Financial Services Guide

Transcription

1 Financial Services Guide Financial product research reports and analysis distributed by Standard & Poor s Information Services (Australia) Pty Limited (S&P Capital IQ Australia) in Australia 3 September 2013 Provider S&P Capital IQ is a global provider of financial product research reports and analysis. In Australia S&P Capital IQ provides its services through Standard & Poor s Information Services (Australia) Pty Limited (ABN ) (S&P Capital IQ Australia) at Level 45, 120 Collins Street, Melbourne, Victoria, 3000 Australia, phone (61) , the provider of this service. S&P Capital IQ Australia holds Australian Financial Services Licence Number Purpose of the Guide This document is a Financial Services Guide (FSG). It sets out information designed to assist you in understanding: 1. the services we offer you 2. how we are paid 3. any potential conflict of interest we may have 4. our internal and external dispute resolution procedures and how you can access them What Financial Services is S&P Capital IQ Australia authorized to provide to you? Under its Australian Financial Services Licence S&P Capital IQ Australia is authorized to provide financial product advice to retail and wholesale clients in respect of the following classes of financial products: (1) deposit and payment products including; (a) basic deposit products, (b) deposit products other than basic deposit products, and (c) non-cash payment products; (2) derivatives; (3) foreign exchange contracts; (4) debentures, stocks or bonds issued or proposed to be issued by a government; (5) life products limited to investment life insurance products as well as any products issued by a Registered Life Insurance Company that are backed by one or more of its statutory funds; (6) interests in managed investment schemes including investor directed portfolio services; (7) securities; and (8) superannuation. This service includes the provision of financial product research reports and analysis that are of a general nature. S&P Capital IQ Australia Financial Services Guide 1

2 Scope of research service S&P Capital IQ Australia distributes financial product research reports and analysis that are of a general nature and may include research on one or more of the of financial products it is authorized under its licence to provide advice on. Research provided by S&P Capital IQ Australia represents both qualitative research, in which an analyst expresses an opinion and quantitative research, which is performed using a mathematical model. In some instances, these two disciplines are combined. We provide details of the methodology applied with the relevant research report. More detail on S&P Capital IQ methodologies is available by visiting: 1. and viewing the regulatory disclosures and the S&P Capital IQ Research Objectivity Policy; and 2. For more information on the scope of the services that may be offered by S&P Capital IQ Australia please visit Our People S&P Capital IQ equity research analysts are experienced professionals who are well-respected in their fields. As at May % of American, 63% of European and 87% of Asian based S&P Capital IQ qualitative equity research analysts had Masters of Business Administration degrees, Certified Financial Analyst qualifications or equivalents. S&P Capital IQ is led by seasoned professionals with years of experience in the financial services industry. For management profiles please visit management-profiles/en/au. S&P Capital IQ Australia Financial Services Guide 2

3 Coverage As at 31 December 2012 S&P Capital IQ distributed research on a variety of asset classes including 8,517 stocks, 22,700 mutual funds listed on United States of America (U.S.) stock exchanges and 752 exchange-traded funds (ETF) listed on U.S. stock exchanges. The coverage selection principles for research reports that may be distributed by S&P Capital IQ Australia include the following: 1. Stock Reports (Qualitative): The principal criteria for the qualitative stock coverage selection include securities of companies that comprise leading market indices, market capitalization, trading activity and general investor interest. Further information on this coverage selection criteria can be found in the S&P Capital IQ Research Objectivity Policy available at www. standardandpoors.com/regulatory-affairs/equity-research/en/ap 2. Stock Reports (Quantitative): The quantitative stock reports rely on the market information available on the security to calculate the quantitative components needed. Therefore the security needs to be listed on a major exchange for S&P Capital IQ to be able to generate the report. 3. ETF and Mutual Fund Reports: Research on ETFs and mutual funds is currently limited to the U.S. market. These reports rely on the market information available on the security or underlying securities to calculate the quantitative components needed. Therefore the security or underlying security needs to be listed on a major exchange for S&P Capital IQ to be able to generate the report. S&P Capital IQ does not provide research on money market mutual funds or specialty mutual funds. 4. Trade Detector Reports: Trade Detector Reports are limited to the S&P 500. A security may be the subject of a Trade Detector Report due to various factors which include, but are not limited to, companies are on the lists of recommended stocks that are published monthly, earnings reports, changes to dividends, share buybacks or share price movement compared to the target price or consensus estimate. In certain circumstances, coverage may also be initiated as a result of a contractual relationship with an issuer of the financial product or unaffiliated financial intermediary for whom S&P Capital IQ agrees to provide research reports for use by the issuer of the financial product or the unaffiliated financial intermediary and for distribution to the unaffiliated financial intermediary s clients. Investment Warnings S&P Capital IQ Australia provides general advice about financial products that may be accessed by wholesale and retail clients. S&P Capital IQ Australia financial product research and analysis includes statements of opinion, not statements of fact. Investors should make themselves aware of additional warnings included in specific financial product research reports and analysis. Financial product research and analysis and the information contained in financial product reports is of a general nature and has been prepared without taking into account the particular financial needs, circumstances or objectives of any person. S&P Capital IQ Australia recommends that investors seek independent expert financial advice from persons qualified to provide investment advice in the relevant territory before making any investment decision. Past performance is not necessarily a good guide to the future performance of a security or investment. S&P Capital IQ Australia Financial Services Guide 3

4 Who does S&P Capital IQ act for when providing the financial services? S&P Capital IQ acts independently of any other person and provides its reports and analysis on its own account. All views expressed in financial product research reports and analyses reflect S&P Capital IQ s views regarding any and all of the subject fund or entity. How are any fees, commissions or other benefits calculated for providing the financial service? S&P Capital IQ may be paid by the issuer of the financial product to issue a Factual Stock Report and may receive subscription fees from clients. The remuneration of S&P Capital IQ s representatives is not related to the performance of any financial product or the fees paid to S&P Capital IQ by any entity. Complaints and dispute resolution S&P Capital IQ Australia has established procedures for dealing with enquiries and complaints. If you have any enquiries or concerns about the services and products provided by S&P Capital IQ Australia you can call S&P Capital IQ Australia Client Services on , send an to clientservices_pacific@standardandpoors.com or write to S&P Capital IQ Australia Client Services at Level 45, 120 Collins Street, Melbourne, Victoria, If you are not satisfied with the resolution of any complaint you will be directed to an external dispute resolution service such as the Financial Ombudsman Service. S&P Capital IQ Australia is a member of the Financial Ombudsman Service. The contact details for the Financial Ombudsman Service are as follows: GPO Box 3, Melbourne Victoria 3001, Telephone Toll Free , Fax (61) , info@fos.org.au, Website Research Basis S&P Capital IQ bases its financial product research on current information furnished to S&P Capital IQ by the issuer of the financial product or obtained from sources that S&P Capital IQ considers reliable. S&P Capital IQ does not perform an audit and undertakes no due diligence or independent verification of any information it receives and may rely on audited information. Because of the possibility of human or mechanical error by our sources, S&P Capital IQ or others, S&P Capital IQ does not guarantee the accuracy, adequacy, or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. Readers should make their own inquiries. Subsequent information may result in financial product research being changed or withdrawn at any time. Please contact S&P Capital IQ Client Services on for the most recent financial product research. S&P Capital IQ Australia Financial Services Guide 4

5 Compensation Arrangements S&P Capital IQ Australia has professional indemnity insurance cover under a global professional indemnity insurance policy held by its parent, McGraw Hill Financial, Inc. which meets the compensation arrangement requirements of section 912B of the Corporations Act Publication Basis While S&P Capital IQ Australia reserves the right to disseminate the financial product research and analysis, it receives no payment for doing so, except for payment for subscriptions or for access to its publications. Copyright & Trademarks This publication is 2013 Standard & Poor s Information Services (Australia) Pty Limited (S&P Capital IQ Australia) a wholly owned subsidiary of McGraw Hill Financial, Inc. All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form by any means, electronic or otherwise, without the prior permission of S&P Capital IQ Australia. McGraw-Hill, Standard & Poor s & McGraw Hill Financial, are the respective proprietary trademarks of McGraw Hill Financial, Inc. and Standard & Poor s Financial Services LLC, in which all rights are reserved and are protected by registration in a number of territories. Law S&P Capital IQ Australia This Publication is intended to constitute a Financial Services Guide pursuant to section 941A of the Corporations Act 2001 to the extent that the recipient of this service is a retail client as defined by the Corporations Act 2001; and is issued subject to the laws of the state of Victoria and the Commonwealth of Australia and all matters arising from it or its use shall be subject to the exclusive jurisdiction of the Courts of Victoria. Melbourne Level 45, 120 Collins Street Melbourne VIC (3) Sydney Level 27, 259 George Street Sydney NSW (2) Client Services com.au Copyright 2013 Standard & Poor s Information Services (Australia) Pty Limited. All rights reserved. 09/2013 S&P Capital IQ Australia Financial Services Guide 5