Terms & Conditions of Service

"Ashenden Finance", "we", "our" or "us" means Ashenden Finance SA, a company incorporated under Swiss law with registered offices at Rue Sigismond-Thalberg 2, 1201 Genève, Switzerland.

"Platform" means the Ashenden Finance web application available at research.ashfin.ch and the research, analytics, data, technological tools and related functionality made available through it.

"Content" means research reports, market commentary, financial analysis, investment opinions, general recommendations, ratings, price or spread targets, data, charts, models, software, text and other material made available through the Platform.

"Customer" means the person or legal entity that purchases or contracts for a Subscription.

"Authorised User" or "User" means an individual authorised to access the Platform under a Subscription.

"Subscription" means the right to access the Platform for the subscription period and subject to the commercial conditions specified at the time of purchase or in the applicable order form.

No person under the age of 18 may create an account. Each account is personal and is issued to a named individual.

Users must provide accurate registration information and keep it up to date. Ashenden Finance may refuse, restrict or terminate access where registration information is materially false or misleading, or where access would breach these Terms or applicable law.

The Platform and its Content are operated from Switzerland and are not directed at, and are not intended to be accessed or used by, any person in any jurisdiction where such access, use, publication, distribution or availability would be contrary to applicable law or regulation, or would subject Ashenden Finance to any registration, authorisation, licensing or other regulatory requirement that has not been expressly undertaken by Ashenden Finance.

Financial-services, securities, investment-research, marketing and distribution rules differ between jurisdictions. Ashenden Finance does not represent or warrant that the Platform, its Content or any particular functionality is appropriate, lawful or available for use in every country. Users are responsible for ensuring that their access to and use of the Platform complies with the laws applicable to them.

The Platform provides general and non-personalised financial research, financial analysis, market information and investment opinions.

Content may include BUY, HOLD or SELL ratings, target prices, spread targets, relative-value opinions and other general recommendations concerning financial instruments, issuers, markets or investment strategies. Content is published to our subscriber base as a whole and is not tailored to any individual reader: the same research is made available to every subscriber entitled to it, and Ashenden Finance is therefore not in a position to adapt it to the circumstances of any particular person.

Unless expressly agreed under separate written terms governing a separate advisory service, Content:

• is produced independently of any particular User's individual investment objectives, financial situation, risk tolerance, knowledge, experience or portfolio;
• is not presented as being suitable or appropriate for any particular User;
• does not constitute a personal recommendation or personalised investment advice;
• does not constitute portfolio management;
• does not constitute an offer, invitation or solicitation to enter into any particular transaction; and
• does not create a fiduciary, advisory, agency or similar relationship between Ashenden Finance and the User.

Research and recommendations reflect Ashenden Finance's views at the time they are published and may change without notice. Unless expressly stated otherwise, Ashenden Finance has no obligation to update a particular publication, recommendation or opinion or to monitor any investment following its publication.

The Platform itself does not hold User assets or provide custody services. Brokerage, order transmission, execution and any separately agreed investment-advisory activities are outside the scope of these Terms and are subject to the agreements applicable to those services.

Ashenden Finance SA is affiliated to SO-FIT, a self-regulatory organisation recognised by FINMA, as a financial intermediary within the meaning of article 2 para. 3 of the Swiss Anti-Money Laundering Act (AMLA). Each member of our advisory team is registered in the Swiss Register of Client Advisers.

Affiliation to a self-regulatory organisation recognised by FINMA is not the same as being prudentially supervised by FINMA, and nothing on the Platform should be read as a statement that Ashenden Finance is so supervised. A subscription to research is not an investment service requiring authorisation.

Unless expressly disclosed in the relevant publication, neither Ashenden Finance SA nor, to the best of its knowledge, any employee involved in the preparation or dissemination of the relevant research has any material personal financial interest in the securities or issuers covered by such research, nor holds any directorship, officer position or other management function with any issuer referred to therein.

Neither Ashenden Finance SA nor any employee involved in the preparation of the relevant research has received, during the preceding twelve months, any compensation from an issuer covered by such research in consideration for the preparation or publication of that research. Ashenden Finance SA does not seek or expect to receive compensation from any such issuer in connection with the publication of the relevant research.

Where any material interest, relationship or conflict of interest exists that could reasonably be expected to affect the objectivity of the research, it will be disclosed in the relevant publication in accordance with applicable law and regulation.

Certain Platform functionality may permit Users to search, filter, analyse or interact with Content using queries or information supplied by the User.

The fact that information, research or analytical output responds to criteria entered by a User does not mean that Ashenden Finance has assessed the suitability of any financial instrument for that User.

Users remain responsible for independently evaluating any output and determining whether a transaction is appropriate for their own circumstances.

Automated or AI-assisted outputs may contain errors, omissions or incomplete information and should not be relied upon without appropriate independent review.

Where Ashenden Finance expressly agrees to provide a personalised financial service, that service will be separately identified and, where appropriate, governed by separate contractual and regulatory documentation.

Each Subscription grants the relevant Authorised User a limited, revocable, non-exclusive, non-transferable and non-sublicensable right to access and use the Platform during the applicable Subscription period.

Unless a Team Subscription has been purchased, each account may be used only by the individual to whom it was issued.

Login credentials are confidential and may not be shared. Users are responsible for taking reasonable measures to protect their credentials and must promptly notify Ashenden Finance if they suspect unauthorised access.

A Team Subscription permits access by the number of named Authorised Users specified in the applicable order form or purchase confirmation.

Each seat must be allocated to a separate individual. A single seat may not be shared between several persons, including persons working within the same organisation.

The Customer is responsible for ensuring that its Authorised Users comply with these Terms.

If a Team Subscription expires or is terminated, access by the associated Authorised Users may also be suspended or terminated. For additional seats, contact contact@research.ashfin.ch.

Content may be used by Authorised Users for their own internal purposes, including their own investment analysis and decision-making.

Unless expressly authorised in writing by Ashenden Finance, Users may not reproduce, distribute, forward, publish, sublicense, sell or otherwise make Content available to unauthorised persons.

Users may not:

• share credentials or permit unauthorised access to the Platform;
• use automated scraping, crawling, extraction or similar tools to collect Content or Platform data;
• circumvent access, security or payment controls;
• use Content to create, market or operate a competing research product or database;
• systematically reproduce or extract Content for resale or redistribution;
• use Content to train or benchmark an artificial-intelligence or machine-learning system without Ashenden Finance's prior written consent;
• interfere with the security, availability or proper functioning of the Platform; or
• use the Platform in violation of applicable law or third-party rights.

Users may be permitted to submit queries, portfolio information, preferences, documents or other information to the Platform ("User Content").

The User retains any rights it holds in User Content. The User authorises Ashenden Finance and its service providers to process User Content to the extent necessary to operate and provide the Platform and as further described in the Privacy Notice.

Users must not submit information that they do not have the right to disclose. In particular, Users must not upload personal data, confidential information or proprietary information concerning third parties unless they have the authority and lawful basis necessary to disclose and process that information through the Platform.

Users should minimise personal data included in portfolio information and other Platform inputs wherever possible.

The Platform and Content, including research reports, analyses, databases, software, algorithms, design, branding and other materials, are owned by or licensed to Ashenden Finance and are protected by applicable intellectual-property laws.

Except for the limited access rights expressly granted under these Terms, no intellectual-property right or ownership interest is transferred to the User or Customer.

Third-party content remains subject to the rights and restrictions imposed by its respective owners or licensors.

The applicable Subscription period, price, payment terms and renewal arrangements are those displayed at checkout or contained in the applicable order form.

The Subscription fee displayed on the Platform at the time of purchase is the total amount payable and includes any value added tax or similar indirect tax due on that purchase. Ashenden Finance does not add any further tax, fee or surcharge to the price displayed. Where a tax becomes due, it is accounted for within that price and the amount charged to the Customer does not change.

Where a Subscription is identified as automatically renewing, it will renew for the period indicated at purchase unless cancelled in accordance with the cancellation procedure communicated to the Customer. Users may cancel renewal of their Subscription in accordance with the applicable order terms.

Unless otherwise expressly agreed or required by mandatory law, cancellation takes effect at the end of the current paid Subscription period and fees already paid are non-refundable.

Ashenden Finance may suspend or restrict access immediately where reasonably necessary to protect the Platform, investigate suspected unauthorised use, comply with legal or regulatory obligations or prevent material security, legal or reputational risk.

Ashenden Finance may terminate a Subscription for material breach, including:

• unauthorised account sharing or redistribution of Content;
• non-payment, fraud or abusive chargebacks;
• material false or misleading information provided in connection with registration;
• material infringement of Ashenden Finance's or third parties' intellectual-property rights;
• unlawful use of the Platform; or
• conduct materially compromising the security or integrity of the Platform.

Where reasonably practicable, Ashenden Finance will provide notice of the breach and an opportunity to remedy it before termination, unless the breach is incapable of remedy or immediate action is reasonably required.

No refund is due where termination results from the Customer's or User's material breach.

Ashenden Finance may discontinue the Platform or a material paid service for business, legal or technical reasons. Where this results in termination of a prepaid Subscription without cause attributable to the Customer, Ashenden Finance will provide an appropriate pro-rata refund for the unused prepaid period.

Nothing in this Section limits the statutory rights of a User who is a consumer. See our Refunds and Right of Withdrawal policy, which prevails over this Section for consumers.

If you are a consumer resident in the European Union, you normally have fourteen (14) days to withdraw from a distance contract without giving any reason.

The Platform is digital content supplied immediately. At checkout you are asked to request that supply begins at once and to acknowledge that, once access has been granted, your right of withdrawal is lost. If you do not give that confirmation, the service cannot start before the withdrawal period has expired.

Full detail, including how to withdraw where the right still applies, is in our Refunds and Right of Withdrawal policy.

Complaints should be sent to contact@research.ashfin.ch. We aim to acknowledge a complaint within five working days and to resolve it within thirty days.

If you are a consumer resident in the European Union and we cannot resolve your complaint, you may be entitled to refer the matter to an alternative dispute resolution body competent in Switzerland. This does not affect your right to bring proceedings before the courts.

The value of financial instruments and any income derived from them may rise or fall, and Users may lose some or all of the amount invested.

Past performance is not a reliable indicator of future performance. Historical returns, spreads, prices, yields, ratings, valuations or other performance data should not be interpreted as a guarantee, forecast or reliable indication of future results.

Any forecasts, target prices, expected returns, spread targets, valuation estimates or other forward-looking statements contained in the Content are based on assumptions and information available at the time of publication and are inherently uncertain. Actual outcomes may differ materially from those expressed or implied.

Where investments are denominated in a currency different from the User's base currency, changes in exchange rates may positively or negatively affect the value of the investment and any income received.

Content may rely on information obtained from third-party sources believed to be reliable, but Ashenden Finance does not guarantee that such information is accurate, complete or current.

Nothing contained on the Platform should be interpreted as a representation or guarantee that any investment, strategy, recommendation or financial instrument will achieve a particular return, price, yield or performance outcome.

Users remain responsible for independently assessing the risks and merits of any investment and for determining whether any transaction is appropriate for their own circumstances.

Nothing in these Terms excludes or limits liability that cannot lawfully be excluded or limited under applicable law, including liability arising from wilful misconduct or gross negligence.

Subject to the foregoing and to the maximum extent permitted by law, Ashenden Finance shall not be liable for indirect, consequential or special losses, loss of profit, loss of opportunity, loss of anticipated savings or trading or investment losses arising from reliance on Platform Content.

For claims arising from ordinary contractual negligence and to the extent permitted by mandatory law, Ashenden Finance's aggregate liability arising out of or in connection with a Subscription shall not exceed the Subscription fees paid by the relevant Customer to Ashenden Finance during the twelve months preceding the event giving rise to the claim.

The limitations in this Section do not affect any rights that cannot validly be waived or restricted under mandatory law.

Ashenden Finance processes personal data in accordance with the Swiss Federal Act on Data Protection ("FADP") and other data-protection legislation applicable to the relevant processing, including the EU General Data Protection Regulation ("GDPR") where applicable.

Ashenden Finance's processing of personal data is described in its Privacy Notice, which is the principal source of information regarding the categories of personal data processed, the purposes of processing, recipients and categories of recipients, service providers and processors, international transfers and applicable safeguards, retention periods or the criteria used to determine them, cookies and similar technologies, automated processing or profiling where applicable, and the rights available to data subjects.

Acceptance of these Terms does not constitute blanket consent to all processing of personal data. Where consent is required for a particular processing activity, Ashenden Finance will request that consent separately and in an appropriate manner.

Data-subject requests may be submitted to contact@research.ashfin.ch and will be handled in accordance with applicable law and subject to applicable statutory, contractual and regulatory retention obligations.

Ashenden Finance takes appropriate technical and organisational measures designed to protect personal data against unauthorised access, loss, misuse, alteration or disclosure. No electronic system can, however, be guaranteed to be completely secure.

Where personal data are processed outside Switzerland or the country in which the User is located, Ashenden Finance will apply the safeguards required by applicable data-protection law, as further described in the Privacy Notice.

Non-public Platform Content and other information expressly designated as confidential must be treated as confidential by the Customer and its Authorised Users and may be used only in accordance with the Subscription.

This obligation does not apply to information that is lawfully public, independently developed without use of the confidential information or lawfully received from a third party without a duty of confidentiality.

Ashenden Finance may update, modify or replace Platform functionality and Content from time to time.

Temporary interruptions may occur for maintenance, security, upgrades or circumstances outside Ashenden Finance's reasonable control.

Ashenden Finance will use reasonable efforts to avoid material disruption but does not guarantee continuous or uninterrupted availability.

Ashenden Finance may amend these Terms where reasonably necessary to reflect legal or regulatory developments, changes to the Platform, security requirements or changes to its business model.

Material changes will normally be communicated to registered Users at least fourteen days before taking effect. Changes required immediately for legal, regulatory or security reasons may take effect on shorter notice.

The Customer may not assign or transfer its rights or obligations under these Terms without Ashenden Finance's prior written consent.

Ashenden Finance may assign these Terms in connection with a merger, restructuring, transfer of business or similar corporate transaction, subject to applicable law.

If any provision is found to be invalid or unenforceable, the remaining provisions remain in effect and the invalid provision shall, to the extent permitted by law, be replaced by a valid provision that most closely reflects its intended commercial purpose.

A failure by Ashenden Finance to enforce a provision on one occasion does not constitute a waiver of that provision.

These Terms and any contractual or non-contractual dispute arising out of or in connection with the Platform are governed by Swiss law, excluding its conflict-of-law rules, subject to any mandatory law that cannot validly be excluded.

Subject to mandatory jurisdiction rules, the competent courts of Genève, Switzerland shall have exclusive jurisdiction.

Ashenden Finance SA
Rue Sigismond-Thalberg 2
1201 Genève, Switzerland

Email: contact@research.ashfin.ch
Telephone: +41 91 220 20 70