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1 INFORMATION ON THE SERVICE PROVID- ER AND THE INVESTMENT AND ANCIL- LARY SERVICES OFFERED TOGETHER WITH INFORMATION ON THE FINANCIAL IN- STRUMENTS AND THE ASSOCIATED RISKS 1. GENERAL This document contains information on RVM RVM Investium Ltd (hereinafter RVM ), the services offered and the most common financial instruments and the most typical risks associated with them, as required in the Act of Investment Services (747/2012) and official regulations based thereon. More detailed service and product -specific information and the related terms and conditions are provided in connection with the offering of the service or financial instrument. The information is provided as required in Finnish law. RVM will update the information provided herein as necessary. Updated documents will be available on RVM s website at www. investium.fi. 2. COMPANY INFORMATION RVM Corporations Ltd RVM is an investment service company which offers transmission of orders, investment advice and marketing of asset management services under its operating license. The company also engages in insurance mediation as a secondary business. The company s business ID is The company has been entered in the trade register maintained by the National Board of Patents and Registration of Finland, and it is domiciled in Helsinki, Finland. The postal and visiting address of RVM Corporations Ltd. s head office is Mannerheimintie 4, FI Helsinki, Finland. The head office telephone number is and fax The authority which supervises the company and which has granted its operating licence is the Financial Supervisory Authority (FIN-FSA), Snellmaninkatu 6, P.O. Box 159, FI Helsinki, tel , fax , Internet address The company s tied agents RVM may offer its services through tied agents. RVM s tied agents act on behalf and under the responsibility of the company. The company maintains a public register of its tied agents, which is available for viewing on the premises of the company s head office. The company has informed FIN-FSA of the tied agents it uses. The company s tied agents have been registered in Finland. 3. COMMUNICATIONS CHANNELS AND LANGUAGE RVM offers client service in its offices and, upon request, on the client s own premises or elsewhere. After opening a client account, the client may communicate with the company and its tied agents by letter, fax, or telephone or at a personal meeting with their representatives. Opening a client account requires a meeting in person. However, orders concerning financial instruments may only be given at a personal meeting. In addition, marketing of asset management services is always carried out at a personal meeting. Advance information and terms and conditions of agreement will be provided in Finnish. The language of customer service will be Finnish, unless otherwise agreed on with the client. RVM has the right to send the client written information related to the investment service by letter, fax or , using another established method relating to the service in question, or in another manner separately agreed on with the client. The use of fax and , if agreed on with the client, may be associated with risks arising from factors such as the message not being delivered or falling into the hands of a third party or a third party altering the message contents. RVM has the right to trust that a fax or message concerning a service is genuine and authentic. 4. INVESTMENT SERVICES OFFERED RVM s investment services include transmission of orders, investment advice and marketing of asset management services. Transmission of orders and investment advice may concern mutual funds and structured investment products. RVM and its tied agents may also provide advice on RVM s investment and ancillary services to clients. RVM does not create or offer its own financial instruments or (offer) asset management services. The individual terms and conditions of the investment service offered by RVM are included in the investment service agreement. Transmission of orders RVM and its tied agents mediate units in its partners mutual funds and the structural products and bonds offered by them, by way of accepting subscription and redemption orders concerning mutual fund units, underwriting of structured products and purchase and sale orders as well as purchase and sale orders concerning bonds. RVM transmits orders concerning mutual fund units to the fund management company in question for execution. Orders concerning structured products will be transmitted further to the party offering the structured investment product in question for execution. Orders concerning bonds will be transmitted to the competent investment service provider for execution. The terms and conditions of order transmission are included in the investment service agreement. Investment advice RVM and its tied agents may provide investment advice concerning business transactions involving financial instruments mediated by RVM and its tied agents, as well as advice on RVM s investment and ancillary services. Investment advice refers to the provision of an individual recommendation concerning a business transaction which involves a financial instrument mediated by RVM, after analysing the client s individual circumstances. Investment advice may be provided at the client s request or on the initiative of RVM or its tied agent. Investment advice does not cover general recommendations such as recommendations concerning the emphasis to be given to different asset types or sell or hold recommendations. Marketing is not part of investment advice. The provision of investment advice always requires a suitability assessment in which the client s financial position, investment experience and knowledge and the objectives of the investment activities are analysed to enable RVM Investium Ltd. to recommend suitable financial instruments and services to the client. RVM Investium is entitled to trust that the information provided by the client is correct The purpose of the suitability assessment is to provide RVM a possibility to act in accordance with the interests of the customer. Therefore, it is important that the customer s representative provides RVM with up to date and accurate information. In the light of the above information, RVM or its tied agent must assess whether the advice to be given or service to be offered corresponds to the client s investment objectives, whether the client has the fi-

2 nancial capacity to bear the potential risk and whether the client has the investment experience and knowledge required to understand the risks associated with the recommended measure.if RVM or its tied agent cannot obtain adequate information, it must not recommend the investment service or financial instrument in question to the client. Marketing of asset management services RVM and its tied agents may market the asset management services provided by RVM s partners to their clients. 5. HANDLING AND CUSTODY OF CLIENT ASSETS RVM or its tied agents do not handle the client s financial assets or instruments or provide custody for them. Custody of mutual fund units mediated by RVM or its tied agents is arranged in the fund unit register maintained by the fund management company in question. Custody of structured products and bonds mediated to the client by RVM or its tied agents is arranged for by way of custody services obtained by the client from another service provider. As regards the asset management services marketed by RVM or its tied agents, the handling and custody of client funds is the responsibility of the investment service company which provides the asset management services in question. 6. ORDER TRANSMISSION POLICY RVM has determined a policy which it observes when transmitting the orders of professional and non-professional clients to the executing party with a view to achieving the best possible result from the client perspective. The company s tied agents also follow this policy when transmitting orders concerning financial instruments. RVM does not execute the clients orders itself. Upon receiving orders as mentioned above, RVM s tied agents immediately forward them to RVM, which promptly transmits them to the party responsible for executing the order. When transmitting orders to its chosen mediates for execution, RVM ensures that the mediate has an order execution policy in place and that the policy is applied in relation to the client s orders, taking account of what has been said below in this document of orders concerning structured products and funds. When selecting an executing party, RVM considers the following issues which are material to the execution of the order: the price of the financial instrument, costs arising from the execution of the order, the speed of execution and the probability of the order being executed and settled, the scope and nature of the order and any other material factors. RVM determines the order of priority of the above issues using the following criteria a) the client s characteristics, including client classification, b) the characteristics of the client s order, c) the characteristics of the relevant financial instruments and d) the characteristics of the marketplaces to which the order may be directed. When managing an order received from a non-professional client, RVM emphasises a total consideration which is optimal from the perspective of the client. In addition, RVM may consider other factors which may indirectly affect the total consideration, when transmitting, for example, when transmitting an order concerning a structured product for execution, the number of investment service providers, to whom an order of a product can be directed for execution, as well as the amount of potential counterparties. RVM will transmit or deliver subscription and purchase orders concerning structured products to the subscription venue, and orders concerning secondary market transactions to an investment service provider which executes such transactions. Structured products are not traded on organised marketplaces; instead, trading is conducted directly between the securities mediate and the client so that the securities mediate becomes the client s counterparty in the transaction. For this reason, these products do not have a liquid secondary market, and thus it is possible that there is only one counterparty or that a secondary market does not exist (at all). Any specific instructions issued by the client to RVM or its tied agents always take precedence over the above policy. Following the client s specific instructions may prevent RVM or its tied agents from carrying out measures which are in compliance with the policy. Orders concerning mutual funds and undertakings for collective investment in transferable securities (UCITS) will be transmitted to the fund management company in question for execution. RVM may deviate from its operating principles in situations where following the principles would be unreasonable or impossible due to disruptions in the market or information system. Even then, RVM or its tied agent will strive to transmit the client s orders in a manner which, taking the prevailing conditions into account, will lead to the best possible result for the client. RVM regularly reviews the contents and appropriateness of its order transmission policy and arrangements. Any material changes to the policy will be made available on RVM s website without delay. A list on the investment service providers used by RVM Investium Ltd. for each type of financial instrument is available in RVM Investium Ltd. 7. MANAGEMENT OF CONFLICTS OF IN- TEREST RVM and its tied agents comply with the policy for the management of conflicts of interest, which has been confirmed by RVM s Board of Directors, in order to identify and prevent possible conflicts of interest. A conflict of interest refers to an exceptional circumstance in the provision of investment services which occurs between the client and RVM, for example, or the client and RVM s tied agent, and which may be associated with a significant risk to the client s interests. A conflict of interest may also occur between RVM and its staff, RVM and its tied agent, or a tied agent and its staff. A conflict of interest may also occur between tied agents or between two customers. When offering investment services related to the transmission of orders, provision of investment advice and marketing of asset management services, conflicts of interest may arise. RVM and its tied agents strive to identify and actively prevent any conflicts of interests through various organisational and administrative measures. The measures vary depending on the business or service concerned. The purpose of the measures is to ensure that RVM s staff as well as its tied agents and their staff manage their duties honestly and loyally, protecting the client s interests. The measures used by RVM and its tied agents for managing conflicts of interest include preventing or controlling the exchange of information between individuals or functions by means of separate information systems and user authorisations, the appropriate separation of functions and premises, training, trading rules for the staff and the management, principles for secondary occupations of the staff and the management and the order transmission policy, as well as through compliance with

3 confidentiality regulations also within the organisation. Some members of the staff are included in a bonus system based on the company s financial performance and the volume of services offered; however, in such arrangements, the goal is to ensure that the system will not result in a conflict of interest arising between the client and the members of staff offering the services. If a conflict of interest is unavoidable in spite of the above measures, the nature and causes of the conflict of interest will be explained to the client before executing the business transaction. The client will independently decide whether he or she wishes to have the transaction executed in spite of the conflict of interest. RVM and its tied agent may also refuse to provide investment services if a conflict of interest has arisen. RVM s Board regularly reviews the content of the policy for identifying and preventing conflicts of interests by RVM and its tied agents and ensures it is up to date. RVM will provide further information on the policy upon request. 8. FEES RVM and its tied agents do not charge their client any fees or expenses for the transmission of orders, provision of investment advice or marketing asset management services. RVM covers the cost of its operations with commissions and/or soft commissions received from the investment service providers selected by the client. The amount of the commission is a percentage of the fees charged from the client by the service provider. The investment service providers charge any fees and expenses related to their products directly from the client. 9. INCENTIVES Incentives refer to a payment or benefit as referred to in the which RVM may receive from or grant to its partner in connection with the transmission of orders or the marketing of asset management services. Further information on such payments and commissions is available from RVM and its tied agents upon request. RVM has agreed on a soft commission arrangement with the investment service providers whose mutual funds and structured products it forwards or whose asset management services it markets. RVM may receive soft commissions on the subscription, redemption and management fees of the mutual funds it mediates and the asset management services it markets, as well as the subscription and arrangement fees for structured products. The amount and basis of soft commissions and commissions may vary according to investment service provider and product. Soft commissions will not increase the client s expenses. Commissions and soft commissions are paid to RVM in compensation for mediating and marketing the products and services of the company s partners or for managing their services, and thus they are primarily used to cover the cost of the operations. In addition, these commissions are used to improve the quality of the service offered to clients and to facilitate the provision and maintenance of high-quality products and service. When negotiating the terms of commissions and soft commissions, RVM s aim is that the terms agreed on with different investment service providers are as uniform as possible so as to prevent any conflicts arising from the soft commissions between RVM and the client or between RVM s tied agent and the client. 10. CALL RECORDINGS RVM and its tied agents may record client calls. RVM is entitled to use the recordings to develop its customer service, for purposes of risk management and as evidence in the settlement of any conflicts of interest. FIN-FSA has the right to receive a copy of the recordings upon request. RVM or its tied agents will not accept orders concerning financial instruments by telephone. 11. CLASSIFICATION OF CLIENTS General According to theact of Investment Services, RVM and its tied agents must inform the client of his or her classification as a non-professional client, a professional client or an eligible counterparty. The classification is directly based on the Act on Investment Services, which contains detailed provisions concerning the factors affecting the classification. The classification of a client has an impact on the scope of investor protection and the applicable rules of procedure. A professional client is obligated to inform RVM or its tied agent of any changes which may affect the classification of the client. Further information on the classification criteria is available in section Asiakkaan luokittelukriteerit on our website at www. investium.fi. Changing the client classification The client is entitled to request a change in the classification determined by RVM or by a tied agent on behalf of RVM. The application must be made in writing. Changing the classification may affect investor protection and the application of the rules of procedure. A professional client may be treated as a non-professional client or an eligible counterparty upon request. A client classified as a non-professional client may also be treated as a professional client upon request. A client classified as an eligible counterparty may be treated as a professional or a nonprofessional client upon request. RVM will consider the criteria for changing the classification and whether it will approve the client s request on a case by case basis. A professional client must request to be treated as a non-professional client, if he or she finds that he or she does not have sufficient experience and knowledge to assess or manage the risks associated with the service or business transaction. Investor protection Since the investment services offered by RVM or its tied agents consist solely of the transmission of orders, investment advice and the marketing of asset management services, and since neither RVM nor its tied agents are in possession of or manage client funds, RVM s clients are not covered by the protection offered by the Investors Compensation Fund as regards the services offered by the company. Impact of the classification on the applicable procedure requirements 1. Non-professional client Before signing a written contract, if any, a non-professional client must be presented with the terms and conditions of the contract and adequate information on the service provider and the service being offered. Any material changes to the information must also be presented. The information must be presented in a permanent manner so that the client may print or save them. The information may also be presented on the service provider s website, if the client has agreed to this. a) Assessing the appropriateness of the product/service When offering order transmission to a non-professional client, RVM and its tied agents must ask the client for informa-

4 tion on at least the following issues: the client s investment experience and knowledge concerning the financial instrument or investment service in question in order to assess whether the financial instrument or service is appropriate for the client. The service providers are entitled to trust that the information provided by the client is correct. If RVM or its tied agent finds that the financial instrument or service is not appropriate for the client, it must inform the client of this. RVM and its tied agent must also inform the client if it cannot assess the appropriateness of the financial instrument or service to the client because the client has not provided it with all of the necessary information. b) Assessing the suitability of the product/service When offering investment advice to its clients, RVM and its tied agents must obtain, before offering the investment service, adequate information on the customer s investment experience and knowledge as well as investment objectives in order to recommend financial instruments or services which are suitable for the client. RVM or its tied agent is entitled to trust that the information provided by the client is accurate. The purpose of the suitability assessment is to provide RVM a possibility to act in accordance with the interests of the customer. Therefore, it is important that the customer s representative provides RVM with up to date and accurate information. In the light of the above information, RVM or its tied agent must assess whether the advice to be given or service to be offered corresponds to the client s investment objectives, whether the client has the financial capacity to bear the potential risk and whether the client has the investment experience and knowledge required to understand the risks associated with the recommended measure. If RVM or its tied agent cannot obtain adequate information, it must not recommend the investment service or financial instrument in question to the client. RVM or its tied agent can itself determine how much weight it gives to the fact that the client fails to provide all of the information necessary to assess the suitability of the service or product. 2. Professional client A professional client must be provided with adequate information of the financial service provided and the nature of the financial instruments covered by the service and the risks associated with thembefore the conclusion of the agreement concerning the financial service or ancillary service taking into consideration the investment experience of the client. A professional client is only partially protected by the rules of procedure. Assessing the suitability of the product/ service When offering investment advice, RVM and its tied agents must obtain, before offering the investment service, adequate information on the customer s financial position and investment objectives in order to recommend financial instruments or services which are suitable for the client. The service providers are entitled to trust that the information provided by the client is correct. If the client has been classified as a professional client on the basis of law, RVM or its tied agent may assume, when offering investment advice, that the client is able to bear financially the investment risks associated with recommended business transaction which are in line with the client s investment objectives, and thus there is no need to determine the client s financial position. In the light of the above information, RVM or its tied agent must assess whether the advice to be given or service to be offered corresponds to the client s investment objectives. If RVM or its tied agent cannot obtain adequate information, it must not recommend the investment service or financial instrument in question to the client. RVM or its tied agent can itself determine how much weight it gives to the fact that the client fails to provide all of the information necessary to assess the suitability of the service or product. 3. Eligible counterparty An eligible counterparty may request from RVM or its tied agent that the rules of procedure intended as investor protection would be applied to transactions carried out with them, either in general or regarding an individual transaction. Such a request must be made in writing RVM considers whether to grant such requests on a case by case basis. In other cases, the rules of procedure and the provisions concerning investor protection are not applicable to eligible counterparties. 12. FINANCIAL INSTRUMENTS AND THE RISKS ASSOCIATED WITH THEM A. General This section provides a general description of the financial instruments mediated by RVM and its tied agents and of some other common financial instruments, as well as the risks associated with them. The description presented below is not exhaustive, and it does not include all of the risks associated with the financial instruments in question. Before making an investment decision, the client shall carefully read the terms and conditions for the financial instruments, its features and the obligations arising from them in order to gain an understanding of the risks associated with the financial instruments and the potential impact of the investment decision on the client s financial position, including tax effects. The client should also study the investment market, different investment options and investment services. The client should note that he or she bears the risk of changes in the value of the investments. Investment activities are always associated with a financial risk. The targeted yield may not be achieved, and the invested capital or part of it may be lost. The client is responsible for the financial effects of his or her investment decisions at all times. We recommend that before making an investment decision, the client always obtains advice from an expert as appropriate to the situation. It is important to remember that the historical performance of a financial instrument does not guarantee a future return. Since any investment recommendations are based on information provided by the client, it is important that the client provides accurate information on his or her position for the analysis made by RVM or its tied agent. The client must carefully study the investment recommendations given, the financial instruments selected and the risks associated with them, as well as any client agreements and confirmations, reports and other notifications delivered to the client. The client shall immediately inform RVM or its tied agent of any errors observed. Clients should keep or save all agreement documents and other material provided during the client relationship. B. Risk type definitions Market risk refers to the risk arising from fluctuations in market prices. Market risks include interest rate, equity, currency and

5 other price risks. Credit risk refers to the risk that the issuer of a financial instrument will not be able to repay the capital or yield to the investor according to the terms of issue. Interest rate risk refers to the risk arising from fluctuations in the interest rate. An increase in the level of interest weakens the secondary market price of bonds, while a lower level of interest increases the price. Currency risk refers to the risk arising from fluctuations in exchange rates. Liquidity risk refers to the risk that a financial instrument cannot be sold or purchased at a given point in time, because its trading volume is low or because a secondary market does not exist. Counterparty risk refers to the risk that in trading outside the stock exchange, the party executing the transaction cannot meet its obligations. (This may apply to derivatives, fixed-income investments, structured investments and currency transactions.) Leverage risk refers to a structure associated with derivatives contracts which causes the risk that even a minor change in the underlying asset may have a major impact on the yield and value of the derivative contract (positive or negative). Business risk refers to a risk associated with the success of the company which issued the financial instrument. C. Information on the financial instruments mediated by RVM and its tied agents and the risks associated with them Mutual funds A fund management company which manages a mutual fund gathers funds from private companies and organisations and invests them in several financial instruments which together form the mutual fund. Mutual fund activities are supervised by authorities. A fund management company is liable to provide regular reports on its operations to FIN-FSA. A mutual fund is owned by the individuals, organizations and foundations which have invested in it. A mutual fund is divided into fund units of equal size which provide equal rights to the assets in the fund. Through a mutual fund, private investors and small companies are able to invest in instruments with which they are not familiar or which they cannot invest in directly. A mutual fund has a prospectus and rules confirmed by FIN-FSA. The prospectus and the rules explain the type of the mutual fund and its investment policy. A fund may invest in equity (equity fund), interest rate instruments (fixed income fund) or a combination thereof (combination fund). A fund may also invest in another fund (fund of funds). On the basis of profit sharing, mutual funds are divided into funds which distribute profit annually, for example, and growth funds where the profits increase the value of the fund unit. A fund may have both yield and growth units. The fund s rules also state the objectives and limits of the fund s investment activities. A mutual fund invests the capital obtained through the sale of fund units according to the investment strategy stated in the fund s rules. Most mutual funds observe the principles of risk diversification in their investment policy. However, some funds deviate from these principles. Such funds are known as special common funds. The risk level of a fund depends on the fund s investment strategy and thereby on the investments. Diversifying assets on at least two mutually independent investments reduces the overall risk of the fund in proportion to an individual investment. Some investments are associated with a higher level of risk than others. In addition to the market risk, investments may be exposed to risks arising from the issuer, as well as legal and political risks. As a rule, funds are liquid on a daily basis; however, the fund s rules may restrict fund liquidity in the case of, for example, exceptional market situations in order to protect the unit holders interest or the fund s investment policy (liquidity risk). In addition, the redemption of units in a special common fund may only be possible at certain times, such as once a month or less often. Changes in the exchange rate also have an impact on the value of funds denominated in a foreign currency (currency risk). A fund management company must redeem the fund units held by an investor upon request. Expenses arising from the operations of a mutual fund are charged from its assets. Such expenses include administration and custody fees, which vary depending on the fund, and they are itemised in the simplified prospectus, which describes the features of the mutual fund and the associated risks. Structured products Structured products usually refer to bonds or deposit investments, which mainly consist of a fixed rate component and a riskbearing derivative component or another risk-bearing component. The return on a structured product is usually tied to the development of the underlying assets chosen. The underlying assets may be shares, stock indices, interest, funds, currencies, commodities, credit risk or a combination thereof. Since structured products may have a very complicated structure and their capital may not be secured, investors should carefully study the features of the investment and the risks associated with it before making an investment decision. An index loan is regarded as the most common structured product. With an index loan, the investor has the possibility to obtain a certain percentage share of the possible positive development of the reference index (for example, a share index) chosen as the underlying asset. The value of the underlying assets of a loan may develop positively or negatively during the loan period. The structure of the return may occasionally include leverage effects, because of which even minor changes in the underlying asset may have a major impact on the value and yield of the structured product (leverage risk). The interest calculation criteria and any yield coefficients also have an impact on the yield calculation. Since structured products usually include a fixed income component as is always the case for structured bonds the product is associated with an interest rate risk. A decrease in market interest increases the value of the index loan in the secondary market, while an increase in interest levels reduces it, if other factors remain unchanged. Index loans are intended to be held until the maturity date. An investor who sells such an investment before the maturity date is subject to a risk associated with market development (market risk) and liquidity in the secondary market (liquidity risk). At the time of the transaction, the secondary market price may be lower than at the time of loan subscription, and thus there is a risk that the investment loses some or all of the capital. Certain index loans may be difficult or impossible to sell at certain times. According to the terms and conditions of the loan, the issuer may have the right to repay the loan prematurely, in which case it is also possible that the amount repaid is less than the nominal value. Thus, investors should consider any trading restrictions and the issuer s right to repay the loan prematurely before making an investment decision. Furthermore, an index loan is always associated with a credit risk arising from the issuer. Credit risk refers to the risk that when

6 the index loan matures, the issuer will not be able to meet its payment obligations, that is, pay the nominal loan capital and/ or yield to the investor. Credit rating is one way of assessing the credit risk; however, it should be remembered that the credit rating may change or that it may be withdrawn at any time. If an index loan is issued in a currency other than the euro, it is also subject to the currency risk. The underlying assets may also include a currency risk. The government s deposit guarantee does not apply to index loans. Warrants A warrant is a securitised derivative which is usually traded on a stock exchange. Its underlying asset may be a share, index or commodity or a combination thereof. The leverage effect may be utilised in warrants, and thus their value may vary greatly. Depending on the warrant terms, a warrant grants its holder the right, but not the obligation, to purchase (call warrant) or sell (put warrant) the underlying asset at a certain price (exercise price) on a certain date. The warrant multiplier indicates the number of warrants needed to sell or purchase the underlying asset. If the warrant has value on the expiration day, the investor receives the corresponding sum either in cash (cash settlement) or as a book-entry (physical delivery). A European warrant is settled at the expiration date. In the case of an American warrant, the investor may demand settlement at any time within the validity period. In the trading of warrants, a salient feature is the market making role of the issuer of the warrant. In market making, the issuer commits to quoting bid and offer prices for the warrant throughout the continuous trading period. The terms and conditions of market making are described in the warrant prospectus. The terms and conditions of market making can differ considerably between issuers and types of warrant. Warrants are associated with a high level of risk. Anyone investing in a warrant must be prepared for the fact that the warrant may be worthless at the expiration date. In this case, the investor loses the full value of the investment. A call warrant expires and becomes worthless if the value of the underlying asset at expiration is lower than the exercise price. A put warrant expires and becomes worthless if the value of the underlying asset at expiration is higher than the exercise price. The most typical risks associated with warrants are market risk, leverage risk, credit risk and currency risk. Certificates A certificate is a securities derivative, the yield profile of which varies per product. There are two types of certificates: listed and unlisted. Listed certificates are traded on the stock exchange, there is a liquid secondary market for them and the term to maturity is usually a few months. There may be a limited secondary market for unlisted certificates outside the stock exchange, or such a market may not exist, and the term to maturity may be several years. Unlisted certificates are typically investments tailored according to a certain market view. Certificates are typically associated with a high level of risk and a leverage effect. The subscription price (invested capital) will not be repaid under any circumstances. The eventual yield is paid according to the terms of the certificate on the maturity date, and the yield is often many times greater than the invested capital when the value of the underlying asset increases. The most typical risks associated with certificates are market risk, leverage risk, credit risk, liquidity risk, the risk of premature repayment (the repayment price may be lower than the subscription price) and, possibly, currency risk. Use of credit in investment activities It is also possible for investors to engage in investment activities using loan financing. If the investment develops positively, it is possible to achieve a greater yield with loan financing than with an investment made using own capital alone. However, an investor should consider that if an investment develops negatively or becomes worthless, the loan taken out for investment activities must nevertheless be repaid. Anyone considering investments using loan capital must always assess his or her ability to repay the loan irrespective of the development of the investment for which the loan is taken. Loan costs may also rise during the loan period, if the interest level increases. If the value of the investment is no longer sufficient to cover the guarantee requirement set for the loan, the investor may have to provide an additional security to secure the loan. D. Information on other financial instruments and the typical risks associated with them Shares A share is an equity financial instrument issued by a limited company. The value of a share is based on the prevailing view of the value of the limited company which issued the share. The yield of an investment in shares consists of dividends and the increase in the value of the share. A company may have different series of shares. Some series of shares provide a greater number of votes at the general meeting, while others are paid a higher dividend. A share may be publicly traded on a regulated market or traded on a Multilateral Trading Facility (MTF). A share may also be unlisted. The most typical risks associated with investments in shares are the market risk arising from fluctuations in the share price (equity risk), the company s success (business risk) and the volume of trade (liquidity risk). Factors affecting share price fluctuation include the overall market development as well as information on factors affecting the issuer s success. Other factors affecting the risk include the sector in which the issuer operates, changes in legislation and the number of shares issued and the distribution of ownership. Changes in the exchange rate also have an impact on the value of shares denominated in a foreign currency (currency risk). From the perspective of the shareholder, an investment in shares is a risk investment for the above reasons. Investments in shares are associated with the risk of losing the invested capital in full, if the issuer becomes bankrupt (counterparty risk). Moreover, investments in shares are always associated with an uncertainty of the rate of return. Investments in shares in emerging markets may be considered to be associated with a higher level of risk than other investments in shares, since these markets may be characterised by a lack of an established operating environment and legislation, political risks, strong fluctuations in exchange rates, counterparty risks and a lower liquidity of the equity market. Direct investments in shares are long-term investments. Bonds Bonds are debt instruments used by organisations to find long-term financing in the financing market. Bonds may be issued by the government, local authorities, businesses and insurance and financing institutions. Bonds may be fixed-rate bonds or variable-rate bonds, or zero coupon bonds, in which case the bond is sold at less than its face value. The value of the bond is determined as the current value of the cash flows using the required yield prevailing in the market, or discount rate. Cash flows consist of the interest payments made on the basis of the bond s terms and principal repayments. The loan is usually paid back in one instalment at the end of the loan period. Bonds are usually unsecured. A bond

7 which has a subordinate status in relationship to the issuer s other commitments is known as a debenture bond. Typical risks associated with a bond include the interest rate risk and credit risk. An increase in the level of interest weakens the secondary market value of bonds, while a lower level of interest increases the value. If a bond is sold in the secondary market before its maturity date, the secondary market price may be lower than the invested capital. If a bond is issued in a currency other than the euro, it is also subject to the currency risk. Money market instruments Money market instruments are debt instruments used by organisations to find short-term financing in the financing market. Money market instruments include certificates of deposit, treasury bills, commercial papers and local authority papers. The loan period of money market instruments is at most 12 months, and they are usually issued at a value below the nominal value (discount security). The issuer pays the nominal value of the money market instrument on its maturity date. The yield is composed of the difference between the acquisition price and the nominal value. Typical risks associated with money market instruments used as interest rate instruments include the interest rate risk and credit risk. Derivative contracts A derivative contract is an instrument the value of which depends on changes in the value of the underlying assets, price fluctuation, interest rate fluctuation, the expiry date of the contract or another factor which affects the value of the derivative. Derivative contracts include options, forwards, futures, swaps and combinations thereof. Its underlying asset may be a share, interest, commodity, credit risk or a combination thereof. Derivative contracts may be divided into standardised and nonstandardised OTC derivatives. Derivative contracts are most commonly used to hedge against the risks associated with other investments or financial risks, but they may also be used for speculation purposes. The duration of derivative instruments may vary from a very brief period to several years. Depending on its type, a derivative contract may cause financial commitments or obligations other than the acquisition cost to the client, and the acquisition may include a collateral requirement or other obligations. The value of a derivative contract may change significantly at a short notice, in which case any collateral deficit may have to be covered with additional collateral. The collateral may also have to be realised. Since derivative contracts are associated with significant risks, they are not recommended for inexperienced investors or investors lacking a sufficient financial riskbearing capacity. Risks associated with the underlying assets and the resulting price fluctuations have a direct effect on the value of derivatives. Typical risks associated with derivative contracts include the market risk associated with the value of the underlying asset, credit risk arising from default on the part of the counterparty, leverage risk and currency risk associated with the value of derivatives denominated in foreign currencies. The terms of an individual derivative contract may be such that the possibility of profit/loss may be very high. Theoretically, certain strategies may carry an unrestricted risk of losses. 13. TAXATION OF FINANCIAL INSTRU- MENTS The client is always responsible for the tax consequences related to his or her investment activities. For this reason, the client should carefully study the taxation related to the financial instrument before making an investment decision. Where necessary, the client should consult a tax advisor. Further information on taxation is available from the client s own tax office or from the Tax Administration website at www. vero.fithe client should note that the tax treatment of investments is always determined on the basis of the client s individual circumstances and that there are tax consequences associated with the ownership offinancial instruments. The customer is responsible for obtaining any necessary additional information before making an investment decision. RVM or its tied agents are not responsible for changes in tax legislation, legal praxis or taxation practice or for notifying its clients of such changes. Further information on taxation is available from and from tax offices. 14. CUSTOMER ADVICE AND LEGAL REM- EDIES In matters related to the service, the client should always primarily contact his or her designated customer service contact person. The client shall immediately inform RVM or its tied agent of any errors observed, as well as any related claims. If RVM and the client fail to reach an agreement through negotiations, a non-professional client may request assistance from the Finnish Financial Ombudsman Bureau, or, instead of initiating court proceedings, submit the dispute to the Finnish Securities Complaints Board which operates in connection with the Bureau. The telephone number of the Finnish Financial Ombudsman Bureau is and the address of its website is The Securities Complaints Board provides advice and guidance on, and seeks to resolve issues concerning, the securities market legislation and the content of official regulations related thereto, the application of the terms of investment service contracts, good securities trading practices and other securities practices. The service is free of charge and available for all nonprofessional investors who have a client relationship with an investment service company, a bank or a fund management company. The telephone number of the Securities Complaints Board is Further information is available from the Board s website at

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