Potential Conflicts of Interest. Certain entities within the Group or its affiliates (including, if applicable, any Manager) may also engage in trading activities (including hedging activities) relating to the Underlying Reference or Reference Entity and other instruments or derivative products based on or relating to the Underlying Reference or Reference Entity of any Securities for their proprietary accounts or for other accounts under their management. BNPP B.V., BNPP and their affiliates (including, if applicable, any Manager) may also issue other derivative instruments in respect of the Underlying Reference. BNPP B.V., BNPP and their affiliates (including, if applicable, any Manager) may also act as underwriter in connection with future offerings of shares or other securities relating to an issue of Securities or may act as financial adviser to certain companies or companies whose shares or other securities are included in a basket or in a commercial banking capacity for such companies. In addition BNPP B.V., BNPP and their affiliates (including, if applicable, any Manager) may act in a number of different capacities in relation to an underlying index, including, but not limited to, issuer of the constituents of the index, index sponsor or calculation agent. Such activities could present certain conflicts of interest, could influence the prices of such shares or other securities and could adversely affect the value of such Securities. Because the Calculation Agent (as defined below) may be an affiliate of the Issuer or the Guarantor, potential conflicts of interest may exist between the Calculation Agent and holders of the Securities, including with respect to certain determinations and judgments that the Calculation Agent must make, including whether a Market Disruption Event, a Settlement Disruption Event or Credit Event (each, as defined below) has occurred. The Calculation Agent is obligated to carry out its duties and functions as Calculation Agent in good faith and using its reasonable judgment. Furthermore, the Calculation Agent will not act as a fiduciary or as an advisor to the Holders in respect of its duties as Calculation Agent. In the case of Securities listed on the Italian Stock Exchange, any additional conflicts of interest with respect to such Securities will be specified in the applicable Final Terms.
Potential Conflicts of Interest. The Issuer and affiliated companies may participate in transactions related to the Certificates in some way, for their own account or for account of a client. Such transactions may not serve to benefit the Certificateholders and may have a positive or negative effect on the value of the an underlying and consequently on the value of the Certificates. Furthermore, companies affiliated with the Issuer may become counterparties in hedging transactions relating to obligations of the Issuer stemming from the Certificates. As a result, conflicts of interest can arise between companies affiliated with the Issuer, as well as between these companies and investors, in relation to obligations regarding the calculation of the price of the Certificates and other associated determinations. In addition, the Issuer and its affiliates may act in other capacities with regard to the Certificates, such as calculation agent, paying agent and administrative agent and/or index sponsor. Furthermore, the Issuer and its affiliates may issue other derivative instruments relating to the respective underlying securities; introduction of such competing products may affect the value of the Certificates. The Issuer and its affiliated companies may receive non-public information relating to an underlying, and neither the Issuer nor any of its affiliates undertakes to make this information available to Certificateholders. In addition, one or more of the Issuer’s affiliated companies may publish research reports on an underlying. Such activities could present conflicts of interest and may affect the value of the Certificates. Within the context of the offering and sale of the Certificates, the Issuer or any of its affiliates may directly or indirectly pay fees in varying amounts to third parties, such as distributors or investment advisors, or receive payment of fees in varying amounts, including those levied in association with the distribution of the Certificates, from third parties. Potential investors should be aware that the Issuer may retain fees in part or in full. The Issuer or, as the case may be, the Manager(s), upon request, will provide information on the amount of these fees. Xxx Xxxxxx der Zertifikate ist gegebenenfalls mit erheblichen Risiken verbunden und nur für solche Investoren geeignet, die über das Wissen und die Erfahrung in Finanz- und Geschäftsangelegenheiten verfügen, die erforderlich sind, um die Risiken und Chancen einer Investition in die Zertifikate einzuschätze...
Potential Conflicts of Interest. Each of the Issuer, the Manager(s) or their respective affiliates may deal with and engage generally in any kind of commercial or investment banking or other business with any issuer of underlying securities or Reference Entities, their respective affiliates or any guarantor or any other person or entities having obligations relating to any issuer of underlying securities or Reference Entities or their respective affiliates or any guarantor in the same manner as if any Credit Linked Certificates did not exist, regardless of whether any such action might have an adverse effect on an issuer of the underlying securities or Reference Entities, any of their respective affiliates or any guarantor. The Issuer may from time to time be engaged in transactions involving the underlying securities or Reference Entities, the Index, Index Components or related derivatives or Relevant Commodities which may affect the market price, liquidity or value of the Certificates and which could be deemed to be adverse to the interests of the Certificateholders. Potential conflicts of interest may arise between the Calculation Agent and the Certificateholders, including with respect to certain discretionary determinations and judgements that the Calculation Agent may make pursuant to the Terms and Conditions of the Certificates that may influence the amount receivable upon redemption of the Certificates.