Legal Notices

Legal Notices

General information

(1) Standard Terms & Conditions

In the event that you and the bank enter into an agreement or conduct individual transactions via the Internet, it shall be deemed that you consent to the applicability of our Standard Terms and Conditions (T&Cs).

Standard Terms and CoNditions

(2) Disclaimer

The information provided on our website is based on sources that we consider reliable. However, we assume no guarantee for the accuracy, completeness, or timeliness of such information, nor for any recommendations or for the economic or fiscal implications thereof. This publicly accessible information is provided for general information purposes and shall not under any circumstances replace investor/product-related advisory services. In particular, information relating to securities shall not constitute solicitations to buy or sell. The public offering and sale of securities are subject to the national laws and other statutory provisions in force in each individual country.

All information published on this website is diligently and promptly verified and updated by Hauck & Aufhäuser Privatbankiers AG. Nevertheless, Hauck & Aufhäuser Privatbankiers AG does not assume any guarantee for the completeness, accuracy, and timeliness of such information. Hauck & Aufhäuser Privatbankiers AG cannot be made liable in the event of inaccurate, incomplete, or not current data, nor in the event of falsification of information.

(3) Governing law

All legal relationships between you and our bank shall be governed by the laws of the Federal Republic of Germany. We expressly inform you that our Internet offering is aimed exclusively at persons who are subject to a legal system in which such choice of law clause is permitted. Place of jurisdiction – to the legally permissible extent – is agreed as Frankfurt am Main, Munich, or Luxembourg City.

(4) Limitations of liability

Hauck & Aufhäuser Privatbankiers AG cannot guarantee the failure-free functionality of this website. In no event shall Hauck & Aufhäuser Privatbankiers AG be liable for any loss or damage of any kind. This disclaimer includes direct, indirect, and consequential damage arising out of or related to the access to, performance of, or queries submitted to the Hauck & Aufhäuser site, or that could arise through links to other sites, even where Hauck & Aufhäuser Privatbankiers AG has not indicated the possibility that such damage could occur.

(5) No acceptance für orders by email

We would like to inform you that we do not accept any legally binding orders or instructions via email. Such orders may only be submitted through our online banking system. Please contact your account manager.

(6) Linked websites

When you click specific links on the Hauck & Aufhäuser website, under certain circumstances, you will leave the Hauck & Aufhäuser website. Hauck & Aufhäuser Privatbankiers AG has not reviewed the other websites linked to the Hauck & Aufhäuser website, and does not assume any responsibility for their contents, including for the products or services offered, or other offerings and information.

(7) Copyright

The content and structure of this website are protected by copyright. The prior consent of Hauck & Aufhäuser Privatbankiers AG is to be obtained before reproducing any information or data, particularly the use of text, text extracts, or images.

Legal Notices

Research

Institutional Sell-Side Research

Institutional Research – also known as sell-side research – is solely directed at institutional clients. Clients can access analysis and assessments on these companies via various information service providers (Bloomberg, Thomson Reuters, etc.). We mainly analyze German and Austrian companies. They can be downloaded in the separate secure client area of Institutional Research.

Buy-Side Research of our Investment Management unit

 

The buy-side research of our Investment Management unit primarily analyzes companies on the DAX30, Stoxx50, and EuroStoxx50 indexes for internal purposes. These assessments are used by Portfolio Management and investment advisers. In Research News we present corporate news from the stock exchanges as well as the development of key markets and indexes. The report is supplemented by the latest economic and political news. The analyses and Research News can be downloaded in the secure client area.

Quarterly Overview

In order to ensure the highest level of transparency, Hauck & Aufhäuser Privatbankiers produces the following quarterly report in accordance with section 5(4)(3) of the Regulation Governing the Analysis of Financial Instruments (FinAnV). It provides information on all analyst estimates issued and relates them proportionally to the companies who received investment-banking services over the last twelve months. 

Legal Notices

Institutional Research

Services

We advise and support German and Austrian listed small and mid cap enterprises, and have an excellent network of institutional investors in Germany, the UK, France, Switzerland, and the U.S.A. at our disposal.

Research and Sales

Our Equity Analysis and our Sales units are based in Hamburg, and currently manage 130 listed companies. Over the medium term, we plan to enlarge the number of companies to over 180. What sets us apart is our consistent focus on small and mid cap enterprises.

The independent and objective approach pursued by Research is cemented through our excellent relationships with the companies. We have detailed knowledge of the companies, their strategies, sectors, clients, and decision makers. This enables us to provide high-quality, detailed analysis of the competitive position of the companies and their ability to generate above-average ROIs.

Without exception, our analysts and our Sales employees have extensive track records spanning six to ten years. From 2003 to 2008, major surveys, such as Extel, regularly ranked them among the three best teams for German small and mid caps. The 400+ institutional investors they manage worldwide appreciate a research product that matches their individual needs, with tailored services, and timely, regular publications.

(Sales) Trading

The orders in the Sales Trading team are client-driven and settled at our Hamburg site.

Our extensive experience in supporting German and international institutional clients enables us to place the equities of small and mid cap enterprises discreetly and in large blocks. Over the last five years our team members have executed a considerable volume of placements for a range of companies. Along with a high quality of research and service provision, we are committed to ensuring best execution and independence, integrity, and discretion in our advisory services.

Corporate Finance

You can expect comprehensive and tailored services for your initial public offerings and capital increases.

Legal Notices

Disclaimer

1. General information/liability

This financial analysis has been produced for the information purposes of institutional investors only, and is not in any way to be construed as a recommendation, offer, or solicitation to buy or sell the financial instruments mentioned herein. The document is confidential and is made available by Hauck & Aufhäuser Privatbankiers AG exclusively to selected recipients [in DE, GB, FR, CH, U.S.A., Scandinavia, and Benelux or, in individual cases, also in other countries]. Distribution to private clients as defined in the German Securities Trading Act (WpHG) is excluded. It is not permitted to disclose the financial analysis to persons other than the intended recipient without the consent of Hauck & Aufhäuser Privatbankiers AG. Reproduction of this document, in whole or in part, is not permitted without the prior consent of Hauck & Aufhäuser Privatbankiers AG. All rights reserved.

Under no circumstances shall Hauck & Aufhäuser Privatbankiers AG or any of its employees involved in the production of this document bear any liability for possible errors or incompleteness of the information included in this financial analysis – neither in relation to indirect or direct damage nor consequential losses. Liability for damages arising either directly or as a consequence of the use of information, opinions, and estimates is also excluded.

Past performance of a financial instrument is not necessarily indicative of future performance.

2. Responsibilities

This financial analysis was prepared by the Hauck & Aufhäuser Privatbankiers AG analyst named on the front page (the “Author”). The Author is solely responsible for the opinions and estimates expressed therein. The analysis was produced independently.

The content of the financial analysis was not influenced at any time by the issuer of the analyzed financial instrument. It may be possible that parts of the financial analysis were handed out to the issuer for information purposes prior to the publication without any major amendments being made thereafter.

3. Organizational requirements

Hauck & Aufhäuser Privatbankiers AG has made internal organizational arrangements and put rules in place to prevent or accordingly disclose possible conflicts of interest in connection with the production and dissemination of the financial analysis. All employees of Hauck & Aufhäuser Privatbankiers AG involved in the production of the financial analysis are subject to internal compliance regulations.

There is no direct or indirect link between the Author’s remuneration and the production of this financial analysis.

4. Information relating to valuation methods/update

The fair value per share, i.e. the price target and the resultant recommendation, is determined on the basis of the adjusted free cash flow (adj. FCF) method and on the basis of the discounted cash flow – DCF model. Furthermore, a peer group comparison is carried out.

The adj. FCF method is based on the assumption that investors purchase assets at a price (enterprise value) at which the operating cash flow return after taxes on this investment exceeds their opportunity costs in the form of a hurdle rate of 7.5%. The operating cash flow is calculated as EBITDA less maintenance capex and taxes.

The DCF approach involves calculating the future free cash flows initially on the basis of a fictitious capital structure of 100% equity, i.e., interest and repayments on debt capital are initially not factored in. The adjustment toward the actual capital structure is conducted by discounting the calculated free cash flows with the weighted average cost of capital (WACC), which takes into account both the cost of equity capital and the cost of debt capital. After discounting, the calculated total enterprise value is reduced by the interest-bearing debt capital in order to arrive at the equity value.

Hauck & Aufhäuser Privatbankiers AG uses the following three-step rating system for the analyzed companies:

Buy: Sustainable upside potential of more than 10% within 12 months.

Sell: Sustainable downside potential of more than 10% within 12 months.

Hold: Limited upside/downside potential. No immediate catalyst visible.

 

NB: The ratings of Hauck & Aufhäuser Privatbankiers AG are not based on a performance that is expected to be “relative” to the market.

The decision on the choice of the financial instruments analyzed in this document was made solely by Hauck & Aufhäuser Privatbankiers AG. The opinions and estimates in this financial analysis are subject to change without notice. It is within the discretion of Hauck & Aufhäuser Privatbankiers AG whether and when it publishes an update to this financial analysis.

5. Key sources of information

The information required for this financial analysis was in part made available by the issuer of the financial instrument. Furthermore, it is based on publicly available sources (such as, for example, Bloomberg, Reuters, VWD-Trader, and daily press) that are considered to be reliable. Hauck & Aufhäuser Privatbankiers AG has checked the information for plausibility, but not for accuracy or completeness.

6. Competent supervisory authority

Hauck & Aufhäuser Privatbankiers AG is supervised by BaFin - the Federal Financial Supervisory Authority, Graurheindorfer Straße 108, 53117 Bonn and Marie-Curie-Straße 24 - 28, 60439 Frankfurt a.M.

7. Special information for recipients outside Germany

This investment research is subject to the laws of the Federal Republic of Germany. The dissemination of this information to other countries, in particular to the U.S.A., Canada, Australia and Japan, may be restricted or prohibited by the laws in force in such countries.

This document will only be disseminated to, and is only intended for, (i) persons located outside the United Kingdom, or (ii) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”), or (iii) high-net-worth companies and other high-net-worth individuals to whom it may be lawfully provided pursuant to Article 49(2)(a) to (d) of the Order. This document may not be made either directly or indirectly available to any other group of individuals in or from the United Kingdom.

 

Compliance

The documents prepared by Hauck & Aufhäuser’s analysts are financial analyses as defined in the German Securities Trading Act (WpHG). The analysts of the Institutional Research unit prepare these analyses independently and objectively and in compliance with statutory requirements (German Securities Trading Act and the Regulation Governing the Analysis of Financial Instruments (FinAnV)). Special organizational measures ensure that the analysts comply at all times with statutory requirements. This includes, in particular:

  • Organizational measures ensure the independence of the analysts
  • Through "Chinese walls", information barriers have been put in place that prevent the unimpeded flow of information between Trading and Research
  • The remuneration of the analysts and those employees involved in the production of the analysis is not linked to commission and income
  • Monitoring mechanisms prevent influencing of analysts
  • Analysts do not perform any advisory roles that could bring influence to bear on the production of the analyses
  • The independence and impartiality of our analysts is subject to separate monitoring 
  • Analysts are prohibited from accepting any gratuities from third parties
  • Analysts are prohibited from providing commitments to make favorable recommendations
  • Analysts and employees involved are prohibited from trading in the analyzed data 

 

Conflicts of Interest

Pursuant to section 85 of the German Securities Trading Act (WpHG), any financial analysis undertaken must indicate any potential conflicts of interest with regard to the analyzed company. A conflict of interest is presumed to exist in particular if Hauck & Aufhäuser Privatbankiers AG

  1. or its affiliate(s) (either in its own right or as part of a consortium) within the past twelve months, acquired the financial instruments of the analyzed company,
  2. has entered into an agreement on the production of the research report with the analyzed company,
  3. or its affiliate(s) has, within the past twelve months, been party to an agreement on the provision of investment banking services with the analyzed company or have received services or a promise of services under the term of such an agreement,
  4. or its affiliate(s) holds a) 5% or more of the share capital of the analyzed company, or b) the analyzed company holds 5% or more of the share capital of Hauck & Aufhäuser Privatbankiers AG or its affiliate(s),
  5. or its affiliate(s) holds a net long (a) or a net short (b) position of 0.5% of the outstanding share capital of the analyzed company or derivatives thereof,
  6. or its affiliate(s) is a market maker or liquidity provider in the financial instruments of the issuer,
  7. or the analyst has any other significant financial interests relating to the analyzed company such as, for example, exercising mandates in the interest of the analyzed company or a significant conflict of interest with respect to the issuer,
  8. the research report has been made available to the company prior to its publication. Thereafter, only factual changes have been made to the report.

Legal Notices

Investment Management

Disclaimer

General

The documents published do not constitute financial analysis as defined in the German Securities Trading Act. We expressly point out in this context that the published documents do not meet all the statutory requirements for ensuring the impartiality of financial analysis and are not subject to the statutory prohibition on trading in the financial instruments stated therein prior to publication. However, the internal guidelines (organizational instructions) of the bank govern the latter in the sense that the avoidance of conflicts of interest is assured.

The analyses, trend forecasts, market reports, or other market information contained in the documents are based on publicly available information as well as on data that is deemed reliable. Hauck & Aufhäuser Privatbankiers AG bears sole responsibility for the content of the analysis and opinions.

Any statements made concerning market developments, yields, or price gains shall only represent forecasts for which we assume no liability for the likelihood that they shall occur. In particular, past performance, simulations, or forecasts are not a reliable indicator of future performance.

This marketing communication is provided solely for informational purposes and cannot replace specific investment/investor-friendly advice.

The internal organizational directives of Hauck & Aufhäuser Privatbankiers AG mandate that marketing communications be updated at least twice per calendar year.

Investments in equities involve both opportunities and risks. For general information on the risks associated with investments in equities, your client adviser will be happy to provide you with the document, “Basic Information on Securities and other Investments.”

Information on potential conflicts of interest

Any conflicts of interest that arise within the meaning of section 5(3) of the German Regulation Governing the Analysis of Financial Instruments (Finanzanalyseverordnung) will be published on the Internet.

Information on the rating system

The investment horizon for equities recommendations is 6 to 12 months. The estimates relate to the absolute performance of the equities. The rating system is divided into “Buy,” “Hold,” and “Sell.”

Buy: We estimate that the equities will perform positively over a 6 to 12 month period.

Hold: We estimate that performance of the equities will be largely stable over a 6 to 12 month period.

Sell: We estimate that the equities will perform negatively over a 6 to 12 month period.

Recommendation history

The recommendation history of the last 12 months can be found on the Internet in the secure client area

Information on valuation principles and methods

H&A bases its analysis on generally accepted qualitative and quantitative valuation principles and valuation methods. All analysis reports reflect the estimates at the time of publication. It is not determined in advance whether and within which periods the analysis will be updated. The analysts decide the analytical method that they deem appropriate in each individual case. In principle, the process of collecting information covers the following inputs: analysis of published company reports and accounts, management meetings, analyst meetings, analysis of financial databases, studies of industry literature.

Fundamental analysis

For corporate and stock valuations, methods such as discounted cash flow (DCF) analysis, price/earnings (P/E) ratio analysis, and other peer-group analysis are used. The DCF method calculates a company’s income value, which represents the sum of the discounted cash flows available to the company. Thus, the income value is determined through the expected future company results and the discount factor applied. In the peer group analysis, listed issuers are assessed through comparison of valuation multiples (e.g. price/earnings ratio, price/book ratio, enterprise value/sales, enterprise value/EBITDA, enterprise value/EBIT). The comparability of the valuation multiples is primarily determined by the business activities and the economic outlook.

Sensitivity of the valuation parameters

The underlying figures for business valuation from the income statement, cash flow statement, and balance sheet are estimates based on particular dates and, therefore, entail certain risks. These may change at any time without prior notice. Regardless of the methodology used, there is a significant risk that the target price will not be achieved within the expected timeframe. Risks include unforeseen changes with regard to competitive pressure or in demand for the issuer’s products. Such demand variations may result from changes of a technological nature, to overall economic activity or, in some cases, through changes in ethical standards in society. Changes to tax laws, exchange rates and, in certain industries, regulations, may also impact on valuations. This explanation of valuation methods and risk factors does not purport to be exhaustive.

Reliability of information and publication

This publication constitutes solely a non-binding opinion on the market situation and the investment instruments at the time of publication. All information has been obtained from sources that H&A deems reliable, but it has not personally verified all of this information. Neither H&A nor its affiliates guarantee its accuracy, completeness, or timeliness. This information refers to specific dates and may change without notice at any time, in particular due to the passage of time. In particular, past performance, simulations, or forecasts are not a reliable indicator of future performance. The value of assets can both rise and fall. 

This publication has been produced for information purposes only and does not in any way constitute investment advice, nor an offer or solicitation to buy or sell financial instruments. Investment decisions should not be made solely on the basis of this information. Liability claims arising from the use of the information provided shall be excluded to the legally permissible extent, including, but not limited to, for any loss, including consequential damages, arising from the use of this publication or its contents. Individual investment opportunities contained herein may not be suitable for individual investors. Only detailed personal consultation can clarify which investment strategy is suitable for individual investors based on the individual investor’s specific investment objectives, risk profile, and financial situation. The company/individual should discuss any issues relating to tax/legal matters with his/her tax consultant or legal counsel.

It is not permitted to reproduce or use graphics and texts in other electronic media without the express consent of H&A. The utilization of content is only permitted when reference is made to the source and subject to prior submission of a specimen copy.

Information for readers resident in the United Kingdom

This publication is exclusively intended for clients of H&A who are professional market participants (“market counterparties”) or institutional clients (“intermediate customers”) as defined in each case by the Financial Services Authority (FSA) and is not intended for use by any other person, in particular, private customers as defined by the FSA. This publication does not constitute a solicitation to buy or an offer to sell securities.

Information for readers resident in the U.S.A. 

The information contained in this publication is intended solely for institutional clients of H&A in the United States and may not be used by other individuals or be used as a basis, regardless of purpose. It is to be used for informational purposes only and does not constitute a solicitation to buy or an offer to sell any securities as set forth under the Securities Act of 1933, as amended, or under any other U.S. federal or state laws, ordinances, and regulations.

The investment opportunities named in this publication may be unsuitable for certain investors depending on their specific investment objectives, risk tolerance, and financial circumstances.

Link to detailed information on the website

Further down you will find more detailed information on the aforementioned internal organizational arrangements and rules put in place by H&A and its affiliates to prevent possible conflicts of interest in connection with the production and disclosure of the financial analysis and information with recommendations in accordance with section 85 of the German Securities Trading Act.

Competent Supervisory Authority

Hauck & Aufhäuser Privatbankiers AG is supervised by the Federal Financial Supervisory Authority (BaFin), Marie-Curie-Straße 24-28, 60439 Frankfurt am Main.

 

Compliance

The documents prepared by Hauck & Aufhäuser’s analysts are marketing communications within the meaning of the German Securities Trading Act (WpHG). The analysts of the Investment Management unit prepare such analysis independently and objectively and in compliance with statutory requirements (German Securities Trading Act and the Regulation Governing the Analysis of Financial Instruments (FinAnV)). Special organizational measures ensure that the analysts comply at all times with statutory requirements. This includes, in particular:

  • Organizational measures ensure the independence of the analysts
  • Through “Chinese walls,” information barriers have been put in place that prevent the unimpeded flow of information between Trading and Research
  • The remuneration of the analysts is not linked to commission and income
  • Monitoring mechanisms protect the analysts from being influenced
  • Analysts do not perform any advisory roles that could bring influence to bear on the production of the analysis
  • Analysts are subject to separate employee monitoring with regard to independence and impartiality
  • Analysts are prohibited from accepting any gratuities from third parties
  • Analysts are prohibited from providing commitments to make favorable recommendations
  • Issuers do not receive advance copies of the analysis prior to publication
  • Analysts and employees involved are prohibited from trading in the analyzed data

     

Conflicts of Interest

Pursuant to section 85 of the German Securities Trading Act (WpHG), any financial analysis undertaken must indicate any potential conflicts of interest with regard to the analyzed company. A conflict of interest is presumed to exist in particular if Hauck & Aufhäuser Privatbankiers AG

 

 

  1. hold(s) at least 5% of the share capital of the issuer;
  2. regularly trade(s) in financial instruments of this company or derivatives derived therefrom;
  3. within the last twelve months, has/have been part of a consortium that has issued financial instruments of the issuer within the course of a public offering; 
  4. manage(s) financial instruments of issuers on a market by placing buy or sell orders;
  5. within the last twelve months, has/have entered into an agreement with issuers, who themselves or whose financial instruments are the object of the analysis, for services relating to investment banking activities or the promise of services under the terms of such agreement;
  6. has/have entered into an agreement with issuers, who themselves or whose financial instruments are the object of the analysis, for the production of the analysis.

 

Potential conflicts of interest are disclosed on the analysis through placing the respective number next to the name of the issuer.

Legal Notices

SEPA

As a result of the Single Euro Payments Area (SEPA), there are no longer any differences between domestic and international credit transfers, direct debits, and card transactions in the European internal market. The changeover took place on August 1, 2014, and, in particular, affected credit transfers and direct debit payments. In place of the previous account number and bank routing code, the IBAN (International Bank Account Number) and the BIC (Business Identifier Code) are required for identification and assignation purposes.

 

Legal Notices

MasterCard

3D Secure mTAN method – increase security when making online payments with your credit card

Do you use your credit card for making payments online? If so, we have good news for you: We have changed over to the so-called 3D Secure mobileTAN (mTAN) scheme, which further enhances security when you make payments online with your MasterCard, provided that the dealer is registered to offer this procedure.

What does this mean for you?

If you already currently use, or are interested in using, 3D Secure, you will need to submit your current mobile number (see note “mobile number validation”), which will be registered with our credit card service provider, First Data. In addition, you will be required to register for the 3D Secure mTAN scheme at the following link: Registration

In the future, the process for making payments on the Internet with credit cards will be as follows:

  • You purchase items with your credit card in the customary manner.
  • We send a TAN by SMS to the mobile telephone number you supplied us. This TAN is only valid for this specific purchase.
  • A window confirming your purchase appears onscreen.
  • You compare the details of your purchase onscreen with the details in the SMS. If the details are correct, enter the TAN and answer the additional security question to confirm the purchase.

The cardholder service of our service provider is available around the clock to answer any questions you may have relating to registration for the 3D Secure mTAN scheme. Simply call +49 (0)69 7933-2555.

The following modules ensure that using your credit card will be even more secure in the future:

Mobile number validation

The TAN (transaction number or one-time password) to confirm your password will be sent via SMS text message only to the mobile number on file that you provided. This ensures that only you can use your credit card to make purchases online. If you want to participate in the 3D Secure mTAN scheme, first simply supply us with your current mobile phone number, and let us know if it changes at a later date.

eCommerce limit

This limit applies in particular to online payments. Apart from the individual transaction limit, you can define the maximum limit for online transactions for each settlement period.

„Credit Card Information Online"

We also offer you the possibility of accessing your credit card statements online. This will enable you to check your card transactions practically on the same day you make a payment.

The „SMS@lert" notification service

In combination with the “Credit Card Information Online” service, you also have the option to use the so-called “SMS@lert” service. Once activated, you receive a message by SMS or email every time your credit card is used to make a transaction. Please note that, depending on your mobile communications provider, transmission times may vary and additional charges may apply (roaming fees). This functionality is available to you whether or not you use “mobile number validation.”

MasterCard Plus with optimized insurance package

As a result of new regulatory requirements and ever-increasing demands for comfort and security when using credit cards, we have decided to convert the current MasterCard Gold into MasterCard Plus with an optimized insurance package. As of July 1, 2016, the new insurance package includes the following insurance coverage:

  • Travel health insurance
  • Travel insurance
  • International vehicle breakdown insurance
  • Car rental insurance (liability)
  • Car rental insurance (legal protection)
  • Travel liability insurance
  • Travel cancellation insurance (new)

Legal Notices

Basic Payment Account

Scope of service

 

Pursuant to the German Payment Accounts Act, the basic payment account allows you to deposit funds and to make cash payments. Furthermore, you can make cashless payments (e.g. electronic

transfers). In general, it is not possible to overdraw such accounts.

You can use the basic Euro payment account for the following payment services not including loans:

Deposits or withdrawals: Services that allow cash to be paid into or debited from your payment account as well as all the transactions required for managing your payment account.

The execution of payment transactions including transfer of funds to the account you hold with us or with another payment service provider through

  • making direct debit payments (recurring/one-off),
    performing credit transfers (scheduled transfers and standing instructions).

We cannot provide you a debit payment card. Payments and withdrawals can be made at our counter at Kaiserstraße 24, 60311 Frankfurt am Main, or at Lenbachplatz 4, 80333 Munich.

In addition, you can apply for the basic payment account to be held as an account exempt from attachment (section 850k of the German Code of Civil Procedure (Zivilprozessordnung)).

Charges and costs

The charges and costs for basic payment account services can be found in our List of Prices and Services. You can inspect this at our branch offices. A copy can be supplied on request.

Terms and conditions of use

When opening a bank account, the pertinent contractual provisions are agreed upon signing the account opening form. Reference is also made to the provisions of our Standard Terms & Conditions along with the terms and conditions for electronic transfers, direct debits, and the Hauck & Aufhäuser Maestro card. You can inspect them at our branch offices. Copies can be supplied on request.

Note

The opening and use of a basic payment account is not dependent on membership of a particular profession, the acquisition of shares, or the agreement of additional services.

Contact

For further information please contact us by email:

FA-CS@HAUCK-AUFHAEUSER.DE

PF-BUSINESSMANAGEMENT@HAUCK-AUFHAEUSER.DE

 

Legal Notices

Account Switching Assistance

General information with regard to account switching assistance (sections 20 to 26 of the German Payment Accounts Act (ZKG)) and on facilitating cross-border account opening (section 27 to 29 of the ZKG)

Scope of service

Pursuant to the German Payment Accounts Act (ZKG), as of September 18, 2016, statutory stipulations apply to the support given when using mandatory statutory accounting switching assistance. These support services are intended to make it easier for consumers to change their bank accounts to other providers.

Account switching assistance enables you to authorize us in writing to help you change accounts and, as the receiving credit institute, to act as main correspondent between you and the transferring credit institute.

Further details regarding the process of statutory account switching assistance can be found in the following client information sheet. We would also be delighted to advise you in the course of a personal meeting.

Contact

For further information please contact us by email: 

PF-BUSINESSMANAGEMENT@HAUCK-AUFHAEUSER.DE

Legal Notices

Bank Recovery and Resolution Directive

As a reaction to experience made during the financial crisis in 2008, many countries adopted
rules designed to resolve a bank at risk of default without involving taxpayers in the future. For further information, please download our information documentDownload

 

 

Legal Notices

Complaints Management

It is a top priority for us to ensure that our business partners are continually satisfied with the services we offer. One of the key principles of our company is to provide our business partners with continuous added value throughout our entire business relationship and to resolve any problems that may arise promptly and in the best way possible. In order to meet this expectation of ourselves, we have put sophisticated complaints-handling policies and procedures in place.

Contact:

For further information about complaints management at Hauck & Aufhäuser please contact us by email:

Beschwerdemanagement@hauck-aufhaeuser.com

Legal Notices

Investor Protection

MiFID II

Important Information for Clients with regard to Investment Services
As of: December 2017
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Handling Conflicts of Interest (Hauck & Aufhäuser Privatbankiers AG, Hauck & Aufhäuser Privatbankiers AG, Luxembourg branch, and Hauck & Aufhäuser Fund Platforms S.A.)
As of: December 2017
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Best Execution Policy of Hauck & Aufhäuser Privatbankiers AG, Hauck & Aufhäuser Privatbankiers AG, Luxembourg branch, and Hauck & Aufhäuser Fund Platforms S.A.
As of: January 2018
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