Mann im Anzug mit Unterlagen in der Hand

MiFID Information

The Financial Services Institution and Its Services

We are providing you with the following information about us and our securities services pursuant to the requirements of sect. 31 para. 3 sent. 3 no. 1, 2, 3 Wertpapierhandelsgesetz.

A. Information about the Financial Services Institution

TASS Wertpapierhandelsbank GmbH
Am Untertor 4 – Skorpionhaus
D-65719 Hofheim am Taunus
Telefon: 06192 298-0
Telefax: 06192 298-555
E-Mail:

Bank Licence and Competent Supervisory Authority:
We have a licence pursuant to sect. 32 para. 1 sent. 1 and para. 2 KWG. Competent supervisory authority is the Bundesanstalt für Finanzdienstleistungen (BaFin), Graurheindorfer Straße 108, 53117 Bonn und Lurgiallee 12, 60439 Frankfurt/Main, www.bafin.de

Methods of communication
You can communicate with us by telephone or in writing (letter, fax, Email, Bloomberg). Customer orders can be transmitted by telephone, fax, Email, or Bloomberg.

Announcements about transacted deals
For each transaction that has been executed you will get a transaction confirmation (name-give-up) or an invoice (principal) from us.

Notice on Indemnification Institute
We are a member of the Indemnification Institute for Securities Trading Companies (EdW), Charlottenstraße 33/33a, D-10117 Berlin,
www.e-d-w.de

B. Dealing with conflicts of interest

We have made precautions so that possible conflicts of interest between us, our management, our employees, or other persons who are connected with us directly or indirectly with controls, and you or among the customers themselves have no influence on the customer interests.

C. Information about services

We perform the finance commission transactions as a banking operation and, as financial services, are the investment and acquisition agent and proper trade for others.

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Principles of management of conflicts of interest

We have made the following precautions so that possible conflicts of interest between us, our management, our employees, or other persons who are connected with us directly or indirectly with controls, and you or among the customers themselves have no influence on the customer interests.

I. In the course of the following securities services

between our customers

  1. and our company
  2. the people employed by our company or relevant persons connected to them, including our management
  3. persons who are connected with controls to our company
  4. other customers

In the course of the following securities services

  1. Financial commission business (acquisition or sale of financial instruments in one’s own name for third-party invoice)
  2. Acquisition agent (acquisition or sale of financial instruments in one’s own name for third-party invoice)
  3. Investment agent (placement of deals for the acquisition and sale of financial instruments or their verification)
  4. Proper trade for others

II. Conflicts of interest can also arise in that

  1. Information is available to our company or relevant individuals at our company that is not publicly known at the time of a transaction for third account
  2. There are incentives for favouring a certain financial instrument

III. As a financial services institute, we and our employees

are obligated according to the legal principles to perform the securities services named under numeral I in an honest, candid, and professional way in the interest of our customers and to avoid conflicts of interest insofar as possible. Independent of this we have set up a compliance organisation that includes the following measures in particular:

  1. The creation of confidential areas with so-called ‘Chinese Walls’, i.e. virtual and actual barriers for limiting the flow of information
  2. Obligation to disclosure of all deals in financial instruments with employees with whom conflicts of interest could arise in the scope of their work
  3. Continuous controls of all deals of the persons working at our company
  4. Execution of orders corresponding to our principles of execution or the instructions of the customer
  5. In the case of execution of customer order, we act according to our ‘best execution policy’
  6. Accepting gifts and other advantages is principally forbidden for all employees

IV. If, in exceptional cases,

the above task sharing or our Compliance Office cannot avoid conflicts of interest, then we will inform our customers according to these principles. In these cases, we will do without placement of the concerned financial instrument.

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Principles of execution of TASS Wertpapierhandelsbank GmbH, Hofheim

1. Area of application

These principles apply to the execution of orders that the customers of TASS Wertpapierhandelsbank GmbH (TASS in the following) issue for the purpose of the acquisition or sale of securities or financial instruments. Execution means in this sense that TASS concludes a corresponding deal for execution (financial commission business) for account of the customer with another party on a market suited for this purpose (OTC – over the counter). If TASS and the customer conclude a contract for purchase for financial instruments (fixed-price transaction), no. 5 of these principles is applicable.

2. Goal of the transaction

Customer orders for floating rate notes in Euros, other currencies, or even in D-Marks will be executed outside of an organised market or multilateral trading system, in ‘inter-bank trading’ with other securities services company (‘over the counter’). TASS, as a ‘professional customer’, receives a general agreement that the corresponding orders may be executed over the counter, or off market. In the case of the OTC execution of the customer order, TASS assumes that the customer will have priority for getting the best price. Because securities are, as a rule, subject to market price fluctuations and it can therefore not be ruled out that the development of the market price is negative for the customer, TASS employees are obliged to execute orders in a timely and complete manner.

3. Priority of customer instructions

An instruction from the customer always has priority. TASS will follow the instructions of the customer when executing a contract for purchase or sale. Such instructions have priority over these principles of execution.

Notice: If there is an instruction, TASS will not execute the order according to these principles for best possible execution.

4. Deviating execution in individual cases

Insofar as unusual market conditions or a disturbance in the market makes a difference execution necessary, TASS will execute the order in the interest of the customer, if necessary after consultation with the customer.

5. Fixed price transactions

These principles of execution only apply in a limited way if TASS and the customer conclude a contract for purchase with each other for financial instruments at a fixed or determined price (fixed price transaction). In this case there is no execution in the sense named above, rather TASS and the customer are directly obligated to delivery of the financial instrument and payment of the purchase price according to the contractual agreement.

Insofar as no fixed price transaction comes about between TASS and the customer, TASS will execute customer orders by means of investment / acquisition agent of proper trade for others or of the financial commission business as follows:

Kind of Security
  • Floating Rate Notes
Place of Execution
  • In the light of the inadequate market liquidity at stock exchanges both domestically and abroad, the execution occurs principally OTC (over the counter) in the interest of the customer.
  • If you have agreed to the off-market execution, we will execute your order in inter-bank trading with another bank or another financial services provider.

6. Consolidation of orders

Under consideration of the interests of the customer, TASS can bundle acquisition or sale orders of more than one customer and execute them as an aggregated order (block order). Consolidation will only occur if it is unlikely to disadvantage an individual TASS customer.

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OTC Declaration of consent

OTC transactions are off-market transactions outside of an organised market or outside of a multilateral trading system (MTF).

These also include the money and capital market product transactions brokered by TASS.

In order to conclude such transactions for a customer, TASS requires the explicit and general agreement of that customer.

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The directive 2004/39/EC is the most important piece of regulation for the capital market of the last few years.