

The Bank of New York Mellon SA/NV operates in Denmark as The Bank of New York Mellon SA/NV, Copenhagen Branch, filial af The Bank of New York Mellon SA/NV, Belgien, and has its registered office at Strandvejen 60/5, 2900 Hellerup, Denmark. It is subject to limited additional regulation by the Danish Financial Supervisory Authority (Finanstilsynet, Århusgade 110, 2100 København Ø).

 

The Bank of New York Mellon SA/NV operates in England through its London branch at 160 Queen Victoria Street, London EC4V 4LA, UK, registered in England and Wales with numbers FC029379 and BR014361.  The Bank of New York Mellon SA/NV, London branch is authorized by the ECB (address above) and subject to limited regulation by the FCA (address above) and the PRA (address above). 

 

Regulatory information in relation to the above BNY Mellon entities operating out of Europe can be accessed at the following website: https://www.bnymellon.com/RID

 

The Bank of New York Mellon, Singapore Branch, is subject to regulation by the Monetary Authority of Singapore. The Bank of New York Mellon, Hong Kong Branch (a branch of a banking corporation organized and existing under the laws of the State of New York with limited liability), is subject to regulation by the Hong Kong Monetary Authority and the Securities & Futures Commission of Hong Kong.

 

For recipients of this information located in Singapore: This material has not been reviewed by the Monetary Authority of Singapore.

 

For clients located in Australia

The Bank of New York Mellon is exempt from the requirement to hold, and does not hold, an Australian financial services license as issued by the Australian Securities and Investments Commission under the Corporations Act 2001 (Cth) in respect of the financial services provided by it to persons in Australia. The Bank of New York Mellon is regulated by the New York State Department of Financial Services and the US Federal Reserve under Chapter 2 of the Consolidated Laws, The Banking Law enacted April 16, 1914 in the State of New York, which differs from Australian laws.

 

The Bank of New York Mellon has various other branches in the Asia-Pacific Region which are subject to regulation by the relevant local regulator in that jurisdiction.

 

The Bank of New York Mellon Securities Company Japan Ltd, as intermediary for The Bank of New York Mellon.

 

The Bank of New York Mellon, DIFC Branch, regulated by the Dubai Financial Services Authority (“DFSA”) and located at DIFC, The Exchange Building 5 North, Level 6, Room 601, P.O. Box 506723, Dubai, UAE, on behalf of The Bank of New York Mellon, which is a wholly-owned subsidiary of The Bank of New York Mellon Corporation.

 

Past performance is not a guide to future performance of any instrument, transaction or financial structure and a loss of original capital may occur.  Calls and communications with BNY Mellon may be recorded, for regulatory and other reasons.

 

Disclosures in relation to certain other BNY Mellon group entities can be accessed at the following website: http://disclaimer.bnymellon.com/eu.htm.

 

This material is intended for wholesale/professional clients (or the equivalent only), is not intended for use by retail clients and no other person should act upon it. Persons who do not have professional experience in matters relating to investments should not rely on this material. BNY Mellon will only provide the relevant investment services to investment professionals. 

 

Not all products and services are offered in all countries.

 

This material, which may be considered advertising, is for general information purposes only and is not intended to provide legal, tax, accounting, investment, financial or other professional advice on any matter.  This material does not constitute a recommendation or advice by BNY Mellon of any kind. Use of our products and services is subject to various regulations and regulatory oversight. You should discuss this material with appropriate advisors in the context of your circumstances before acting in any manner on this material or agreeing to use any of the referenced products or services and make your own independent assessment (based on such advice) as to whether the referenced products or services are appropriate or suitable for you. This material may not be comprehensive or up to date and there is no undertaking as to the accuracy, timeliness, completeness or fitness for a particular purpose of information given. BNY Mellon will not be responsible for updating any information contained within this material and opinions and information contained herein are subject to change without notice. BNY Mellon assumes no direct or consequential liability for any errors in or reliance upon this material.

 

This material may not be distributed or used for the purpose of providing any referenced products or services or making any offers or solicitations in any jurisdiction or in any circumstances in which such products, services, offers or solicitations are unlawful or not authorized, or where there would be, by virtue of such distribution, new or additional registration requirements.

 

Any references to dollars are to US dollars unless specified otherwise.

 

This material may not be reproduced or disseminated in any form without the prior written permission of BNY Mellon. Trademarks, logos and other intellectual property marks belong to their respective owners.

 

The Bank of New York Mellon, member of the Federal Deposit Insurance Corporation (“FDIC”).

 

© 2021 The Bank of New York Mellon Corporation. All rights reserved.

 

 

BNY Mellon Markets

 

Product-Specific Disclaimers

 

Cross Markets. Money market fund shares are not a deposit or obligation of BNY Mellon.  Investments in money market funds are not insured, guaranteed, recommended or otherwise endorsed in any way by BNY Mellon, the Federal Deposit Insurance Corporation or any other government agency.  Securities instruments and services other than money market mutual funds and off-shore liquidity funds are offered by BNY Mellon Capital Markets, LLC and The Bank of New York Mellon, London Branch.

 

The terms of any products or services provided by BNY Mellon to a client, including without limitation any administrative, valuation, trade execution or other services shall be solely determined by the definitive agreement relating to such products or services. Any products or services provided by BNY Mellon shall not be deemed to have been provided as fiduciary or adviser except as expressly provided in such definitive agreement. BNY Mellon may enter into a foreign exchange transaction, derivative transaction or collateral arrangement as a counterparty to a client, and its rights as counterparty or secured party under the applicable transactional agreement or collateral arrangement shall take precedence over any obligation it may have as fiduciary or adviser or as service provider under any other agreement.

 

Investment in any floating rate instrument presents unique risks, including the discontinuation of the floating rate reference or any successors or fallbacks thereto. BNY Mellon does not guarantee and is not responsible for the availability or continued existence of a floating rate reference associated with any particular instrument. Before investing in any floating rate instrument, please evaluate the risks independently with your financial, tax and other advisors as you deem necessary.

 

Pursuant to Title VII of The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 and the applicable rules thereunder, The Bank of New York Mellon is provisionally registered as a swap dealer with the Commodity Futures Trading Commission and is a swap dealer member of the National Futures Association (NFA ID 0420990).

 

BNY Mellon (including its broker-dealer affiliates) may have long or short positions in any currency, derivative or instrument discussed herein. BNY Mellon has included data in this material from information generally available to the public from sources believed to be reliable. Any price or other data used for illustrative purposes may not reflect actual current conditions. No representations or warranties are made, and BNY Mellon assumes no liability, as to the suitability of any products and services described herein for any particular purpose or the accuracy or completeness of any information or data contained in this material.  Price and other data are subject to change at any time without notice.

 

Pershing Prime Services is a service of Pershing LLC, member FINRA, NYSE, SIPC, a wholly owned subsidiary of The Bank of New York Mellon Corporation (“BNY Mellon”).  Member of SIPC. Securities in your account protected up to $500,000. For details, please see www.sipc.org.

 

FOREIGN EXCHANGE

 

Pursuant to Title VII of The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 and the applicable rules thereunder, The Bank of New York Mellon is provisionally registered as a swap dealer with the Commodity Futures Trading Commission and is a swap dealer member of the National Futures Association (NFA ID 0420990).

 

BNY Mellon (including its broker-dealer affiliates) may have long or short positions in any currency, derivative or instrument discussed herein. BNY Mellon has included data in this material from information generally available to the public from sources believed to be reliable. Any price or other data used for illustrative purposes may not reflect actual current conditions. No representations or warranties are made, and BNY Mellon assumes no liability, as to the suitability of any products and services described herein for any particular purpose or the accuracy or completeness of any information or data contained in this material.  Price and other data are subject to change at any time without notice.

 

The Bank of New York Mellon SA/NV only provides its services outside of Hong Kong. Any transactions that are intermediated by The Bank of New York Mellon, Hong Kong Branch are carried on through The Bank of New York Mellon, Hong Kong Branch in compliance with the “dealing through” (or other) exemption, and not directly by The Bank of New York Mellon SA/NV.

 

Investment in any floating rate instrument presents unique risks, including the discontinuation of the floating rate reference or any successors or fallbacks thereto. BNY Mellon does not guarantee and is not responsible for the availability or continued existence of a floating rate reference associated with any particular instrument. Before investing in any floating rate instrument, please evaluate the risks independently with your financial, tax and other advisors as you deem necessary.

 

FX Rates. Neither BNY Mellon nor any other third party provider shall be liable for any errors in or delays in providing or making available the data (including rates, WM/Reuters Intra-Day Spot Rates and WM/Reuters Intra-Day Forward Rates) contained within this service or for any actions taken in reliance on the same, except to the extent that the same is directly caused by its or its employees’ negligence. The WM/Reuters Intra-Day Spot Rates and WM/Reuters Intra-Day Forward Rates are provided by The World Markets Company plc (“WM”) in conjunction with Reuters. WM shall not be liable for any errors in or delays in providing or making available the data contained within this service or for any actions taken in reliance on the same, except to the extent that the same is directly caused by its or its employees’ negligence.

 

 iFlow® / Currency Strategy Team Market Commentary. The products and services described herein may contain or include certain “forecast” statements that may reflect possible future events based on current expectations. Forecast statements are neither historical facts nor assurances of future performance. Forecast statements typically include, and are not limited to, words such as “anticipate”, “believe”, “estimate”, “expect”, “future”, “intend”, “likely”, “may”, “plan”, “project”, “should”, “will”, or other similar terminology and should NOT be relied upon as accurate indications of future performance or events. Because forecast statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict.

 

iFlow® is a registered trademark of The Bank of New York Mellon Corporation under the laws of the United States of America and other countries. iFlow captures select data flows from the firm’s base of assets under custody, as well as from its trading activity with non-custody clients, on an anonymized and aggregated basis.

 

This document is intended for private circulation.  Persons accessing, or reading, this material are required to inform themselves about and to observe any restrictions that apply to the distribution of this information in their jurisdiction.

 

FX Overlay / Currency Administration. FX Overlay is provided under and subject to the terms of a definitive agreement between BNY Mellon and the client. BNY Mellon exercises no investment discretion thereunder, but acts solely pursuant to the instructions in such agreement or otherwise provided by the client. Unless provided by definitive agreement, BNY Mellon is not an agent or fiduciary thereunder, and acts solely as principal in connection with related foreign exchange transactions.

 

SECURITIES FINANCE

 

Agency Securities Lending. Neither BNY Mellon nor any of its respective officers, employees or agents are, by virtue of providing the materials or information contained herein, acting as an adviser to any recipient (including a “municipal advisor” within the meaning of Section 15B of the Securities Exchange Act of 1934, as amended, “Section 15B”), do not owe a fiduciary duty to the recipient hereof pursuant to Section 15B or otherwise, and are acting only for their own interests.

 

COLLATERAL MANAGEMENT & SEGREGATION

 

Liquidity DIRECT. Money market fund shares are not a deposit or obligation of BNY Mellon.  Investments in money market funds are not insured, guaranteed, recommended or otherwise endorsed in any way by BNY Mellon, the Federal Deposit Insurance Corporation or any other government agency. Although a money market fund seeks to preserve the value of your investment at $1.00 per share, fund shares are subject to investment risk and your investment may lose value. Money market fund yield performance represents past performance, which is no guarantee of future results and investment returns will fluctuate. Before investing, investors should carefully consider the investment objectives, risks, charges, tax impact and expenses of the fund that are explained in each fund’s prospectus. The following factors, among many, could reduce any one fund’s income level and/or share price: interest rates could rise sharply, causing the value of the fund’s investments and its share price to drop; interest rates could drop, thereby reducing the fund’s yield; any of the fund’s holdings could have its credit rating downgraded or could default; and there are risks generally associated with concentrating investments in any one industry. Investments in instruments of non-U.S. issuers are subject to the risks of certain domestic events—such as political upheaval, financial troubles, nationalization (certain assets, entities or sectors) or natural disasters—that may weaken a country’s securities markets. Country risk may be especially high in emerging markets. Such investments may be affected by market risk on a global scale based on responses of certain foreign markets to markets of other countries or global market sectors. Foreign-currency denominated securities are subject to fluctuations in exchange rates that could have an adverse effect on the value or price of, or income derived from, the investment. Investments in foreign instruments are subject to the risk that the value of a foreign investment will decrease because of unfavorable changes in currency exchange rates.

 

Securities instruments and services other than money market mutual funds and off-shore liquidity funds are offered by BNY Mellon Capital Markets, LLC.

 

CAPITAL MARKETS

 

Services provided in the United States by BNY Mellon Capital Markets, LLC, member of FINRA, SIPC and a wholly owned subsidiary of The Bank of New York Mellon Corporation (“BNY Mellon”). Services provided in the United Kingdom by The Bank of New York Mellon, London Branch, a wholly owned subsidiary of BNY Mellon. [The Bank of New York Mellon is a banking corporation organized pursuant to the laws of the State of New York, whose registered office is at 240 Greenwich St, NY, NY 10286, USA. The Bank of New York Mellon is supervised and regulated by the New York State Department of Financial Services and the US Federal Reserve and is authorized by the PRA. The Bank of New York Mellon operates in the UK through its London branch (UK Companies House numbers FC005522 and BR000818) at One Canada Square, London E14 5AL and is subject to regulation by the FCA at 12 Endeavour Square, London, E20 1JN, UK and limited regulation by the PRA at Bank of England, Threadneedle St, London, EC2R 8AH, UK. Details about the extent of our regulation by the PRA are available from us on request. The Bank of New York Mellon’s Firm Reference Number is 122467. Pursuant to Title VII of The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 and the applicable rules thereunder, The Bank of New York Mellon is provisionally registered as a swap dealer with the Commodity Futures Trading Commission and is a swap dealer member of the National Futures Association (NFA ID 0420990).][1]Please contact your BNY Mellon representative for services available outside the United States and the United Kingdom.

 

PRIME BROKERAGE

 

Prime brokerage services are provided by Pershing LLC, a FINRA registered broker-dealer. Pershing Prime Services is a service of Pershing LLC, member FINRA, NYSE, SIPC, a wholly owned subsidiary of The Bank of New York Mellon Corporation (“BNY Mellon”). For professional use only. Not for distribution to the public. Securities in your account protected up to $500,000. For details, please see www.sipc.org.

 

Markets Sales and Trading Commentary Disclaimer

 

This commentary has been prepared by a member of the sales and/or trading department of The Bank of New York Mellon. This content does not constitute a research report and is not produced or distributed by BNY Mellon’s strategy department, by any research department or any registered research analysts. Any opinions expressed in this commentary are solely those of the author, who is a member of either a BNY Mellon FX Sales or Trading desk, and may differ from opinions expressed by BNY Mellon’s strategy department or any research department/registered research analysts. This material is not investment research or a research recommendation (as referred to in CFTC regulation 17 CEA Part 23.605, Art. 36(1) of the MiFID II Delegated Regulation and Recital 28 of the MiFID II Delegated Directive), and has not been prepared in accordance with legal requirements to promote the independence of research, including but not limited to, the prohibition on dealing ahead of dissemination of investment research. 

 

Commentary contained in this communication is not a recommendation with respect to, or solicitation or offer to buy or sell, any products or services, including but not limited to BNY Mellon stock, or to participate in any particular trading strategy, including in any jurisdiction where such an offer, solicitation or trading strategy may be contrary to permitted activity in such jurisdiction, and should not be construed as such.  This communication is marketing material, desk strategy and/or trader commentary for sophisticated investors and market professionals, and any information or statements contained herein are for general information and reference purposes only, and not intended for retail customer use.

 

This material is provided for information purposes only and does not bind BNY Mellon in any way. It is not intended as a recommendation (except to the extent it is an “investment recommendation” under MAR (as defined below)) or an offer or solicitation (except to the extent otherwise covered by U.S. Commodity Futures Trading Commission rules) for the purchase or sale of any security or financial instrument, or to enter into a transaction involving any financial instrument or trading strategy, or as a formal valuation of any transaction mentioned herein. Any pricing information provided is indicative only. BNY Mellon is not an advisor. Nothing in this material should be construed as investment, tax, legal, accounting, financial, regulatory or other professional advice (including within the meaning of Section 15B of the Securities Exchange Act of 1934) or as creating a fiduciary relationship.

 

Transactions involving securities, financial instruments and/or strategies mentioned herein may not be suitable for all clients. Clients are solely responsible for deciding whether any investment or transaction is suitable based upon respective investment goals, financial situations and risk-appetite. Clients should consider seeking independent professional advice to ascertain the investment, legal, tax, accounting, regulatory or other consequences before investing or transacting.

 

Variations in rates of exchange may have an adverse or beneficial effect on the value of investments or concepts referenced in materials provided by BNY Mellon personnel. Any analysis or forward-looking information provided is intended only to illustrate hypothetical results based on certain assumptions (which assumptions may or may not be specified), and actual events or conditions may differ from assumptions made in the materials provided; no result based upon reliance of any material is promised or guaranteed.

 

MAR Disclosure: This material is not, and is not intended to be, an “investment recommendation” as that term is defined in Article 3(1)(35) of the EU Market Abuse Regulation (“MAR”).

 

Research Disclosure: This material is not, and is not intended to be, a “research report”, “investment research” or “independent research” as may be defined in applicable laws and regulations worldwide. However, it may constitute “research” as defined in Recital 28 of the Commission Delegated Directive (EU) 2017/593.

 

Derivatives Disclosure: Where distribution of material is subject to the rules of the U.S. Commodity Futures Trading Commission (the “CFTC”), it shall be considered a “solicitation” of derivatives business generally, as such term is used within CFTC Rule 1.71 and 23.605, pursuant to the U.S. Commodity Exchange Act.

 

Options Disclosure: Structured securities, options, futures and other derivatives are complex instruments and may involve a high degree of risk. Before entering into any such transactions, we encourage clients to read and understand the Options Clearing Corporation’s Characteristics and Risks of Standardized Options, also known as the options disclosure document (ODD) available at: http://www.theocc.com/about/publications/character-risks.jsp

 

Exchange Traded Fund (“ETF”) Disclosure: Each U.S. registered ETF has filed a registration statement (including a prospectus) with the U.S. Securities and Exchange Commission. Each non-U.S. ETF will have its own offering documents as required by applicable law. No offer or sale of the ETFs described may be made except pursuant to the prospectus or offering documents, as applicable. The ETF’s prospectus and/or offering documents are available through the ETF issuer’s website; you should read these carefully before deciding to invest.

 

All market prices, data and other information (including that which may be derived from third party sources believed to be reliable) are not warranted as to completeness or accuracy, and are subject to change without notice. BNY Mellon disclaims any responsibility or liability to the fullest extent permitted by applicable law, whether in contract, tort (including, without limitation, negligence), equity or otherwise, for any loss or damage arising from any reliance on or the use of this material in any way. The contents may not be comprehensive or up to date and there is no undertaking as to the accuracy, timeliness, completeness or fitness for a particular purpose of information given.  BNY Mellon does not undertake any obligation to update such information.

 

BNY Mellon is not responsible for any third party website or website content (including, without limitation, any advertising appearing therein) which can be accessed through the website at www.bnymellon.com.  BNY Mellon may include links to other websites for information purposes only and makes no representation whatsoever about any such link, website or consent.

 

BNY Mellon may have positions, effect transactions or make markets in securities or financial instruments mentioned in materials provided, or in related instruments, or may otherwise provide advice to legal entities referenced in any commentary. BNY Mellon Sales and Trading personnel who prepare this material may be compensated based on trading activity. This material should not be relied upon as either objective or independent from the interests of BNY Mellon, or from its associated affiliates and personnel.

 

Securities, financial instruments or strategies referenced in materials may not be available in all jurisdictions or to all clients. Clients should contact their salespersons at, and execute transactions through, a BNY Mellon entity appropriately licensed in the client’s respective jurisdiction unless governing law permits otherwise. This material is provided on a confidential basis and may not be reproduced, redistributed or disseminated, in whole or in part, without the prior consent of BNY Mellon. This commentary may not be used for the purpose of providing any services or making any offers or solicitations in any jurisdiction or in any circumstances in which such products, services, offers or solicitations are unlawful or not authorized, or where there would be, by virtue of such distribution, new or additional registration requirements. Trademarks, product names, company names, logos and other intellectual property marks belong to their respective owners.

 

BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation and may be used as a generic term to reference the corporation as a whole and/or its various group entities. This material and any products and services may be issued or provided under various brand names of BNY Mellon in various countries by duly authorized and regulated subsidiaries, affiliates, and joint ventures of BNY Mellon, which may include any of those listed below:

 

The Bank of New York Mellon, a banking corporation organized pursuant to the laws of the State of New York, whose registered office is at 240 Greenwich St, NY, NY 10286, USA. The Bank of New York Mellon is supervised and regulated by the New York State Department of Financial Services and the US Federal Reserve and is authorized by the Prudential Regulation Authority (“PRA”) (Firm Reference Number: 122467).

 

The Bank of New York Mellon operates in the UK through its London branch (UK companies house numbers FC005522 and BR000818) at One Canada Square, London E14 5AL and is subject to regulation by the Financial Conduct Authority at 12 Endeavour Square, London, E20 1JN, UK and limited regulation by the Prudential Regulation Authority (“PRA”) at Bank of England, Threadneedle St, London, EC2R 8AH, UK. Details about the extent of our regulation by the PRA are available from us on request.

 

The Bank of New York Mellon SA/NV, a Belgian limited liability company, registered in the RPM Brussels with company number 0806.743.159, whose registered office is at 46 Rue Montoyerstraat, B-1000 Brussels, Belgium, authorized and regulated as a significant credit institution by the European Central Bank (“ECB”) at Sonnemannstrasse 20, 60314 Frankfurt am Main, Germany, and the National Bank of Belgium (“NBB”) at Boulevard de Berlaimont/de Berlaimontlaan 14, 1000 Brussels, Belgium, under the Single Supervisory Mechanism and by the Belgian Financial Services and Markets Authority (FSMA) at Rue du Congrès/Congresstraat 12-14, 1000 Brussels, Belgium for conduct of business rules, and is a subsidiary of The Bank of New York Mellon.

 

The Bank of New York Mellon SA/NV operates in Ireland through its Dublin branch at Riverside II, Sir John Rogerson's Quay Grand Canal Dock, Dublin 2, D02KV60, Ireland and is registered with the Companies Registration Office in Ireland No. 907126 & with VAT No. IE 9578054E. The Bank of New York Mellon SA/NV, Dublin Branch is subject to limited additional regulation by the Central Bank of Ireland at New Wapping Street, North Wall Quay, Dublin 1, D01 F7X3, Ireland for conduct of business rules and registered with the Companies Registration Office in Ireland No. 907126 & with VAT No. IE 9578054E.

 

The Bank of New York Mellon SA/NV is trading in Germany through its Frankfurt branch “The Bank of New York Mellon SA/NV, Asset Servicing, Niederlassung Frankfurt am Main”, and has its registered office at MesseTurm, Friedrich-Ebert-Anlage 49, 60327 Frankfurt am Main, Germany. It is subject to limited additional supervision by the Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht, Marie-Curie-Str. 24-28, 60439 Frankfurt, Germany) under registration number 122721.

 

The Bank of New York Mellon SA/NV operates in the Netherlands through its Amsterdam branch at Strawinskylaan 337, WTC Building, Amsterdam, 1077 XX, the Netherlands. The Bank of New York Mellon SA/NV, Amsterdam Branch is subject to limited additional supervision by the Dutch Central Bank (“De Nederlandsche Bank” or “DNB”) on integrity issues only (registration number 34363596). DNB holds office at Westeinde 1, 1017 ZN Amsterdam, the Netherlands.

 

The Bank of New York Mellon SA/NV operates in Luxembourg  through its Luxembourg branch at 2-4 rue Eugene Ruppert, Vertigo Building – Polaris, L- 2453, Luxembourg. The Bank of New York Mellon SA/NV,  Luxembourg Branch is subject to limited additional regulation by the Commission de Surveillance du Secteur Financier at 283, route d’Arlon, L-1150 Luxembourg for conduct of business rules, and in its role as UCITS/AIF depositary and central administration agent.

 

The Bank of New York Mellon SA/NV operates in France through its Paris branch at 7 Rue Scribe, Paris, Paris 75009, France. The Bank of New York Mellon SA/NV, Paris Branch is subject to limitted additional regulation by Secrétariat Général de l’Autorité de Contrôle Prudentiel at Première Direction du Contrôle de Banques (DCB 1), Service 2, 61, Rue Taitbout, 75436 Paris Cedex 09, France (registration number (SIREN) Nr. 538 228 420 RCS Paris - CIB 13733).

 

The Bank of New York Mellon SA/NV operates in Italy through its Milan branch at Via Mike Bongiorno no. 13, Diamantino building, 5th floor, Milan, 20124, Italy. The Bank of New York Mellon SA/NV, Milan Branch is subject to limiteed additional regulation by Banca d’Italia - Sede di Milano at Divisione Supervisione Banche, Via Cordusio no. 5, 20123 Milano, Italy (registration number 03351).

 

The Bank of New York Mellon SA/NV operates in Denmark as The Bank of New York Mellon SA/NV, Copenhagen Branch, filial af The Bank of New York Mellon SA/NV, Belgien, and has its registered office at Strandvejen 60/5, 2900 Hellerup, Denmark. It is subject to limited additional regulation by the Danish Financial Supervisory Authority (Finanstilsynet, Århusgade 110, 2100 København Ø).

 

The Bank of New York Mellon SA/NV operates in England through its London branch at 160 Queen Victoria Street, London EC4V 4LA, UK, registered in England and Wales with numbers FC029379 and BR014361.  The Bank of New York Mellon SA/NV, London branch is authorized by the ECB (address above) and subject to limited regulation by the FCA (address above) and the PRA (address above). 

 

Regulatory information in relation to the above BNY Mellon entities operating out of Europe can be accessed at the following website: https://www.bnymellon.com/RID.

 

The Bank of New York Mellon, Singapore Branch, is subject to regulation by the Monetary Authority of Singapore. The Bank of New York Mellon, Hong Kong Branch (a branch of a banking corporation organized and existing under the laws of the State of New York with limited liability), is subject to regulation by the Hong Kong Monetary Authority and the Securities & Futures Commission of Hong Kong.

 

For recipients of this information located in Singapore: This material has not been reviewed by the Monetary Authority of Singapore.

 

For clients located in Australia

 

The Bank of New York Mellon is exempt from the requirement to hold, and does not hold, an Australian financial services license as issued by the Australian Securities and Investments Commission under the Corporations Act 2001 (Cth) in respect of the financial services provided by it to persons in Australia. The Bank of New York Mellon is regulated by the New York State Department of Financial Services and the US Federal Reserve under Chapter 2 of the Consolidated Laws, The Banking Law enacted April 16, 1914 in the State of New York, which differs from Australian laws.

 

The Bank of New York Mellon has various other branches in the Asia-Pacific Region which are subject to regulation by the relevant local regulator in that jurisdiction.

 

The Bank of New York Mellon Securities Company Japan Ltd, as intermediary for The Bank of New York Mellon.

 

The Bank of New York Mellon, DIFC Branch, regulated by the Dubai Financial Services Authority (“DFSA”) and located at DIFC, The Exchange Building 5 North, Level 6, Room 601, P.O. Box 506723, Dubai, UAE, on behalf of The Bank of New York Mellon, which is a wholly-owned subsidiary of The Bank of New York Mellon Corporation.

 

Disclosures in relation to certain other BNY Mellon group entities can be accessed at the following website: http://disclaimer.bnymellon.com/eu.htm.

 

The Bank of New York Mellon, member of the Federal Deposit Insurance Corporation (“FDIC”).

 

© 2021 The Bank of New York Mellon Corporation. All rights reserved.

 

iFlow 2.0 Website Disclaimer

 

The content on this website has been prepared by members of the sales and/or trading department of The Bank of New York Mellon. The content on this website does not constitute a research report and is not produced or distributed by any strategy department, by any research department or any registered research analysts. Any opinions expressed in the commentary on this website are solely those of the author, who is a member of either a BNY Mellon FX Sales or Trading desk, and may differ from opinions expressed by BNY Mellon’s strategy department or any research department/registered research analysts. The material contained on this website is not investment research or a research recommendation (as referred to in CFTC regulation 17 CEA Part 23.605, Art. 36(1) of the MiFID II Delegated Regulation and Recital 28 of the MiFID II Delegated Directive), and has not been prepared in accordance with legal requirements to promote the independence of research, including but not limited to, the prohibition on dealing ahead of dissemination of investment research. 

 

Commentary contained on this website is not a recommendation with respect to, or solicitation or offer to buy or sell, any products or services, including but not limited to BNY Mellon stock, or to participate in any particular trading strategy, including in any jurisdiction where such an offer, solicitation or trading strategy may be contrary to permitted activity in such jurisdiction, and should not be construed as such.  The content on this website is marketing material, desk strategy and/or trader commentary for sophisticated investors and market professionals, and any information or statements contained herein are for general information and reference purposes only, and not intended for retail customer use.

 

The material provided on this website is provided for information purposes only and does not bind BNY Mellon in any way. It is not intended as a recommendation (except to the extent it is an “investment recommendation” under MAR (as defined below)) or an offer or solicitation (except to the extent otherwise covered by U.S. Commodity Futures Trading Commission rules) for the purchase or sale of any security or financial instrument, or to enter into a transaction involving any financial instrument or trading strategy, or as a formal valuation of any transaction mentioned herein. Any pricing information provided is indicative only. BNY Mellon is not an advisor. Nothing on this website should be construed as investment, tax, legal, accounting, financial, regulatory or other professional advice (including within the meaning of Section 15B of the Securities Exchange Act of 1934) or as creating a fiduciary relationship.

 

Transactions involving securities, financial instruments and/or strategies mentioned herein may not be suitable for all clients. Clients are solely responsible for deciding whether any investment or transaction is suitable based upon respective investment goals, financial situations and risk-appetite. Clients should consider seeking independent professional advice to ascertain the investment, legal, tax, accounting, regulatory or other consequences before investing or transacting.

 

Variations in rates of exchange may have an adverse or beneficial effect on the value of investments or concepts referenced in materials provided by BNY Mellon personnel. Any analysis or forward-looking information provided is intended only to illustrate hypothetical results based on certain assumptions (which assumptions may or may not be specified), and actual events or conditions may differ from assumptions made in the materials provided; no result based upon reliance of any material is promised or guaranteed.

 

MAR Disclosure: The material contained on this website is not, and is not intended to be, an “investment recommendation” as that term is defined in Article 3(1)(35) of the EU Market Abuse Regulation (“MAR”).

 

Research Disclosure: The material contained on this website is not, and is not intended to be, a “research report”, “investment research” or “independent research” as may be defined in applicable laws and regulations worldwide. However, it may constitute “research” as defined in Recital 28 of the Commission Delegated Directive (EU) 2017/593.

 

Derivatives Disclosure: Where distribution of material contained on this website is subject to the rules of the U.S. Commodity Futures Trading Commission (the “CFTC”), it shall be considered a “solicitation” of derivatives business generally, as such term is used within CFTC Rule 1.71 and 23.605, pursuant to the U.S. Commodity Exchange Act.

 

Options Disclosure: Structured securities, options, futures and other derivatives are complex instruments and may involve a high degree of risk. Before entering into any such transactions, we encourage clients to read and understand the Options Clearing Corporation’s Characteristics and Risks of Standardized Options, also known as the options disclosure document (ODD) available at: http://www.theocc.com/about/publications/character-risks.jsp

 

Exchange Traded Fund (“ETF”) Disclosure: Each U.S. registered ETF has filed a registration statement (including a prospectus) with the U.S. Securities and Exchange Commission. Each non-U.S. ETF will have its own offering documents as required by applicable law. No offer or sale of the ETFs described may be made except pursuant to the prospectus or offering documents, as applicable. The ETF’s prospectus and/or offering documents are available through the ETF issuer’s website; you should read these carefully before deciding to invest.

 

All market prices, data and other information (including that which may be derived from third party sources believed to be reliable) are not warranted as to completeness or accuracy, and are subject to change without notice. BNY Mellon disclaims any responsibility or liability to the fullest extent permitted by applicable law, whether in contract, tort (including, without limitation, negligence), equity or otherwise, for any loss or damage arising from any reliance on or the use of this material in any way. The contents may not be comprehensive or up to date and there is no undertaking as to the accuracy, timeliness, completeness or fitness for a particular purpose of information given.  BNY Mellon does not undertake any obligation to update such information.

 

BNY Mellon is not responsible for any third party website or website content (including, without limitation, any advertising appearing therein) which can be accessed through the website at www.bnymellon.com.  BNY Mellon may include links to other websites for information purposes only and makes no representation whatsoever about any such link, website or consent.

 

BNY Mellon may have positions, effect transactions or make markets in securities or financial instruments mentioned in materials provided, or in related instruments, or may otherwise provide advice to legal entities referenced in any commentary. BNY Mellon Sales and Trading personnel who prepare the material contained on this website may be compensated based on trading activity. The material contained on this website should not be relied upon as either objective or independent from the interests of BNY Mellon, or from its associated affiliates and personnel.

 

Securities, financial instruments or strategies referenced in material contained on this website may not be available in all jurisdictions or to all clients. Clients should contact their salespersons at, and execute transactions through, a BNY Mellon entity appropriately licensed in the client’s respective jurisdiction unless governing law permits otherwise. The material contained on this website is provided on a confidential basis and may not be reproduced, redistributed or disseminated, in whole or in part, without the prior consent of BNY Mellon. The commentary contained on this website may not be used for the purpose of providing any services or making any offers or solicitations in any jurisdiction or in any circumstances in which such products, services, offers or solicitations are unlawful or not authorized, or where there would be, by virtue of such distribution, new or additional registration requirements. Trademarks, product names, company names, logos and other intellectual property marks belong to their respective owners.

 

BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation and may be used as a generic term to reference the corporation as a whole and/or its various group entities. This material and any products and services may be issued or provided under various brand names of BNY Mellon in various countries by duly authorized and regulated subsidiaries, affiliates, and joint ventures of BNY Mellon, which may include any of those listed below:

 

The Bank of New York Mellon, a banking corporation organized pursuant to the laws of the State of New York, whose registered office is at 240 Greenwich St, NY, NY 10286, USA. The Bank of New York Mellon is supervised and regulated by the New York State Department of Financial Services and the US Federal Reserve and is authorized by the Prudential Regulation Authority (“PRA”) (Firm Reference Number: 122467).

 

The Bank of New York Mellon operates in the UK through its London branch (UK companies house numbers FC005522 and BR000818) at One Canada Square, London E14 5AL and is subject to regulation by the Financial Conduct Authority at 12 Endeavour Square, London, E20 1JN, UK and limited regulation by the Prudential Regulation Authority (“PRA”) at Bank of England, Threadneedle St, London, EC2R 8AH, UK. Details about the extent of our regulation by the PRA are available from us on request.

 

The Bank of New York Mellon SA/NV, a Belgian limited liability company, registered in the RPM Brussels with company number 0806.743.159, whose registered office is at 46 Rue Montoyerstraat, B-1000 Brussels, Belgium, authorized and regulated as a significant credit institution by the European Central Bank (“ECB”) at Sonnemannstrasse 20, 60314 Frankfurt am Main, Germany, and the National Bank of Belgium (“NBB”) at Boulevard de Berlaimont/de Berlaimontlaan 14, 1000 Brussels, Belgium, under the Single Supervisory Mechanism and by the Belgian Financial Services and Markets Authority (FSMA) at Rue du Congrès/Congresstraat 12-14, 1000 Brussels, Belgium for conduct of business rules, and is a subsidiary of The Bank of New York Mellon.

 

The Bank of New York Mellon SA/NV operates in Ireland through its Dublin branch at Riverside II, Sir John Rogerson's Quay Grand Canal Dock, Dublin 2, D02KV60, Ireland and is registered with the Companies Registration Office in Ireland No. 907126 & with VAT No. IE 9578054E. The Bank of New York Mellon SA/NV, Dublin Branch is subject to limited additional regulation by the Central Bank of Ireland at New Wapping Street, North Wall Quay, Dublin 1, D01 F7X3, Ireland for conduct of business rules and registered with the Companies Registration Office in Ireland No. 907126 & with VAT No. IE 9578054E.

 

The Bank of New York Mellon SA/NV is trading in Germany through its Frankfurt branch “The Bank of New York Mellon SA/NV, Asset Servicing, Niederlassung Frankfurt am Main”, and has its registered office at MesseTurm, Friedrich-Ebert-Anlage 49, 60327 Frankfurt am Main, Germany. It is subject to limited additional supervision by the Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht, Marie-Curie-Str. 24-28, 60439 Frankfurt, Germany) under registration number 122721.

 

The Bank of New York Mellon SA/NV operates in the Netherlands through its Amsterdam branch at Strawinskylaan 337, WTC Building, Amsterdam, 1077 XX, the Netherlands. The Bank of New York Mellon SA/NV, Amsterdam Branch is subject to limited additional supervision by the Dutch Central Bank (“De Nederlandsche Bank” or “DNB”) on integrity issues only (registration number 34363596). DNB holds office at Westeinde 1, 1017 ZN Amsterdam, the Netherlands.

 

The Bank of New York Mellon SA/NV operates in Luxembourg  through its Luxembourg branch at 2-4 rue Eugene Ruppert, Vertigo Building – Polaris, L- 2453, Luxembourg. The Bank of New York Mellon SA/NV,  Luxembourg Branch is subject to limited additional regulation by the Commission de Surveillance du Secteur Financier at 283, route d’Arlon, L-1150 Luxembourg for conduct of business rules, and in its role as UCITS/AIF depositary and central administration agent.

 

The Bank of New York Mellon SA/NV operates in France through its Paris branch at 7 Rue Scribe, Paris, Paris 75009, France. The Bank of New York Mellon SA/NV, Paris Branch is subject to limitted additional regulation by Secrétariat Général de l’Autorité de Contrôle Prudentiel at Première Direction du Contrôle de Banques (DCB 1), Service 2, 61, Rue Taitbout, 75436 Paris Cedex 09, France (registration number (SIREN) Nr. 538 228 420 RCS Paris - CIB 13733).

 

The Bank of New York Mellon SA/NV operates in Italy through its Milan branch at Via Mike Bongiorno no. 13, Diamantino building, 5th floor, Milan, 20124, Italy. The Bank of New York Mellon SA/NV, Milan Branch is subject to limiteed additional regulation by Banca d’Italia - Sede di Milano at Divisione Supervisione Banche, Via Cordusio no. 5, 20123 Milano, Italy (registration number 03351).

 

The Bank of New York Mellon SA/NV operates in Denmark as The Bank of New York Mellon SA/NV, Copenhagen Branch, filial af The Bank of New York Mellon SA/NV, Belgien, and has its registered office at Strandvejen 60/5, 2900 Hellerup, Denmark. It is subject to limited additional regulation by the Danish Financial Supervisory Authority (Finanstilsynet, Århusgade 110, 2100 København Ø).

 

The Bank of New York Mellon SA/NV operates in England through its London branch at 160 Queen Victoria Street, London EC4V 4LA, UK, registered in England and Wales with numbers FC029379 and BR014361.  The Bank of New York Mellon SA/NV, London branch is authorized by the ECB (address above) and subject to limited regulation by the FCA (address above) and the PRA (address above). 

 

Regulatory information in relation to the above BNY Mellon entities operating out of Europe can be accessed at the following website: https://www.bnymellon.com/RID.

 

The Bank of New York Mellon, Singapore Branch, is subject to regulation by the Monetary Authority of Singapore. The Bank of New York Mellon, Hong Kong Branch (a branch of a banking corporation organized and existing under the laws of the State of New York with limited liability), is subject to regulation by the Hong Kong Monetary Authority and the Securities & Futures Commission of Hong Kong.

 

For recipients of this information located in Singapore: This material has not been reviewed by the Monetary Authority of Singapore.

 

For clients located in Australia

 

The Bank of New York Mellon is exempt from the requirement to hold, and does not hold, an Australian financial services license as issued by the Australian Securities and Investments Commission under the Corporations Act 2001 (Cth) in respect of the financial services provided by it to persons in Australia. The Bank of New York Mellon is regulated by the New York State Department of Financial Services and the US Federal Reserve under Chapter 2 of the Consolidated Laws, The Banking Law enacted April 16, 1914 in the State of New York, which differs from Australian laws.

 

The Bank of New York Mellon has various other branches in the Asia-Pacific Region which are subject to regulation by the relevant local regulator in that jurisdiction.

 

The Bank of New York Mellon Securities Company Japan Ltd, as intermediary for The Bank of New York Mellon.

 

The Bank of New York Mellon, DIFC Branch, regulated by the Dubai Financial Services Authority (“DFSA”) and located at DIFC, The Exchange Building 5 North, Level 6, Room 601, P.O. Box 506723, Dubai, UAE, on behalf of The Bank of New York Mellon, which is a wholly-owned subsidiary of The Bank of New York Mellon Corporation.

 

iFlow® is a registered trademark of The Bank of New York Mellon Corporation under the laws of the United States of America and other countries. iFlow captures select data flows from the firm’s base of assets under custody, as well as from its trading activity with non-custody clients, on an anonymized and aggregated basis.

 

Disclosures in relation to certain other BNY Mellon group entities can be accessed at the following website: http://disclaimer.bnymellon.com/eu.htm.

 

The Bank of New York Mellon, member of the Federal Deposit Insurance Corporation (“FDIC”).

 

© 2021 The Bank of New York Mellon Corporation. All rights reserved.


 

BNY Mellon Markets

 

BNY Mellon Capital Markets, LLC

 
General Disclosure

 

BNY Mellon Capital Markets, LLC (“Capital Markets”) is a full service registered broker-dealer and an indirect wholly owned non-bank subsidiary of The Bank of New York Mellon Corporation (“BNY Mellon”). BNY Mellon and its affiliates lend and provide other products and services to issuers and others, and provide and receive related fees and compensation. Capital Markets is a member of FINRA and SIPC, which protects securities customers of its members up to $500,000 (including $250,000 for claims for cash). Explanatory brochure available upon request or at www.sipc.org. SIPC does not protect against loss due to market fluctuation. SIPC protection is not the same as, and should not be confused with, FDIC insurance.

 

This material is for reference purposes only and not intended to be a recommendation with respect to, or solicitation or offer to buy or sell, any particular financial instrument, including but not limited to BNY Mellon stock, or to participate in any particular trading strategy and is not tax, legal, investment or accounting advice. Nor is it an offer or solicitation in any jurisdiction in which such an offer or solicitation would be illegal.   Capital Markets does not make representations as to the actual value to be received in connection with a transaction. Although information is from sources believed reliable, there is no undertaking as to accuracy and opinions and information contained herein are subject to change without notice. Difficulties in the mortgage and broader credit markets have led to a substantial decrease in the availability of credit. The extent and duration of any future continued weakening of U.S. and global credit and financial markets, higher costs of borrowing, and disruptions in debt and equity markets potentially make it more difficult to liquidate an investment, or determine the impact, if any, on the performance and prospects of particular issuers or securities. A client should not enter into any transactions unless it has fully understood all risks and that not all investments will be suitable, and has independently determined that such transactions are appropriate, for the client. Prices may fluctuate and it is possible that such fluctuations may be substantial in response to many factors including, without limitation, general market and market sector conditions, U.S. and global, in addition to company specific conditions. Past performance is not a guide to future performance of any instrument, transaction or financial structure, and a loss of original capital may occur.

 

©2021 BNY Mellon Capital Markets, LLC.  All rights reserved.  Trademarks, service marks and logos are the property of their respective owners.

 

Securities Products: Not FDIC-Insured – Subject to Loss in Value – Not a Deposit of or Guaranteed by a Bank or any Bank Affiliate.

 

DISCLOSURES

 

FINANCIAL INFORMATION

 

 

DISCLOSURES

 

 

BNY Mellon Markets

 

BNY Mellon Capital Markets, LLC

 

Product-Specific Disclosures
 

Fixed Income Securities. Fixed income investments, including municipal bonds, are subject to various risks including changes in interest rates, call features, credit quality, possible default, difficulty in market valuations, liquidity, prepayments, early redemption, tax ramifications, inflation and other factors.

 

Floating Rates. Investment in any floating rate instrument presents unique risks, including the discontinuation of the floating rate reference or any successors or fallbacks thereto. Capital Markets does not guarantee and is not responsible for the availability or continued existence of a floating rate reference associated with any particular instrument. Before investing in any floating rate instrument, please evaluate the risks independently with your financial, tax and other advisors as you deem necessary.

 

Treasury and Government Agency Obligations. Not all obligations of the U.S. government or its agencies and instrumentalities are backed by the full faith and credit of the U.S. Treasury. In addition, if not held to maturity, prices will rise and fall on interest rate movements in response to economic conditions.

Corporate Debt.  Corporate debt securities are subject to risks including, but not limited to: early call or redemption risk, reinvestment risk, interest rate risk, credit risk, event risk, sector risk or market risk.

 

Commercial Paper. Commercial paper, an unsecured, short-term debt instrument, is not usually backed by any form of collateral, and although there may be back up lines of credit or back up liquidity, may still be subject to default by the issuer.

 

Certificates of Deposit. Certificates of Deposit are most suitable for holding until maturity. Early withdrawal of any CD may not be available and may be subject to applicable penalties.

 

CDs: Limits on FDIC insurance. If you have or will have money on deposit (such as a savings account) at the same insured institution that issues the CDs, the total value of your deposit accounts could exceed the amount of FDIC insurance to which your deposits (including CDs) are entitled.

 

Yankee CDs/No FDIC Insurance. Yankee CDs are not FDIC insured in whole or in part.

 

Money Market Mutual Funds and Ultra Short Bond Funds. Money market funds generally only invest in certain high-quality, short-term investments issued by the U.S. government, U.S. corporations and state and local governments and are subject to strict diversification and maturity standards. Ultra-short bond funds are not subject to these requirements. The net asset value (NAV) of an ultra-short bond fund will fluctuate, while money market funds seek to maintain a stable NAV of $1 per share, although there is no guarantee that they will achieve this goal.

 

Not acting as Municipal Advisor, Financial Advisor or Fiduciary: Capital Markets is providing the information contained in this document for discussion purposes only in anticipation of serving as an Underwriter, Broker-Dealer, CP Dealer or Remarketing Agent to the addressee and is not recommending any action to the addressee.  The primary role of Capital Markets, as Underwriter, is to sell and purchase securities, as applicable, to and from investors, in arm's length commercial transactions; Capital Markets has financial and other interests that differ from those of the addressee.  As such, Capital Markets is not acting as a municipal advisor, financial advisor or fiduciary to the addressee or any other person or entity in connection with the information provided.  The information provided is not intended to be and should not be construed as "advice" within the meaning of Section 15B of the Securities Exchange Act of 1934 or the rules thereunder.  The addressee should consult with its own financial and/or municipal, legal, accounting, tax and other advisors, as applicable, to the extent it deems appropriate.  If the addressee would like a municipal advisor in a transaction that has legal fiduciary duties to the addressee, then the addressee is free to engage a municipal advisor to serve in that capacity.  Notwithstanding the foregoing, Capital Markets is registered as a municipal advisor and may, from time to time, act as a municipal advisor with respect to municipal issuers and their investments.  Issuers should contact their Capital Markets representative to discuss an engagement with Capital Markets as a municipal advisor.

 

Mutual Funds. Before investing in mutual funds, it is important to understand the sales charges, expenses, and management fees that you will be charged, as well as any available volume-based breakpoint discounts, and whether the mutual fund's investment strategy is compatible with your investment objectives.

 

Equity Securities. Prices may fluctuate and it is possible that such fluctuations may be substantial in response to many factors including, without limitation, general market and market sector conditions, U.S. and global, in addition to company specific conditions.  Dividends are not guaranteed and are subject to change or elimination.

 

Exchange-Traded Funds (ETFs). ETFs generally represent an interest in a portfolio of securities and/or commodities, subjecting the investor to a substantial loss in principal and income due to market risk, interest rate risk, liquidity risk, currency exchange risk, and risks specific to a particular sector.

 

Options. Options carry a high level of risk and are not suitable for all investors. An option holder may lose the entire amount paid for the option in a relatively short period of time and an options writer may incur significant loss if the price of the underlying interest declines.

 

Investment Banking and Public Finance. The Company should discuss any financial instrument offering, engagement, or relationship with its own counsel and financial advisors. Capital Markets does not provide tax, legal, or accounting advice, and any information provided by Capital Markets does not include the legal, tax or accounting effects of consummating any transaction.

 

No Tax, Legal or Accounting Advice. Capital Markets does not provide tax, legal, or accounting advice. You should independently and carefully consider whether any information or investment instruments are suitable for your particular investment objectives and financial position and, if you believe it appropriate, seek professional advice, including tax, legal and accounting advice.

 

Past performance is not indicative of nor a guarantee of future performance and a loss of original capital may occur. You should not enter into any transactions unless you have fully understood all risks, that not all investments will be suitable, and you have independently determined that such transactions are appropriate, for you. Investing in securities involves risk, including loss of the principal amount invested. Additional information is provided on FINRA's Web site at http://www.finra.org/Investors/ProtectYourself/index.htm.

 

Mortgage Backed Securities (MBS).  Potential issuers of securities should discuss any financial instrument offering, engagement, or relationship with their own counsel and financial advisors.  Beginning in the second half of 2007, difficulties in the mortgage and broader credit markets led to a substantial decrease in the availability of credit.  As a result, U.S., European and global credit and financial markets in general have been, and are, experiencing difficulties.  The extent and duration of any future continued weakening of these markets, higher costs of borrowing, and disruptions in debt and equity markets may potentially make it more difficult to issue a financial instrument, exit an investment or define the impact, if any, on the performance and prospects of particular issuers or securities.  There can be no assurance that any of the governmental or private sector initiatives designed to strengthen the condition of the credit markets will be successful, and there is no way to know the effect that these initiatives will have on the performance of any particular securities or issuers.


Only GNMA is backed by the full faith and credit of the U.S. Government.  Securities issued by Fannie Mae, Freddie Mac and MBS in general have recently experienced volatility and other increased risks due to homeowner defaults and severe problems in the housing market.

 

Structured products are not suitable for all investors.    Structured Products are subject to special risks and considerations.  All relevant offering documents including, but not limited to, term sheets and prospectuses should be consulted and understood prior to investing. Investors should understand characteristics, risks, and potential rewards.  Investors should contact their own accounting, tax or legal advisors to review the suitability of any investment.

 

Securities Direct®. Securities Direct® is the registered trademark of The Bank of New York Mellon Corporation.

 

 

BNY Mellon Markets

 

*This information is not intended for clients or prospects in the U.S., Canada, APAC and South America. The information in this webpage is designed exclusively for, and directed at, clients and prospects in Europe only, and no representation is made as to its legality in respect of any other market.



 

Markets

 

Discover Why Collateral Is the New Performance Driver

 

PwC

 

The information in this report was prepared by PricewaterhouseCoopers LLP (PwC) as commissioned by Bank of New York Mellon. This publication has been prepared for general guidance on matters of interest only, and does not constitute professional advice.

 

PwC has exercised reasonable care in the collecting, processing, and reporting of this information but has not independently verified, validated, or audited the data to verify the accuracy or completeness of the information. PwC gives no express or implied warranties, including but not limited to any warranties of merchantability or fitness for a particular purpose or use and shall not be liable to any entity or person using this document, or have any liability with respect to this document. This report is for general purposes only, and is not a substitute for consultation with professional advisors.

 

© 2017 The Bank of New York Mellon Corporation. All rights reserved.

 

PwC refers to the PwC network and/or one or more of its member firms, each of which is a separate legal entity. Please see www.pwc.com/structure for further details. At PwC, our purpose is to build trust in society and solve important problems. We’re a network of firms in 157 countries with more than 208,000 people who are committed to delivering quality in assurance, advisory and tax services. Find out more and tell us what matters to you by visiting us at www.pwc.com.

 

BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation and may be used as a generic term to reference the corporation as a whole and/or its various subsidiaries generally. This material and any products and services may be issued or provided under various brand names in various countries by duly authorized and regulated subsidiaries, affiliates, and joint ventures of BNY Mellon, which may include any of the following. The Bank of New York Mellon, at 240 Greenwich Street, NY, NY 10286, USA, a banking corporation organized pursuant to the laws of the State of New York, and operating in England through its branch at One Canada Square, London E14 5AL, UK, registered in England and Wales with numbers FC005522 and BR000818. The Bank of New York Mellon is supervised and regulated by the New York State Department of Financial Services and the US Federal Reserve and authorized by the Prudential Regulation Authority. The Bank of New York Mellon, London Branch is subject to regulation by the Financial Conduct Authority and limited regulation by the Prudential Regulation Authority. Details about the extent of our regulation by the Prudential Regulation Authority are available from us on request. The Bank of New York Mellon SA/NV, a Belgian public limited liability company, with company number 0806.743.159, whose registered office is at 46 Rue Montoyerstraat, B-1000 Brussels, Belgium, authorized and regulated as a significant credit institution by the European Central Bank (ECB), under the prudential supervision of the National Bank of Belgium (NBB) and under the supervision of the Belgian Financial Services and Markets Authority (FSMA) for conduct of business rules, and a subsidiary of The Bank of New York Mellon. The Bank of New York Mellon SA/NV operates in England through its branch at 160 Queen Victoria Street, London EC4V 4LA, UK, registered in England and Wales with numbers FC029379 and BR014361. The Bank of New York Mellon SA/NV (London Branch) is authorized by the ECB and subject to limited regulation by the Financial Conduct Authority and thePrudential Regulation Authority. Details about the extent of our regulation by the Financial Conduct Authority and Prudential Regulation Authority are available from us on request. The Bank of New York Mellon SA/NV operating in Ireland through its branch at 4th Floor Hanover Building, Windmill Lane, Dublin 2, Ireland trading as The Bank of New York Mellon SA/NV, Dublin Branch, is authorised by the ECB and is registered with the Companies Registration Office in Ireland No. 907126 & with VAT No. IE 9578054E. The Bank of New York Mellon, Singapore Branch, subject to regulation by the Monetary Authority of Singapore. The Bank of New York Mellon, Hong Kong Branch, subject to regulation by the Hong Kong Monetary Authority and the Securities & Futures Commission of Hong Kong. If this material is distributed in Japan, it is distributed by The Bank of New York Mellon Securities Company Japan Ltd, as intermediary for The Bank of New York Mellon. If this material is distributed in, or from, the Dubai International Financial Centre ("DIFC"), it is communicated by The Bank of New York Mellon, DIFC Branch, regulated by the DFSA and located at DIFC, The Exchange Building 5 North, Level 6, Room 601, P.O. Box 506723, Dubai, UAE, on behalf of The Bank of New York Mellon, which is a wholly-owned subsidiary of The Bank of New York Mellon Corporation. This material is intended for Professional Clients only and no other person should act upon it. Not all products and services are offered in all countries.

 

The information contained in this material is intended for use by wholesale/professional clients or the equivalent only and is not intended for use by retail clients. If distributed in the UK, this material is a financial promotion.

 

This material, which may be considered advertising, is for general information purposes only and is not intended to provide legal, tax, accounting, investment, financial or other professional advice on any matter. This material does not constitute a recommendation by BNY Mellon of any kind. Use of our products and services is subject to various regulations and regulatory oversight. You should discuss this material with appropriate advisors in the context of your circumstances before acting in any manner on this material or agreeing to use any of the referenced products or services and make your own independent assessment (based on such advice) as to whether the referenced products or services are appropriate or suitable for you. This material may not be comprehensive or up to date and there is no undertaking as to the accuracy, timeliness, completeness or fitness for a particular purpose of information given. BNY Mellon will not be responsible for updating any information contained within this material and opinions and information contained herein are subject to change without notice. BNY Mellon assumes no direct or consequential liability for any errors in or reliance upon this material.

 

This material may not be distributed or used for the purpose of providing any referenced products or services or making any offers or solicitations in any jurisdiction or in any circumstances in which such products, services, offers or solicitations are unlawful or not authorized, or where there would be, by virtue of such distribution, new or additional registration requirements.

 

Money market fund shares are not a deposit or obligation of BNY Mellon. Investments in money market funds are not insured, guaranteed, recommended or otherwise endorsed in any way by BNY Mellon, the Federal Deposit Insurance Corporation or any other government agency. Securities instruments and services other than money market mutual funds and off-shore liquidity funds are offered by BNY Mellon Capital Markets, LLC.

 

The terms of any products or services provided by BNY Mellon to a client, including without limitation any administrative, valuation, trade execution or other services shall be solely determined by the definitive agreement relating to such products or services. Any products or services provided by BNY Mellon shall not be deemed to have been provided as fiduciary or adviser except as expressly provided in such definitive agreement. BNY Mellon may enter into a foreign exchange transaction, derivative transaction or collateral arrangement as a counterparty to a client, and its rights as counterparty or secured party under the applicable transactional agreement or collateral arrangement shall take precedence over any obligation it may have as fiduciary or adviser or as service provider under any other agreement.

 

Pursuant to Title VII of The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 and the applicable rules thereunder, The Bank of New York Mellon is provisionally registered as a swap dealer with the Commodity Futures Trading Commission ("CFTC") and is a swap dealer member of the National Futures Association (NFA ID 0420990).

 

BNY Mellon (including its broker-dealer affiliates) may have long or short positions in any currency, derivative or instrument discussed herein. BNY Mellon has included data in this material from information generally available to the public from sources believed to be reliable. Any price or other data used for illustrative purposes may not reflect actual current conditions. No representations or warranties are made, and BNY Mellon assumes no liability, as to the suitability of any products and services described herein for any particular purpose or the accuracy or completeness of any information or data contained in this material. Price and other data are subject to change at any time without notice.

 

Pershing Prime Services is a service of Pershing LLC, member FINRA, NYSE, SIPC, a wholly owned subsidiary of The Bank of New York Mellon Corporation (BNY Mellon). Member of SIPC. Securities in your account protected up to $500,000. For details, please see www.sipc.org

 

All references to dollars are in US dollars unless specified otherwise.

 

This material may not be reproduced or disseminated in any form without the prior written permission of BNY Mellon. Trademarks, logos and other intellectual property marks belong to their respective owners.

 

The Bank of New York Mellon, member FDIC.

 

© 2018 The Bank of New York Mellon Corporation. All rights reserved.

 

People Report

 

BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation and may be used as a generic term to reference the corporation as a whole and/or its various subsidiaries generally. This material and any products and services may be issued or provided under various brand names in various countries by duly authorized and regulated subsidiaries, affiliates, and joint ventures of BNY Mellon. Not all products and services are offered in all countries. This material may not be comprehensive or up-to-date and there is no undertaking as to the accuracy, timeliness, completeness or fitness for a particular purpose of information given. BNY Mellon will not be responsible for updating any information contained within this material and opinions and information contained herein are subject to change without notice. BNY Mellon assumes no direct or consequential liability for any errors in or reliance upon this material.

 

Dedicated Managed Accounts may not negate risks.

 

A dedicated managed account is a vehicle managed independently from a hedge fund manager’s commingled fund and customized to the specific needs of the investor. No representation is made that any Dedicated Managed Account’s investment process, objectives, goals or risk management techniques will or are likely to be achieved or be successful. The risks of investing in hedge fund strategies will not be negated or even mitigated by HedgeMark’s platform, analytic tools, compliance policies or monitoring and no assurance is given that any Dedicated Managed Account will not be exposed to risks of significant trading losses. A Dedicated Managed Account may involve a complex tax structure, which should be reviewed carefully. Fees and expenses may be substantial regardless of any positive return, and may offset the account's trading profits. HedgeMark does not provide legal, tax or financial advice and does not perform due diligence or act in a portfolio management role on behalf of any client. Each client (either alone or with its professional advisors) is solely responsible for its own due diligence, risk assessment and tolerance, investment objectives, any decision to invest in a Dedicated Managed Account, and monitoring of its investment for purposes of determining whether it wishes to remain invested in such product and whether such product continues to be appropriate for its circumstances and requirements.

 

HedgeMark Advisors, LLC is an SEC-registered investment adviser. HedgeMark Advisors, LLC transacts business in the United States and other jurisdictions where it is properly registered, or excluded or exempted from registration requirements.

 

Amherst Capital is a majority-owned subsidiary of BNY Mellon, and is minority-owned by Amherst Holdings, LLC. Amherst Holdings is not an affiliate of BNY Mellon.

 

The Newton Group (“Newton”) is comprised of the following affiliated companies: Newton Investment Management Limited, Newton Capital Management Limited (NCM Ltd) and Newton Capital Management LLC (NCM LLC). NCM LLC personnel are supervised persons of NCM Ltd and NCM LLC does not provide investment advice, all of which is conducted by NCM Ltd. Only NCM LLC and NCM Ltd offer services in the U.S. AUM for Newton may include assets managed by all these companies (except NCM LLC). In addition, AUM for Newton may include assets managed by Newton’s officers as dual officers or employees of The Bank of New York Mellon and assets of wrap fee account(s) and high net worth client model(s) for which Newton Capital Management Limited provides advice in the form of non-discretionary model portfolios. Newton Capital Management Limited is registered in the US as an investment adviser under the Investment Advisers Act of 1940.

 

Newton Capital Management Limited and Newton Investment Management Limited are authorized and regulated in the UK by the Financial Conduct Authority. The registered address for Newton is BNY Mellon Centre, 160 Queen Victoria Street, London, EC4V 4LA, England.

 

This material may not be reproduced or disseminated in any form without the prior written permission of BNY Mellon.

 

Trademarks, logos and other intellectual property marks belong to their respective owners.

 

© 2017 The Bank of New York Mellon Corporation. All rights reserved.

 


Pershing

 

Pershing Disclaimer

Pershing is the umbrella name for Pershing LLC (member FINRA, SIPC and NYSE), Pershing Advisor Solutions (member FINRA and SIPC), Pershing Limited (UK), Pershing Securities Limited (UK), Pershing Securities International Limited (Ireland), Pershing (Channel Islands) Limited, Pershing Securities Canada Limited, Pershing Securities Singapore Private Limited, Pershing Securities Australia Pty. Ltd, and Pershing India Operational Services Pvt Ltd. Pershing business also includes Albridge Solutions, Inc. and Lockwood Advisors, Inc., an investment adviser registered in the United States under the Investment Advisers Act of 1940.  Pershing LLC is a subsidiary of BNY Mellon. For all disclosures, visit https://www.pershing.com/disclosures

 


Treasury Services

 

bnymellon.com

 

BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation and may be used as a generic term to reference the corporation as a whole and/or its various subsidiaries generally. This material and any products and services may be issued or provided under various brand names in various countries by duly authorized and regulated subsidiaries, affiliates, and joint ventures of BNY Mellon, which may include any of the following. The Bank of New York Mellon, at 240 Greenwich Street, New York, New York 10286 USA, a banking corporation organized pursuant to the laws of the State of New York, and operating in England through its branch at One Canada Square, London E14 5AL, England, registered in England and Wales with numbers FC005522 and BR000818. The Bank of New York Mellon is supervised and regulated by the New York State Department of Financial Services and the US Federal Reserve and authorized by the Prudential Regulation Authority. The Bank of New York Mellon, London Branch is subject to regulation by the Financial Conduct Authority and limited regulation by the Prudential Regulation Authority. Details about the extent of our regulation by the Prudential Regulation Authority are available from us on request.  The Bank of New York Mellon SA/NV, a Belgian public limited liability company, with company number 0806.743.159, whose registered office is at 46 Rue Montoyerstraat, B-1000 Brussels, Belgium, authorized and regulated as a significant credit institution by the European Central Bank (ECB), under the prudential supervision of the National Bank of Belgium (NBB) and under the supervision of the Belgian Financial Services and Markets Authority (FSMA) for conduct of business rules, and a subsidiary of The Bank of New York Mellon. The Bank of New York Mellon SA/NV operates in England through its branch at 160 Queen Victoria Street, London EC4V 4LA and is registered in England and Wales with numbers FC029379 and BR014361. The Bank of New York Mellon SA/NV (London Branch) is authorized by the ECB and subject to limited regulation by the Financial Conduct Authority and the Prudential Regulation Authority. Details about the extent of our regulation by the Financial Conduct Authority and Prudential Regulation Authority are available from us on request. The Bank of New York Mellon SA/NV, operating in Ireland through its branch at 4th Floor Hanover Building, Windmill Lane, Dublin 2, Ireland, trading as The Bank of New York Mellon SA/NV, Dublin Branch, authorized by the ECB and registered with the Companies Registration Office in Ireland No. 907126 & with VAT No. IE 9578054E.  If this material is distributed in, or from, the Dubai International Financial Centre (“DIFC”),, it is communicated by The Bank of New York Mellon, DIFC Branch, regulated by the DFSA and located at DIFC, The Exchange Building 5 North, Level 6, Room 601, P.O. Box 506723, Dubai, UAE, on behalf of The Bank of New York Mellon, which is a wholly-owned subsidiary of The Bank of New York Mellon Corporation. This material is intended for Professional Clients only and no other person should act upon it.  The Bank of New York Mellon, Singapore Branch, subject to regulation by the Monetary Authority of Singapore. The Bank of New York Mellon, Hong Kong Branch, subject to regulation by the Hong Kong Monetary Authority and the Securities & Futures Commission of Hong Kong. If this material is distributed in Japan, it is distributed by The Bank of New York Mellon Securities Company Japan Ltd, as intermediary for The Bank of New York Mellon. Not all products and services are offered in all countries.

 

The material, which may be considered advertising, is for general information purposes only and is not intended to provide legal, tax, accounting, investment, financial or other professional advice on any matter. This material does not constitute a recommendation by BNY Mellon of any kind. Use of our products and services is subject to various regulations and regulatory oversight.  You should discuss this material with appropriate advisors in the context of your circumstances before acting in any manner on this material or agreeing to use any of the referenced products or services and make your own independent assessment (based on such advice) as to whether the referenced products or services are appropriate or suitable for you.  This material may not be comprehensive or up-to-date and BNY Mellon makes no undertaking as to the accuracy, timeliness, completeness or fitness for a particular purpose.  BNY Mellon will not be responsible for updating any information contained in this material and opinions and information contained herein are subject to change without notice.  BNY Mellon assumes no direct or consequential liability for any errors in or reliance upon this material.

 

If distributed in EMEA, this document is a financial promotion. This document and the statements contained herein, are not an offer or solicitation to buy or sell any products (including financial products) or services or to participate in any particular strategy mentioned and should not be construed as such.

 

This material may not be distributed or used for the purpose of providing any referenced products or services or making any offers or solicitations in any jurisdiction or in any circumstances in which such products, services, offers or solicitations are unlawful or not authorized, or where there would be, by virtue of such distribution, new or additional registration requirements. This material is for use by wholesale clients only and is not to be relied upon by retail clients.

 

Trademarks, service marks and logos belong to their respective owners.

 

© 2018 The Bank of New York Mellon Corporation. All rights reserved


 

Wealth Management

 

Wealth Management Disclaimer

 

Investment products (other than deposit products) referenced here (including money market funds) are not insured by the FDIC (or any other state or federal agency), are not deposits of or guaranteed by BNY Mellon or any bank or non-bank subsidiary thereof, and are subject to investment risk, including the loss of principal amount invested.

 

Consumer credit services, which are subject to application and credit approval, and banking services are provided by BNY Mellon, N.A., member FDIC. Commercial credit services, which are subject to application and credit approval, may be provided by The Bank of New York Mellon or BNY Mellon, N.A. Mortgage services are subject to credit approval and are provided by BNY Mellon, BNY Mellon Brokerage Services are provided by BNY Mellon Wealth Advisors who are registered representatives of BNY Mellon Securities Corporation (BNYMSC). BNYMSC is a dually registered investment adviser/broker-dealer and member FINRA and SIPC and an indirect wholly-owned subsidiary of BNY Mellon. BNY Mellon is an equal housing lender.

 

SIPC protects securities in customer accounts of its members up to $500,000 in securities (including $250,000 for claims for cash). Explanatory brochure available upon request or at www.sipc.org. SIPC does not protect against loss due to market fluctuation. SIPC protection is not the same as, and should not be confused with, FDIC insurance.

 

Wealth Management

 

Investment Management Disclaimer

 

Investment products (other than deposit products) referenced here (including money market funds) are not insured by the FDIC (or any other state or federal agency), are not deposits of or guaranteed by BNY Mellon or any bank or non-bank subsidiary thereof, and are subject to investment risk, including the loss of principal amount invested.

 

SIPC protects securities in customer accounts of its members up to $500,000 in securities (including $250,000 for claims for cash). Explanatory brochure available upon request or at www.sipc.org. SIPC does not protect against loss due to market fluctuation. SIPC protection is not the same as, and should not be confused with, FDIC insurance.

 

Wealth Management

 

Investment Servicing and Information Management Disclaimer

 

Investment products (other than deposit products) referenced here  (including money market funds) are not insured by the FDIC (or any other state or federal agency), are not deposits of or guaranteed by BNY Mellon or any bank or non-bank subsidiary thereof, and are subject to investment risk, including the loss of principal amount invested.

 

Wealth Management

 

Wealth Management Online Banking

 

Electronic Account Documents - Agreement and Disclosure

 

With Online Banking, BNY Mellon, National Association (“BNY”) allows you the convenience of deciding how you would like to receive your account1 related documents.

 

By enrolling to receive your account related documents online through Online Banking you will have access to an electronic copy that mirrors what has traditionally been sent via U.S. mail. For example, if you currently receive images of your checks in your monthly statement those same check images will be available to you online.

 

For your convenience, we offer two choices regarding delivery of your account related documents:

 

Online - If you select this option we will deliver your account related documents to you electronically and securely through Online Banking. Simply log in and the account related documents that you elect to receive online will be available for you to view, print, or save. With this option you will no longer receive paper copies of account related documents in the mail.

 

Important Note For Clients with Duplicate Statements - If you currently have duplicate paper account related documents, by selecting the Online-only option for electronic delivery, you will suppress paper copies of account related documents completely. As a result, duplicate account related documents will no longer be mailed. It is possible to request online access to account related documents for others, if needed, by contacting the BNY Mellon Phone Center at 1-800-830-0549.

 

Paper - If you select this option we will continue to mail you paper copies of account related documents. Note that if you select this option you will not have access to view your account related documents via Online Banking.

 

If you opt to receive electronic copies of your account related documents, after you enroll in this service you will receive a monthly email telling you when your account related documents are available for viewing/printing.

 

For your convenience, the message indicating that your account related documents are available for viewing/printing will be sent to you via the Online Banking Message Center as well as to the external email address you specify in Online Banking. Please note that for security reasons, at no time will we send you electronic account related documents via email. The only email we send is the reminder email that an account related document is available for viewing.

 

If you have selected "Online" delivery for your account related documents, once enrolled, you will be able to view any documents we have stored for you in our archive as well as any subsequent statements for eligible accounts.

 

In some cases, such as with new accounts, you will be able to view your account related documents online beginning with your next statement.

 

You can log into Online Banking at any time to change the delivery option of your account related documents. If you change your delivery option to "Paper" only, you will no longer have access to your account related documents online.

 

Hardware and Software Required to Use Service - To electronically access and retain your documents, you will need to have access to a computer with the latest version of Internet Explorer, Safari, Chrome or Firefox installed.

 

In addition, your computer must have Internet connectivity and you must maintain a working email account that enables you to receive, view and print or store email messages. In order to retain the documents provided to you electronically, your personal computer will also need to have the capability to save and store the documents.

 

Account related documents will be published in Portable Document Format (PDF). You may download and save the PDFs to your personal computer. To view the documents, you will need Adobe Acrobat Reader software. Adobe Acrobat Reader software is available online at http://www.adobe.com.

 

Acknowledgment - In considering whether to enroll to receive your account related documents online through Online Banking, you hereby acknowledge and agree with BNY as follows:

  1. You have read the Electronic Account Documents - Agreement and Disclosure above in connection with the online delivery service and you have had an opportunity to ask any questions relating to it.
  2. You have an account with an internet service provider, you have the hardware and software described above under “Hardware and Software Required to Use Service,” and you are able to receive email with hyperlinks to websites and to open, review, save and print documents in PDF format.
  3. By completing this consent process and clicking “ACCEPT,” you represent and effectively demonstrate that you can access electronic documents through Online Banking.
  4. By selecting electronic delivery through Online Banking for new documents and/or new accounts, you reaffirm acceptance of the Electronic Account Documents - Agreement and Disclosure. Such terms and conditions are subject to change without notice.
  5. By clicking “Accept,” you hereby elect enroll in electronic delivery through Online Banking.
  6. By clicking “Decline,” you hereby decline to subscribe to electronic delivery through Online Banking.

 

1. Accounts for which online delivery is available are subject to change solely at the discretion of BNY. To identify accounts for which online delivery is available, please refer to Online Banking, which will list all of your accounts that are eligible for online delivery of account related documents.

 

Wealth Management

 

Private Banking Disclaimer

 

Investment products referenced here (including money market funds) are not insured by the FDIC (or any other state or federal agency), are not deposits of or guaranteed by BNY Mellon or any bank or non-bank subsidiary thereof, and are subject to investment risk, including the loss of principal amount invested.

 

Consumer credit services, which are subject to application and credit approval, and banking services are provided by BNY Mellon, N.A., member FDIC. Commercial credit services, which are subject to application and credit approval, may be provided by The Bank of New York Mellon or BNY Mellon, N.A. Mortgage services are subject to credit approval and are provided by BNY Mellon, BNY Mellon Brokerage Services are provided by BNY Mellon Wealth Management Direct, a division of BNY Mellon Securities Corporation ("BNYMSC"). BNYMSC is a dually registered investment adviser/broker-dealer and member FINRA and SIPC and an indirect wholly-owned subsidiary of BNY Mellon. BNY Mellon is an equal housing lender.

 

SIPC protects securities in customer accounts of its members up to $500,000 in securities (including $250,000 for claims for cash). Explanatory brochure available upon request or at www.sipc.org. SIPC does not protect against loss due to market fluctuation. SIPC protection is not the same as, and should not be confused with, FDIC insurance.

 

 

Wealth Management

 

Wealth and Estate Planning Disclaimer

 

Investment products (other than deposit products) referenced here  (including money market funds) are not insured by the FDIC (or any other state or federal agency), are not deposits of or guaranteed by BNY Mellon or any bank or non-bank subsidiary thereof, and are subject to investment risk, including the loss of principal amount invested.


NON-BUSINESS / GENERAL DISCLAIMERS

BNY Mellon

 

BNY Mellon General Disclaimer

 

BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation and may also be used as a generic term to reference the Corporation as a whole or its various subsidiaries. Products and services may be provided under various brand names, including BNY Mellon Asset Servicing and BNY Mellon Investment Management. BNY Mellon Asset Servicing is the brand name encompassing BNY Mellon's affiliated companies that provide the services referenced in this brochure. BNY Mellon Investment Management is the brand name encompassing BNY Mellon's affiliated investment management firms and global distribution companies. Products and services may be provided by various subsidiaries, affiliates, joint ventures and in some instances by third party providers of The Bank of New York Mellon Corporation where authorized and regulated as required within each jurisdiction, and may include The Bank of New York Mellon, One Wall Street, New York, New York 10286, a banking corporation organized and existing pursuant to the laws of the State of New York and operating in England through its branch at One Canada Square, London E14 5AL, England. Registered in England and Wales with FC005522 and BR000818. The Bank of New York Mellon is supervised and regulated by the New York State Department of Financial Services and the Federal Reserve and authorized by the Prudential Regulation Authority. The Bank of New York Mellon London branch is subject to regulation by the Financial Conduct Authority and limited regulation by the Prudential Regulation Authority. Details about the extent of our regulation by the Prudential Regulation Authority are available from us on request. Not all products and services are offered at all locations.

 

European Email Disclaimer

 

The information contained in this email, and any attachment, is confidential and is intended solely for the use of the intended recipient. Access, copying or re-use of the email or any attachment, or any information contained therein, by any other person is not authorized. If you are not the intended recipient please return the email to the sender and delete it from your computer. Although we attempt to sweep email and attachments for viruses, we do not guarantee that either are virus-free and accept no liability for any damage sustained as a result of viruses.

 

Please refer to http://disclaimer.bnymellon.com/eu.htm for certain disclosures relating to European legal entities.