As part of our overall ethical values, in particular our guiding principle accountability, we are committed to no slavery or human trafficking. 
Therefore, we are looking to improving our practices to combat slavery and human trafficking.

MSA Statement 2017

The BRRD provides resolution authorities with a set of resolution tools and powers which can be used when firms are judged to be failing or likely to fail and use of such resolution tools is necessary in the public interest. The BRRD also introduces strict restrictions on bailouts of bank investors. As such, investors or potential investors must understand that financial instruments subject to the BRRD resolution regime, such as bank issued shares and bonds, are subject to the following risks (this list is not exhaustive) which differ from those arising from ordinary counterparty default or insolvency:

  • the instruments are unsecured and therefore subject to the resolution regime;
  • the impact on investors, in a resolution scenario, depends crucially on the rank of the liability in the resolution creditor hierarchy, which may have changed due to the introduction of depositor preference i.e. investors in unsecured debt instruments may find themselves in a less favourable position compared to holders of deposits when these are eligible for coverage by a national deposit guarantee scheme; 
  • in the event of resolution: 
    • the outstanding amount may be reduced to zero or the security may be converted into ordinary shares or other instruments of ownership for the purpose of stabilisation and loss absorption; 
    • a transfer of assets to a bridge bank or in a sale of business may limit the capacity of the firm to meet repayment obligations; 
    • the key terms of the investment could be amended by the resolution authority, including altering the maturity of instruments or the interest rate under these instruments and suspending the payments for a certain period; 
  • the liquidity of the secondary market in any unsecured debt instruments may be sensitive to changes in financial markets and could become exacerbated in conditions/situations of stress; 
  • existing liquidity arrangements (for example, re-purchase agreements by the issuing institution) might not protect investors from having to sell these instruments at substantial discount below their principal amount, in case of financial distress of the issuing firm; 
  • liability holders have a right to compensation if the treatment they receive in resolution is less favourable than the treatment they would have received under normal insolvency proceedings. This assessment must be based on an independent valuation of the firm. Compensation payments, if any, may be considerably later than contractual payment dates (in the same way that there may be a delay in recovering value in the event of insolvency). 

Consequently, investors could face full write down or partial loss of their investments in resolution.

Should you have any questions in relation to these risks or if you are otherwise unsure about whether your investments may be affected, please contact your Relationship Manager or usual Berenberg contact. 

At Berenberg we value our clients and endeavour to always achieve the highest possible standards in service. However, if you have a complaint, we will do our best to resolve the issue as quickly as possible. Your complaint will be evaluated and, as appropriate, investigated in accordance with our internal complaints handling procedure (for further information, please contact your Relationship Manager). During this process we will also give you the details of the Financial Ombudsman Service - an independent public body whose job is to resolve individual disputes between consumers and businesses fairly, reasonably, quickly and informally. For further information please visit the Financial Ombudsman Service

We recognise that bribery and corruption can undermine the rule of law, democratic processes and basic human freedoms, causing poverty and suffering, inhibiting economic growth, damaging businesses and reputation.
Please see below our policy which sets out our policies and procedures in relation to anti-bribery and corruption and reflects the statutory requirements applicable in the UK as derived from the United Nations and Organisation for Economic Co-operation and Development conventions on corruption.

Anti-Bribery and Corruption Policy

1. General
Berenberg will make any reasonable effort to update the information on its web pages on a regular basis. Despite all care, the data may have changed in the interim. Therefore Berenberg cannot assume either liability or warranty for the provided information being current, correct or comprehensive.

The same applies to all other web pages referenced by any hyperlink. Berenberg is not responsible for the content of any such other page.

Berenberg owns the copyright in all web pages including their layout and contents, except where explicit reference is made to any other provider, producer or trademark owner.

The web pages, their contents or any result generated or displayed through the presentation tools, whether as a whole or in any part, may not be called up, copied, saved, processed or modified for any commercial purpose.

Copyright notices and trademark designations may neither be modified nor be removed. Other or further actions shall require Berenberg’s prior written approval.

The information kept available may be called up only in a manner not impairing the use of the Berenberg online service by other visitors.

2. Stock exchange information
Price and index information is derived from information provided by third parties and has not been verified by Berenberg. Despite due skill and care being exercised in obtaining such information, Berenberg assumes no liability for any information kept available or displayed being correct, comprehensive, or accurate. As for the rest, all and any price and index information is subject to a time delay varying for individual stock exchanges and/or types of securities but as a rule a minimum of 15 minutes.

The index designations “Dow Jones Stoxx 50, Dow Jones Euro Stoxx 50, Dow Jones Industrial Average" are trademarks of Dow Jones & Company Inc.

Recommendations given concerning individual shares shall constitute neither investment advice nor any offer to enter any contract for advice or information. Such recommendations shall serve information purposes only.

The processed information has been derived from sources we regard as reliable, the correctness and comprehensiveness of which however we cannot guarantee in any way. The judgements made in such recommendations reflect the personal appraisal of individual analysts and may be changed at any time without prior notice. Moreover they are based on assumptions underlying continuous change and may therefore subsequently turn out to have been incorrect. Therefore

Berenberg can assume no liability for any direct or indirect damage or loss suffered as a result of using individual statements, estimates and/or projections.

3. Foreign users
The information contained on Berenberg’s web pages is destined exclusively for personal use by individuals domiciled in Germany. Berenberg assumes no liability with regard to whether the information on these web pages may be suitable or usable for any use in any other location. Users accessing these web pages from other locations do so at their own initiative and at their own risk. Berenberg assumes neither warranty nor liability for these web pages or the information contained on them being in compliance with the laws at any such other location.

4. Client Log-in:
Please note that the provided data are subject to certain time delays. As a rule, securities holdings are valued at the closing quotation of the previous day. Account balances as a rule refer to the last accounting cutoff on the previous day and therefore do not reflect the actual current balance.

By sending off this notice, you agree to your personal data being stored at Berenberg. Berenberg will use such data only for purposes of processing your enquiries and will not transmit them to any third party.

5. Equity Research Portal and Terms of Business (Investment Research)
When using our Research Services at any time, you agree to our Terms of Business (Investment Research).

Contact responsible
Joh. Berenberg Gossler & Co. KG
Neuer Jungfernstieg 20
20354 Hamburg
Phone +49 40-350 60-0
Fax +49 40 350 60-900

Data protection notice
Berenberg takes the protection of your personal data very seriously and adheres strictly to data protection rules. We process personal data in accordance with the provisions of the European General Data Protection Regulation (GDPR) and the BDSG [“Bundesdatenschutzgesetz”: German Federal Data Protection Act]. On no account will the data recorded be passed on to third parties without the consent of those concerned. The following description gives you an overview of how Berenberg ensures that your data are protected and what type of data are recorded, for what purpose and on what basis (Art. 6 (1) GDPR).

Data processing on this website
In connection with your access, data are stored on our servers for back-up purposes that may make it possible to identify you (e.g. IP address, date, time and pages viewed). Apart from the statistical analysis of anonymised data records, the data are not evaluated in a personalised way. We store IP addresses over a period of 28 days. The addresses are stored for data security reasons in order to ensure the stability and reliable operation of our system. These data are not combined with other data sources.

Processing, in particular recording, use and deletion, of personal data
Personal data are recorded on this website only to the extent necessary for technical purposes. We will not process, and in particular will not record or use, any personal data without your express consent. You can also provide this consent to us electronically and can of course also revoke such consent for the future in the same way. In order to send you the newsletter offered on our website and to which you subscribe, we use an order form to request your e-mail address and ask you to then confirm. These data are stored and used solely to send the newsletter. The personal data that you provide to us via our website or that you have given us to receive the newsletter will only be stored until the purpose for which you entrusted us with your data has been fulfilled. 
When you subscribe to or unsubscribe from the newsletter, we store the respective point in time (date and time) as well as the e-mail address, confirmation e-mail and the IP address for a period of 12 months. If you no longer wish your personal data to be stored or if your data are no longer correct, we will have your data deleted or locked or will make the necessary corrections based on your instruction to the extent we are permitted to do so by law.

When you visit our website, we occasionally use cookies, i.e. small text files that are stored on your PC and that your browser saves. They serve to make our offering user friendly, effective and secure. Passwords are not stored in cookies. Most of the cookies we use are session cookies. They are automatically deleted at the end of your visit as soon as you log out. If you end the session by closing your browser, the cookie is retained for a certain period of time. You can determine the length of this period of time using the settings on your PC. The cookie is subsequently either overwritten or deleted from your PC (client). Our cookies do not damage your computer and do not contain viruses. You can use the corresponding setting in your browser software to prevent cookies from being stored. We would like to point out, however, that you may not be able to use all of the functions of this website in full in that case.

Web tracking
This website uses Google Analytics, a web analysis service provided by Google Inc. (“Google”). Google Analytics uses cookies, which are text files that are stored on your computer and that make it possible for us to analyse your use of the website. The information generated by the cookie concerning your use of this website is generally transferred to a Google server in the USA and stored there. The IP anonymisation on this website means, however, that Google will first shorten the IP address within EU member states or in other countries that have signed the Agreement on the European Economic Area. Only in exceptional cases will the full IP address be transferred to a Google server in the USA and shortened there. On our behalf, Google will use this information to evaluate your use of the website, to compile reports on the website activities and to provide further services for us relating to website and internet use. Google Analytics has informed us that Google will not combine the IP address transmitted by your browser as part of Google Analytics with other data. In this case, too, you can use the corresponding setting in your browser software to prevent cookies from being stored. We would like to point out, however, that you may not be able to use all of the functions of this website in full in that case. In addition, you can prevent the data generated by the cookie and relating to your use of the website (including your IP address) from being recorded for Google and processed by Google by downloading and installing the browser plug-in available here: Google Tools Link
More detailed information on the terms of use and data protection (including Privacy Shield) can be found in Google Analytics Terms and Google Analytics Privacy Overview.

Right of access and right to lodge a complaint
You have the right of access at all times pursuant to Art. 15 GDPR regarding the data stored concerning your person, the recipient of that data as well as the purpose of the data processing. You also have the right of rectification pursuant to Art. 16 GDPR, the right to erasure pursuant to Art. 17 GDPR and the right to restriction of processing pursuant to Art. 18 GDPR. There is also a right to lodge a complaint with a data protection supervisory authority (Art. 77 GDPR in conjunction with Sec. 19 BDSG). We will also be happy to answer any queries you may have at any time regarding the processing and use of your personal data. If you wish to receive further information not provided in this data protection declaration or want information concerning your stored data, please get in touch any time with the data protection officer at Berenberg:

Joh. Berenberg Gossler & Co. KG
Data protection officer
Neuer Jungfernstieg 20
20354 Hamburg

In the case of transfers abroad and of separately commissioned express transfers the data contained in the transfer are remitted to the beneficiary's financial institution by the only financial messaging network active worldwide, the Society for Worldwide Interbank Financial Telecommunication (SWIFT) based in Belgium. For reasons of safeguarding the system's reliability SWIFT temporarily saves the transaction data in its data processing centres in the Netherlands and in the US. The motive for this information is a decision by data protection supervisory authorities taken in November 2006 with which these react to access by US authorities to transfer data in the data processing centre of SWIFT in the US for the purpose of combatting international terrorism.

Under the European Bank Recovery and Resolution Directive (BRRD), investors who have acquired bail-in-capable receivables or debt securities (eligible liabilities) may be held liable for the restructuring or liquidation of the repayable institution. This is carried out by converting the value of the receivable or debt instrument into equity or by write-down. An illustration of a potential order of liability (liability cascade) can be found on the BaFin website.

These webpages are issued by Berenberg. The European Market Abuse Regulation (MAR) applies from 3 July 2016 and principally aims to strengthen the fight against market abuse. MAR imposes requirements on certain communications to clients and requires persons disseminating Investment Recommendations to ensure information is objectively presented, and to provide certain disclosures, including any conflicts of interest concerning the financial instruments to which that information relates. You will find the relevant important disclosures here.

Any Investment Recommendation made by Berenberg, or any of its employees or officers is only valid when read or received in conjunction with the disclosures.

The information contained on these webpages is for information only. The recommendations referred to in the webpages are historic in nature and are not, nor shall they be construed as, investment advice by Berenberg under MAR. Berenberg accepts no responsibility and no representation or warranty, express or implied, is made as to the accuracy, reliability or completeness of the source of information on these webpages. To the fullest extent permitted by law, Berenberg accepts no responsibility for and shall have no liability for any loss (including without limitation direct, indirect, consequential and loss of profit), damages, or for any liability to a third party however arising in relation to the information on these webpages. Berenberg has no obligation to update, modify or amend the information. You should not construe the content of any material or disclosures provided on these webpages as legal, financial, tax, accounting or other advice, and you should consider consulting your professional advisors for such advice. Nothing on these webpages shall constitute a bid or offer, or a solicitation of a bid or offer, to initiate or conclude any transaction.


The information provided on these webpages is provided on a confidential basis and may not be reproduced, redistributed or transmitted, in whole or in part, without Berenberg’s consent. Any unauthorised use is strictly prohibited.

Joh. Berenberg, Gossler & Co. KG (“Berenberg”) is a Kommanditgesellschaft (a German form of limited partnership) established under the laws of the Federal Republic of Germany registered with the Commercial Register at the Local Court of the City of Hamburg under registration number HRA 42659 with its registered office at Neuer Jungfernstieg 20, 20354 Hamburg, Germany. A list of partners is available for inspection at our London Branch: 60 Threadneedle Street, London EC2R 8HP, United Kingdom.

Joh. Berenberg, Gossler & Co. KG is authorised by the German Federal Financial Supervisory Authority (BaFin) and subject to limited regulation by the Financial Conduct Authority, the firm reference number 222782. Details about the extent of our regulation by the Financial Conduct Authority are available from us on request. For further information as well as specific information on Joh. Berenberg, Gossler & Co. KG, its head office and its foreign branches in the European Union please refer to