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Legal notice

Legal notice


    Copyright notice

    ESMA owns the copyright for all material on this website. This copyright does not extend to any legislative text which is publicly available or to other third party’s materials.

    ESMA's name, abbreviation and logo are the exclusive property of the European Securities and Markets Authority and are protected under the Paris Convention for the Protection of Industrial Property of 20 March 1883 and national laws implementing the Convention.

    ESMA's logo and other images may not be used without prior permission except when reproducing ESMA material containing the logo or other images.
    Where copyright vests in a third party, permission for reproduction must be obtained from this copyright holder.

    Reproduction of all information on this site (ESMA Library) is authorised except as otherwise stated, provided the source is acknowledged and:

    1. where the original material is incorporated in documents that are sold (regardless of the medium), the publisher must inform buyers that it may be obtained free of charge through ESMA website;

    2. if the original material is transformed by the user (e.g. by making a summary of it or by translating it) and republished, this must be stated explicitly through the following disclaimer:

        -‘This document has been drafted using material downloaded from ESMA’s website’ (or alternatively ‘This document constitutes a translation of a document downloaded from ESMA’s website’);

        - ESMA does not endorse this publication and in no way is liable for copyright or other intellectual property rights infringements nor for any damages caused to third parties through this publication’;

    3. when linking to the ESMA website from business sites or for promotional purposes, the ESMA website content and its source must be clearly identifiable separately from any other content;

    4. any document in which this material is displayed does not:

        - in any way imply that ESMA is endorsing a firm, journal or publication or any particular products, services or communications;
        - present false or misleading information concerning ESMA;
        - contain content that could be construed as distasteful, offensive or controversial;
        - infringe any intellectual property or other rights of any person or otherwise not comply with any relevant law or regulation.


    1. ESMA tries to ensure that the information on this website is timely and accurate.

    2. The information on this website is of a general nature only and is not intended to address the specific circumstances of any particular individual or entity.

    3. The information on this website can under no circumstances be regarded as professional or legal advice. If you need specific advice, you should consult a suitably qualified professional.

    4. ESMA accepts no responsibility or liability whatsoever with regard to the information on this website. ESMA is not liable for any damage arising from use or inability to use this website, for any material contained in it, or from any action or decision taken as a result of using this website or any such material.

    5. This disclaimer is neither intended to limit the liability of ESMA in contravention of any requirements laid down in applicable law nor to exclude its liability for matters which may not be excluded under that law.

    6. This website offers links to other websites. ESMA has no control over the linked websites and is not responsible for the contents of any linked website or for any problems incurred as a result of using any linked website. Offering links to other websites should not be taken as an endorsement of any kind from ESMA.

    7. By accessing any part of this website, you will be deemed to have accepted the terms of this legal notice.


    If you have questions or concerns, please contact: