By using our site (this “Site”), you are agreeing to comply with and be bound by the following terms and conditions. If you do not agree to the following terms and conditions, you may not use this Site. The terms “Black Diamond Research”, “Black Diamond”, “us”, “we” or “our” refer to Black Diamond Research, LLC. The term “Service” includes, but is not limited to, the text, content, graphics, audio or video produced by Black Diamond Research and appearing on this Site. The terms “you” and “your” refer to the user of the Service or viewer of this Site.
Acceptance of Agreement
By using this Site, you represent to us that you have read and agree to the terms and conditions set forth in this legal statement, which constitutes a legal and binding agreement between you and us (the “Agreement”). This Agreement constitutes the only and entire agreement between you and us, and supersedes all prior or contemporaneous agreements, representations, warranties and understandings with respect to your use of the Site and the Service. This Agreement may be amended at any time by us, and from time to time, without any notice to you. The latest Agreement will be posted on the Site, and you should review the Agreement prior to using or viewing this Site or the Service. You also agree to comply with French law regarding the transmission of any information or data obtained from the Site or the Service in accordance with this Agreement. You also agree to not disrupt or interfere with the Site or the Service or use the Site or the Service for illegal purposes.
Copyrights and Trademarks
The works of authorship contained in the Service, including but not limited to all data, design, text, images, charts, audio, video or other data compilations or collective works, and all trademarks, tradenames, service marks and other intellectual property, are owned, except as otherwise expressly stated, by Black Diamond Research or one of our data providers, and may not be copied, reproduced, transmitted, displayed, performed, distributed, rented, sublicensed, altered, stored for subsequent use or otherwise used in whole or in part in any manner without the prior written consent of Black Diamond Research in each instance. This Site and the Service are protected by copyrights, trademarks, service marks, international treaties, and/or other proprietary rights and French laws. The Site and the Service are also protected as collective works or compilations under French copyright and other laws and treaties. All individual reports, articles, columns, and other elements making up the Site or the Service are also copyrighted works. You agree to abide by all additional copyright notices or restrictions contained in the Site or the Service.
Disclaimer and Limitations of Liability
All information, data and analysis contained in the Site or the Service are provided “AS IS” and without warranty of any kind, either expressed or implied. All information, data and analysis provided by the Site or the Service is for informational and educational purposes only and is not a recommendation to buy or sell a security or basket of securities, including but not limited to equities, options and other derivative products, fixed income products, and Exchange Traded Funds (ETFs). Black Diamond Research believes all information, data and analysis contained in the Service to be accurate, but does not guarantee its accuracy. Under no circumstances, including, but not limited to, negligence, shall Black Diamond Research, employees, or other third party data providers be liable to you for direct, indirect, consequential, incidental, special, punitive or exemplary damages even if an authorized Black Diamond Research representative has been advised specifically of the possibility of such damages, arising from the use of or inability to use the Site or the Service, such as, but not limited to, losses, loss of revenue, anticipated profits or lost business. Applicable law may not allow the limitation or exclusion of liability or incidental or consequential damages. In no event shall Black Diamond Research´s total liability to you for all damages, losses, and causes and action (whether in contract or tort, including but not limited to negligence) exceed the amount paid by you, if any, for accessing this Site or using the Service. All opinions expressed on this Site are subject to change without notice, and you should always obtain current information and perform appropriate due diligence before making trades or investment decisions. The performance of Black Diamond Research´s indicators is not a guarantee of future results. The Site may from time to time display links to other websites or resources sponsored by third parties as a convenience to you. We are not responsible or liable for, and do not endorse, the content or operation of such third-party websites, including but not limited to the advertising, products, services or other materials on or available from such websites or resources. Various third-party websites may provide links to this Site. We have not reviewed any or all of the third-party websites linked to this Site. We are not responsible for the content of any off-site pages or any other websites linked to this Site. Your linking to this Site, off-site pages or other websites is at your own risk.
This site has been designed for informational purposes only. Nothing contained herein constitutes a solicitation, offer or recommendation by Black Diamond Research or its affiliates to buy or sell any securities or other financial instruments or provide any investment advice or service. Such offers only can be made where lawful under applicable law. Neither Black Diamond Research nor any of its affiliates intend to provide investment advice through this site and they make no representation that any described securities or services are suitable for any investor. Black Diamond Research does not render investment, tax, accounting or legal advice, and nothing contained in this site should be construed as such. Investors must make their own investment decisions based on their specific investments objectives and financial position and using such independent advisors as they believe necessary.
Termination of Service
Black Diamond Research may terminate this Agreement with or without cause at any time and effective immediately. At the end of your subscription, you may decide to terminate the Agreement. If so, you must discontinue the use of the Service and destroy all materials obtained from the Site or the Service. This Agreement will terminate immediately without notice from Black Diamond Research if you, in Black Diamond Research´s sole discretion, fail to comply with any provision of this Agreement. Upon notice of termination by Black Diamond Research, you must destroy promptly all materials obtained from the Site or the Service and any copies. The Copyrights and Trademarks and Disclaimer and Limitations of Liability provisions of this Agreement shall survive any termination of this Agreement.
This Site is controlled and operated from France and we make no representation that any information, data or analysis contained on this Site or in the Service are appropriate for use in other locations. If you use this Site from other locations you are responsible for compliance with applicable local laws.
Your subscription will commence upon the submission of your subscription agreement and the completion of the processing of your credit card. Black Diamond Research subscriptions will be automatically renewed at the end of the annual subscription period. Subscribers must provide a written request of termination of said agreement at least seven days prior to the renewal date in order to discontinue their subscription. Any fees paid for subscriptions are not eligible for refund once charged, except in the situation wherein the service is terminated by Black Diamond Research.
Black Diamond Research reserves the right to change the prices of any products or subscriptions provided by the Service, at any time following a 30 days’ notice by email to the subscriber or by a notice posted to the web site. The subscription rate change shall apply to all subsequent new billings immediately and all renewals at the time of their normal subsequent annual anniversary date.
Renewals and Cancellations
Unless otherwise specified, all subscriptions to the Service will be automatically renewed when they come up for renewal using the payment information we have on file. Subscriptions last twelve months, can’t be cancelled at any time, and are non-refundable. All payments made to Black Diamond Research are made through a third-party service. Black Diamond Research is not liable for any monies lost during the transaction process, non-payment issues or declination of any credit card.
Internet or Transmission Risks
The Site or the Service may be temporarily unavailable from time to time due to required maintenance, telecommunications interruptions, or other disruptions. Although Black Diamond Research makes every reasonable effort to minimize such downtime, Black Diamond Research does not guarantee full availability of the Site or the Service. Black Diamond Research cannot be responsible for delays in transmitting the information described on this site in a timely manner resulting from problems with Internet connectivity either by you, or us or by slowdowns of Internet transmittal of information. We are also not responsible for delays or interruptions in transmission of information due to man-made or natural causes.
If any provision of this Agreement is found invalid or unenforceable, that provision will be enforced to the maximum extent permissible, and the other provisions of the Agreement will remain in force. This Agreement states the entire agreement between you and us relating to use of the Site or the Service. This Agreement may not be amended except as provided above.
If at any time you have questions, concerns or comments regarding any aspect of this service, please contact us by email. We will not respond, however, to questions in a manner that involves any personal investment guidance. Such personal advice would constitute a violation of the AMG General Regulation under which this website was instituted and with which it must comply. Feel free to contact us at email@example.com.
Use of Information
Black Diamond Research gathers personal information in the process of verifying your identity when subscribing to the service. Such information includes name, address, credit card details (for billing purposes) and email address. Under no circumstances is any personal information, including but not limited to name, address, credit card and email address shared or sold to any non-essential outside parties. The release of limited personal information to outside parties is needed to validate against fraud in the case of subscription payments, verify access to the subscriber's section of the web site and allow our credit card processing company to charge the appropriate credit card. Black Diamond Research may also disclose information about our users when we believe, in good faith, that the disclosure is required by law.
Use of Material
You may only access and use the materials on the site or sent by email, and download and/or print out one copy of any materials on the site or sent by email, solely for your personal use. Allowing access to the contents of Black Diamond Research to others by distributing the information contained therein by any means but not restricted to sharing printouts of the material, oral distribution or sharing your password without our prior written permission is strictly forbidden and will be grounds to terminate your service. Modification of the materials or use of the materials for any other purpose is a violation of our copyright and other proprietary rights, and is strictly prohibited.
Like most web hosting services, our third-party web host may compile general log files of user traffic. This includes internet protocol (IP) addresses, browser type, internet service provider (ISP), referring/exit pages, platform type, date/time stamp, and number of clicks. This allows the web host to monitor site traffic in a broad sense. In no way is any personal information shared or stored in regard to these log files.
We send all new subscribers a welcome e-mail including instructions for them to set password and username. If a subscription is cancelled, the respective email address is removed from our mailing lists and is not used for external marketing purposes. At any time, subscribers may request to be removed from any and all mailing lists, while still maintaining access to the web site.
Though we make every effort to preserve customer privacy, we may need to disclose personal information when required by law wherein we have a good-faith belief that such action is necessary to comply with a current judicial proceeding, a court order or legal process served on our website.
When customers submit sensitive information via our website, their information is protected both online and off-line. When our registration form asks users to enter sensitive information (such as credit card number or PayPal information), that information is encrypted and is protected with SSL (Secure Socket Layer). While on a secure page, such as our order form page, the lock icon on the bottom of web browsers such as Google Chrome and Microsoft Internet Explorer becomes locked, identifying the page as secure.
Your Consent To This Agreement
By using our web site, you consent to the collection and use of information by Black Diamond Research as specified above. Any changes to our policy will be posted promptly on this page. If you have any questions or concerns, please do not hesitate to contact us.
Definition and Compliance
Financial analysts provide the service of investment research or financial analysis. Whether or not they work at an investment services provider (ISP), their job is the same and they are required to comply with the conduct of business and organisational rules set out in the AMF General Regulation.
Typically, investment research consists in mining business and financial data of listed companies and interpreting this information to formulate and distribute, either publicly and/or to customers, analyses of the positions of these firms and opinions about likely future performance in the form of price targets and investment recommendations.
Financial analysts are individuals or legal entities who carry on the business of investment research or financial analysis as defined in Article L. 544-1 of the Monetary and Financial Code: “Investment research” or “financial analysis” shall mean research work or other information recommending or suggesting an investment strategy, explicitly or implicitly, concerning one or more financial instruments or issuers of financial instruments, including opinions given on the price or present or future value of said instruments, that is intended for distribution channels or the public”.
Work by analysts must satisfy three requirements:
it must be identified as “investment research” or “financial analysis” and be subject to dedicated provisions (Articles 313-26 and 313-27 of the AMF General Regulation);
it must not be equivalent to the provision of investment advice, which involves making personalised recommendations;
it must comply with the conduct of business rules and organisational rules set out in the AMF General Regulation (Articles 313-25 to 313-28 and 315-1 to 315-14 for ISPs and Articles 327-1 to 327-18 for non-ISPs). These rules include, in particular, the obligation for analysts to prepare their analyses honestly, fairly and impartially. Analysts are also required to introduce specific procedures to prevent conflicts of interest.
If the financial analyst is not part of an ISP, which is the case of Black Diamond Research, he or she or it must comply with specific organisational rules (Articles 327-2-1 et seq. of the AMF General Regulation). Among other things, these rules cover:
specific provisions to ensure the independent judgement of financial analysts and prevent conflicts of interest,
ethical obligations, including the obligation to have a charter of ethics setting out principles of integrity, independence, competence and organisation, as well as the methods used to prepare analyses.
Black Diamond Research is an independent non-PSI entity that provides financial analysis and general and impersonal investment recommendations, only.
Code of Ethics
Incorporated in 1986, the International Federation of Technical Analysts, Inc. (IFTA) is a global organization of market analysis societies and associations with members in 27 countries. It includes The Association Française des Analystes Techniques (AFATE).
Black Diamond Research is a member of the AFATE and therefore, fully agrees with IFTA’s code of ethics below:
The Technical Analyst must maintain at all times the highest standards of professional conduct. Implicit in the requirement is strict compliance with the laws of the national, state and local governments which have jurisdiction over the analysts’ professional activities. The analyst shall also obey the regulations of his/her local exchanges and/or local regulatory authorities.
The analyst shall not make statements which he/she knows, or has reason to believe, are inaccurate or misleading. He/she shall, in particular, be careful to avoid leading an audience to believe that his/her technically-derived views of future market price behavior reflect foreknowledge rather than estimate and projections subject to re-examinations and, as circumstances may dictate, to change.
The analyst shall not make statements concerning the current technical position of a market or any of its components or any of its aspects unless he/she can demonstrate that such statements are reasonable and consistent in light of the available evidence and the accumulated knowledge in the field of technical analysis. New developments in technical analysis as well as modifications of existing techniques or concepts should be fully documented as to procedure and rationale.
In addition, Black Diamond Research has established ethical standards of professional conduct which every professional employed shall maintain. The ethical standards set forth in 1 through 12 serve as a guide to professional responsibility and as a benchmark for ethical judgement:
1) The analyst shall act with integrity, competence, diligence, respect and in an ethical manner with the public, clients, prospective clients, employers, employees, colleagues in the investment profession, and other participants in the global capital markets. This ethical standard requires strict compliance with the applicable laws and regulation authorities.
2) The analyst shall use reasonable care and exercise independent professional judgment when conducting investment analysis, making general investment recommendations, and engaging in other professional activities.
3) The analyst must not make any kind of personalized recommendations to any client. If necessary, the analyst shall strictly only make general recommendations through his/her reports.
4) The analyst shall place the integrity of the investment profession and the interests of clients above his/her own personal interests.
5) The analyst shall not publish or make statements which he/she knows or has a reason to believe are inaccurate or misleading.
6) The analyst shall avoid leading others that believe that his/her technically-derived views of future security price behavior reflects foreknowledge rather than estimates and projections subject to re-examination and, as events may dictate, to change.
7) The analyst shall not publish or make statements concerning the technical position of a security, a market or any of its components or aspects unless such statements are reasonable and consistent in light of the available evidence and of the accumulated knowledge in the field of financial technical analysis. New methods of technical analysis and modifications of existing concepts and techniques shall be fully documented as to procedure and rationale. Proprietary methods shall not be infringed, but this standard shall be a guide in the creation of proprietary products.
8) The analyst shall not publish or make statements which indefensibly disparage and discredit the analytical work of others.
9) The analyst shall not copy or deliberately use substantially the same language or analysis contained in reports, studies or writings prepared by any author unless permission to do so is received in advance, from the author. In the event the original author is deceased, or is otherwise unavailable to grant such permission, Members must ensure that the original author receives prominent and adequate credit for the original work.
10) The analyst shall pursue a continuing quest for quality and quality control, while not guaranteeing an error-free service.
11) The analyst shall practice and encourage others to practice in a professional and ethical manner that will reflect credit on themselves and the profession.
12) The analyst shall maintain and improve their professional competence and strive to maintain and improve the competence of other investment professionals.
Standards of Preofessional Conduct
a. Knowledge of the Law
The analyst must understand and comply with all applicable laws, rules, and regulations (including Black Diamond Research’s Code of Ethics and Standards of Professional Conduct) of any government, regulatory organization, licensing agency, or professional association governing their professional activities. In the event of conflict, the analyst must comply with the stricter law, rule, or regulation. The analyst must not knowingly participate or assist in and must dissociate from any violation of such laws, rules, or regulations.
b. Independence and Objectivity
The analyst must use reasonable care and judgment to achieve and maintain independence and objectivity in its professional activities. The independence of the analyst is intellectual and financial. The analyst must not offer, solicit, or accept any gift, benefit, compensation, or consideration that reasonably could be expected to compromise its own or another’s independence and objectivity.
The analyst must not knowingly make any misrepresentations relating to investment analysis, general recommendations, or other professional activities.
The analyst must not engage in any professional conduct involving dishonesty, fraud, or deceit or commit any act that reflects adversely on its professional reputation, integrity, or competence.
2. Integrity on Capital Markets
a. Material Non-public Information
Analysts who possess material non-public information that could affect the value of an investment must not act or cause others to act on the information.
b. Market Manipulation
The analyst must not engage in practices that distort prices or artificially inflate trading volume with the intent to mislead market participants.
3. Duties to Clients
a. Loyalty, Prudence, and Care
The analyst has a duty of loyalty to its clients and must act with reasonable care and exercise prudent judgment. The analyst must act for the benefit of its clients and place its clients’ interests before its employer’s or its own interests.
b. Fair Dealing
The analyst must deal fairly and objectively with all clients when providing investment analysis or making general investment recommendations, or engaging in other professional activities.
c. Performance Presentation
When communicating investment performance information, the analyst must make reasonable efforts to ensure that it is fair, accurate, and complete.
d. Preservation of Confidentiality
The analyst must keep information about current, former, and prospective clients unless:
i. The information concerns illegal activities on the part of the client or prospective client,
ii. Disclosure is required by law, or
iii. The client or prospective client permits disclosure of the information.
4. Duties to Employers
In matters related to its employment, the analyst must act for the benefit of its employer and not deprive its employer of the advantage of its skills and abilities, divulge confidential information, or otherwise cause harm to its employer.
b. Additional Compensation Arrangements
The analyst must not accept gifts, benefits, compensation, or consideration that competes with or might reasonably be expected to create a conflict of interest with its employer’s interest unless they obtain written consent from all parties involved.
c. Responsibilities of Supervisors
The analyst must make reasonable efforts to ensure that anyone subject to its supervision or authority complies with applicable laws, rules, regulations, and the Code and Standards.
5. Investment Analysis and General Recommendations
a. Diligence and Reasonable Basis
The analyst must:
i. Exercise diligence, independence, and thoroughness in analyzing investments or making general investment recommendations.
ii. Have a reasonable and adequate basis, supported by appropriate research and investigation, for any investment analysis or general recommendation.
b. Communication with Clients and Prospective Clients
The analyst must:
i. Disclose to clients and prospective clients the basic format and general principles of the investment analysis and must promptly disclose any changes that might materially affect processes.
ii. Disclose to clients and prospective clients significant limitations and risks associated with the investment analysis process.
iii. Use reasonable judgment in identifying which factors are important to their investment analyses and general recommendations, and include those factors in communications with clients and prospective clients.
iv. Distinguish between fact and opinion in the presentation of investment analysis and general recommendations.
c. Record Retention
The analyst must develop and maintain appropriate records to support their investment analyses and general recommendations, and other investment-related communications with clients and prospective clients.
6. Conflicts of Interest
The analyst must make full and fair disclosure of all matters that could reasonably be expected to impair its independence and objectivity or interfere with respective duties to its clients, prospective clients, and employer.
The analyst must ensure that such disclosures are prominent, are delivered in plain language, and communicate the relevant information effectively.