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Налоговый дайджест за декабрь 2023 года
29 January’ 2024

  Главные темы прошедшего месяца: ФНС начала интересоваться иностранным гражданством и ВНЖ россиян. МИД России сообщил о прекращении с 1 января 2024 года налоговых[…]

Налоговый дайджест за ноябрь 2023 года
21 December’ 2023

Главные темы прошедшего месяца:  • Сделки с «недружественными» лицами в отношении зарубежных ценных бумаг гражданам России можно совершать без разрешения Правительственной комиссии. • ЕС утвердил новый пакет санкций против России. • Кипр одобрил закон об[…]

Ключевые новости отрасли хедж-фондов за III квартал 2023 года
01 December’ 2023

В третьем квартале 2023 года было много новостей. Мы посчитали наиболее интересными следующие: Фонды, инвестирующие в Китай, теряют популярность. Хедж-фонды будут делиться с SEC информацией по коротким продажам.  Из-за высоких процентных ставок сокращается[…]

Налоговый дайджест за октябрь 2023 года
11 November’ 2023

Главные темы прошедшего месяца:  ИИС-III: законопроект уже в Госдуме РФ. Правительство отменяет льготу по НДФЛ при долгосрочном владении иностранными ценными бумагами. Правительственная комиссия увеличила «налог на выход». Российские экспортеры с[…]

Новости налогов и права для инвесторов
Anastasia Ovchinnikova 17 September’ 2023

Здравствуйте, уважаемые друзья! Вот темы, которые привлекли наше внимание: Приостановка действия Соглашений об избежании двойного налогообложения. Еврокомиссия выпустила разъяснение, подтверждающее невозможность ввоза в ЕС автомобилей из России. Бельгия и[…]

Ключевые новости отрасли хедж-фондов за II кв. 2023 года
Daniyar Serikov 16 August’ 2023

Во втором квартале 2023 года мы посчитали наиболее интересными следующие новости: Британские пенсионные фонды будут инвестировать в стартапы. Крупные управляющие компании пытаются зарегистрировать крипто-ETF, чтобы облегчить инвесторам доступ на[…]

За последние месяцы сразу несколько крупных проектов в сфере криптовалют, призванных упростить взаимодействие с миром традиционных финансов, потерпели крах или стали испытывать серьезные проблемы.
13 March’ 2023

За последние месяцы сразу несколько крупных проектов в сфере криптовалют, призванных упростить взаимодействие с миром традиционных финансов, потерпели крах или стали испытывать серьезные проблемы. Сначала бесславно сгинула биржа FTX Сэма Бэнкмана-Фрида, обещавшая[…]

Новости налогов и права
17 February’ 2023

30 марта 2023 года вступают в силу изменения в Федеральный закон № 57-ФЗ о порядке осуществления иностранных инвестиций в «стратегические» общества (далее — Закон № 57-ФЗ). С этого момента, если гражданин России — собственник «стратегического» общества получит (а)[…]

В чем секрет успеха профессиональных инвесторов и трейдеров?
09 February’ 2023

В чем секрет успеха профессиональных инвесторов и трейдеров? Есть множество мнений, что важнее всего: высокий уровень интеллекта, математические способности, умение оставаться хладнокровным в рискованных ситуациях или, наоборот, склонность к точно рассчитанному[…]

За высокую доходность приходится платить повышенным риском
06 February’ 2023

За высокую доходность приходится платить повышенным риском — этот принцип лежит в основе современной финансовой теории. Тем не менее инвесторы регулярно ищут пути быстрого обогащения, веря, что могут быть умнее рынка. Или думая, что в этот раз все по-другому: что[…]

Рецессии в США | Индикатор Харви
03 February’ 2023

Почти 40 лет назад экономист Кэмпбелл Харви выявил связь между формой кривой доходности гособлигаций и экономическим ростом. Так, наступлению рецессии в США предшествует инверсия кривой доходности — краткосрочные ставки начинают превышать долгосрочные. Этот индикатор[…]

Баланс спроса и предложения нефти в США
30 January’ 2023

В 2023 году на мировой рынок традиционно будут влиять: комплекс геополитических факторов (стабильность на Ближнем Востоке), спрос со стороны развитых стран (возможная рецессия снизит его), спрос со стороны Китая (динамика потребления будет определяться успешностью выхода[…]

Несмотря на улучшение ситуации, инфляция продолжает беспокоить ФРС США.
27 January’ 2023

Несмотря на улучшение ситуации, инфляция продолжает беспокоить ФРС США. Глава ФРБ Миннеаполиса Нил Кашкари в своем январском докладе «Why We Missed On Inflation, and Implications for Monetary Policy Going Forward» призвал ФРС к более жесткой денежно-кредитной политике, в частности он предлагает[…]

Новости налогов и права
21 January’ 2023

В 2022 году обсуждалось изменение налогов для уехавших россиян, но соответствующие законы так и не приняли. Ставки и порядок обложения НДФЛ доходов от российского работодателя для удаленных работников остались прежними. Кроме того, ИП сохранили возможность пользоваться[…]

Новости налогов и права
18 January’ 2023

До 31 марта 2023 года российским валютным резидентам продлили разрешение на предоставление валютных займов в пользу нерезидентов, не связанных с иностранными государствами, совершающими в отношение российских лиц недружественные действия. В решении Правительственной[…]

Будущее криптовалют может выглядеть как прошлое Ирака. Неожиданно, правда?
03 January’ 2023

Будущее криптовалют может выглядеть как прошлое Ирака. Неожиданно, правда? Однако за много лет до появления биткоина многие американские частные трейдеры были уверены, что иракский динар — это путь к богатству. Два динара В 1990-х годах, после первой войны в Персидском[…]

Не так давно Швейцария объявила о приостановлении автоматического обмена финансовой информацией с Россией.
21 December’ 2022

Не так давно Швейцария объявила о приостановлении автоматического обмена финансовой информацией с Россией. В качестве ответной меры Россия исключила Швейцарию из перечня стран, с которыми осуществляется автоматический обмен финансовой информацией. Среди наиболее[…]

Пенсионные фонды, фонды целевого капитала и взаимные фонды специальным образом конструируют бенчмарки для оценки своей деятельности.
06 December’ 2022

Пенсионные фонды, фонды целевого капитала и взаимные фонды специальным образом конструируют бенчмарки для оценки своей деятельности, чтобы приукрасить собственные результаты. Об этом говорит исследование инвестиционной компании Ennis Knupp. Это позволяет управляющим[…]

Можно ли было заранее понять, что под красивой оберткой FTX скрывается мошенническая схема?
05 December’ 2022

"Не помню случая, когда бы регулятор первым обнаружил мошенничество на публичном рынке. Для этого нужны обладающие ресурсами и стимулами участники рынка, то есть продавцы вкороткую или информаторы". CEO Pershing Square Capital Management Билл Акман. Можно ли было заранее понять, что[…]

Новости налогов и права для инвесторов
25 November’ 2022

(Публикация от 25/11/2022) Новости налогов и права для инвесторов: С 1 марта 2023 года вводятся новые критерии налогового резидентства в ОАЭ. Физическое лицо считается налоговым резидентом ОАЭ, если выполняется одно из условий. В частности, если оно физически находилось в[…]

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Andrei Movchan Founding Partner andrei@movchans.com
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  • Renowned economist and investment manager with 30 years of experience.
  • Formerly, Executive Director of Troika Dialog Investment Bank; Founder and Chairman of the Board of Renaissance Investment Management Group, with assets under management of more than $7 billion; founder of the investment company "Third Rome".
  • A laureate of many awards and prizes, in particular, "Best Asset Manager" Forbes, "Best CEO of the management company" RBC, "Legend of the Industry" SPEAR'S, "Manager of the Year" RBC, etc.
  • Former head of the Carnegie Center's Economic Policy Program.
  • Specialist in probability theory and mathematical statistics. Authored the books "Russia in the Post-Truth Era", "Cursed Economies", "English Diary", and many articles and lectures on economics and finance; twice awarded the “Presszvanie” Award for his contribution to business journalism.
  • Graduated from the Faculty of Mathematics and applied mechanics at the Lomonosov Moscow State University, the Financial University under the Government of the Russian Federation, and the University of Chicago Booth Business School.
Elena Chirkova, PhD(c) Senior Partner echirkova@movchans.com
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  • Senior partner at Movchans’ Group, hedge fund GEIST investing in equities. 
  • Specialist in asset management since 2019, corporate finance, financial markets and asset valuation with 30+ years of experience.
  • Formerly: Advisor at Rothschild Investment Bank; Director of Mergers and Acquisitions Practice at Deloitte; Vice President of Investment Banking at Troika Dialog; Visiting scholar at Harvard University School of Economics. 
  • Author of articles and books on economics and finance, including "The Warren Buffett Philosophy of Investment", published in 2015 by McGraw-Hill Education, and "Value Investing. Persons and Principles".
  • Graduated from the Faculty of Economics at the Lomonosov Moscow State University, studied at the Master’s program at the Claremont Graduate School (California, USA). PhD in Economics.
Michael Portnoy Senior Partner mportnoy@movchans.com
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  • Senior Partner at Movchan's Group, LAIF и FLAG funds. 
  • 26 years of experience in investment industry.
  • 12 years of experience in developing and analyzing trading strategies; systematic trading in equity, futures and options markets.
  • 7 years of experience in selecting, analyzing and managing portfolios of hedge funds and absolute return strategies in global financial and commodity markets.
  • Worked at major Eastern European banks and wealth management firms; headed departments of Global Markets, Hedge Funds and CTAs.
  • Specialist in absolute return products and market-neutral strategies in futures and options markets.
  • Graduate of Baruch College CUNY (Finance & Investments).
Julia Prokofieva Senior Partner jprokofieva@movchans.com
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  • Expert in the field of corporate governance with 15 years of experience.
  • Experience in managing securities issuance, implementation of risk management systems, implementation of Basel III and MiFID requirements in leading banks.
  • Specialist in wealth management, tax planning, issues of residency.
  • Graduated from the Russian Academy of Justice and the Plekhanov Russian Academy of Economics.
Rafael Nagapetiants, PhD, Professor Senior Partner rnagapetiants@movchans.com
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  • Specialist in investment banking with 35 years of experience in the Eastern European markets.
  • In the past, led the corporate finance division at Alfa-Bank; during the restructuring of RAO UES, originated and executed the largest landmark transactions involving such companies as Fortum and Enel. For many years, he served as head of Societe Generale's investment business in Russia and advisor to the largest French firms, as well as Sberbank, Rosatom, Inter RAO. As Senior Vice President and Member of the Management Board of “Sistema” Holding, he was involved in investment origination.
  • Author of a monograph and of more than 50 articles on marketing in the consumer sector.
  • Graduated from the Financial University under the Government of the Russian Federation and the Faculty of Law of the Lomonosov Moscow State University. Ph.D., Professor.
Eugeniu Chirau, CFA Partner ekireu@movchans.com
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  • Partner at Movchans’ Group, ARGO SP
  • Specialist in macroeconomic research and investment management, with a profound knowledge of fixed income, equity, derivatives, and alternative investments.
  • Held a leading analyst position at Movchan’s Group, overseeing the formation of the Group’s investment products since its inception.
  • Conducts scientific work; wrote numerous articles for economic research institutions and media.
  • CFA chartholder, received a MSc with honors in Strategic Corporate Finance from the Faculty of Economic Sciences of the Higher School of Economics.
Zhansulu Mukhamejanova, ACCA Manager zmukhamejanova@movchans.com
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  • Specialist in financial consulting and audit with 10 years of experience.
  • In the past, she worked as an external auditor at Ernst & Young, worked with the largest state-owned companies, small and medium-sized businesses and government agencies in the field of audit and professional ACCA training; areas of specialisations: oil and gas industries, energy, and mining. As a financial advisor to medium-sized companies, provided regular reporting to management and shareholders.
  • Is a member of ACCA, a CFA II candidate and a certified specialist in AML.
  • Graduated from the University of Sydney with a bachelor's degree in economics and finance.
Zhadra Abdullina, CAMS Partner zabdullina@movchans.com
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  • A specialist in legal support with 10 years of experience; supports clients during the compliance procedure.
  • In the past, she was the head of operational and legal support in a leading company in Kazakhstan, providing services to the largest foreign oil and gas companies – NCOC, ENI, KPO, Tengizchevroil.
  • She graduated with honours from the KAZGUU University; holds a bachelor’s degree of international law and a master of civil law; qualifications in the field of compliance under the program "Countering the legalisation (laundering) of income".
  • A Certified Anti-Money Laundering Specialist (CAMS). She passed the CAMS exam in February 2023, thereby earning the prestigious ACAMS certification. ACAMS is a globally recognized organization that is dedicated to advancing the profession of AML and financial crime prevention.
Anastasia Ovchinnikova Partner novchinnikova@movchans.com
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  • Specialist in business administration and operations management with 18 years of experience.
  • In the past, she headed the business administration department at MDM Bank, subsequently held responsibilities in supporting investment transactions and projects at Morgan Stanley and JP Morgan Chase; project manager in the administration of a subsidiary financial division of one of the largest Russian oil corporations.
  • Graduated from the University of Central Arkansas, USA, has an MBA degree from the Russian Presidential Academy of National Economy.
Boris Milshtein Head bmilshtein@movchans.com
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  • Specialist in corporate law and finance with experience in providing strategic and legal advice to financial organizations, private equity and venture funds and banks regarding their establishment, structuring, M&A transactions, investments and debt finance.
  • Began his career as a lawyer at Cleary Gottlieb Steen & Hamilton. In 2019, he joined Dentons, where he gained hands-on experience and was committed to helping clients navigate complex legal issues related to corporate, securities, antitrust and currency law.
  • He has been featured and recognized for his expertise in various legal rankings such as Chambers & Partners.
  • Graduated and received his Master of Law from the University of Pennsylvania and the Wharton School.
Sofia Kukhno, ACCA International Business Development Manager, Internal Auditor skukhno@movchans.com
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  • Specialist in the field of international finance. In charge of international promotion of the Group, creating infrastructure for fund operations in the markets of Europe, Asia and the USA.
  • Worked in financial sector audit at BDO in the UK and in the Digital Banking department at HSBC UK. She has experience of working in a UK IT startup.
  • Graduated from the London School of Economics with a bachelor's degree in Finance; holds ACCA Certificate.
Sergei Gurov Financial analyst sgurov@movchans.com
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Artem Karlov Partner akarlov@movchans.com
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  • More than 25 years of experience in the securities market in trading and asset management, including more than 15 years in derivatives and structured products trading.
  • Previously worked at Troika Dialog (after 2012 Sberbank CIB), VTB Capital Investment Management and Aton.
  • Graduate of the Lomonosov Moscow State University Faculty of Mechanics and Mathematics.
Pavel Shirochkin Financial analyst pshirochkin@movchans.com
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  • Contributes to building the ARGO investment portfolio. Specialises in credit analysis of companies, researching third party products and developing investment decisions.
  • Worked in financial compliance for companies in the FMCG industry and as a business valuation consultant in the corporate finance department of Deloitte.
  • Graduated from the Higher School of Economics, Department of Economic Sciences.
Daniyar Serikov Finance analyst dserikov@movchans.com
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  • Contributes to building the ARGO and GEIST investment portfolio. Sspecializes in sourcing and analyzing investments in hedge funds and private debt funds.
  • In the past – a McKinsey consultant. Also worked at Allianz Investment Management, specialising in analysis of investments in private debt funds.
  • Graduated with honours from the MSc Economics-Finance program at the University of Freiburg; a Bachelor's degree from Nazarbayev University.
Konstantin Zhdanovich Financial analyst kzhdanovich@movchans.com
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  • Building GEIST investment portfolio; responsibilities in the process of company fair value assessment and analysis of options strategies.
  • In the past, involved in business valuation and intangible asset valuation at a private Russian company.
  • Graduated from the Bachelor's Programme in Economics and Master's Programme in Strategic Financial Management at the Higher School of Economics.
Alexander Ovchinnikov Senior Partner aovchinnikov@movchans.com
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  • One of the recognized Russian experts with more than 30 years of experience in the financial markets.
  • Since 1993, within the Central Bank of Russia Alexander participated in the creation and development of the Russian sovereign debt market. Then he headed the debt market analysis team of Troika Dialog.
  • Since 2000, he headed the analytical, and trade divisions, was engaged in asset management in the largest Russian and international banks.
  • In 2008 he rejoined Troika Dialog (after 2012 known as Sberbank-CIB). As a Vice-President, he led a project to modernize the Russian debt market.
  • He has a degree of the Financial Academy in international economic relations, a diploma from the Moscow Aviation Institute, diplomas from FRB NY and Carnegie Mellon University.
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Privacy Policy

Last updated: 13.05.2022

1. Background

Movchan’s Group (“Movchan’s Group”, “we” or “us”) welcome you to our website and appreciate your interest in our products and services.

We understand that your privacy is important to you and that you care about how your information is used and shared online. This page explains how we treat your personal data (“Privacy Policy”).

By continuing to use our website, you confirm that you are 18 years of age or older. Please note that we may amend this Privacy Policy from time to time. The applicable version is always the current one, as referenced above (last updated). If we decide to change our privacy practices, we will post those changes on this page. Please check this page for changes from time to time to make sure you are aware of our latest privacy practices.

This Policy applies to use of any and all data collected by us in relation to your use of this website. Please read this Privacy Policy carefully and ensure that you understand it. Your acceptance of Privacy Policy is deemed to occur upon your first use of our website. If you do not accept and agree with this Privacy Policy, you must stop using this website immediately.

As of 25 May 2018, the EU General Data Protection Regulation 2016/679 (GDPR) have taken effect for the protection of natural persons against the processing of personal data and the free circulation of such data. The New General Regulation shall replace the Directive 95/46/EU which was applied via law 138(I)/2001. As of 25 May, 2018 the said law shall be considered as abolished.

Our role includes the obligation to secure that, personal data of yours and of any third parties such as employees, contractors, clients, principals and other individuals and contracting parties related to you, which has come or may come into our possession and which may also contain sensitive data, is processed in accordance with relevant Regulation and/or other laws in force.

2. Information about us

This website www.movchans.com, is owned and operated by Movchan Management Ltd., a private company of the Astana International Financial Center under the identification number 210140900043 in accordance with the Constitutional Law of the Republic of Kazakhstan “on the Astana International Financial Center”, whose registered address is AIFC 55/16 Mangilik El Ave., block C3.1, office 323, Z05T3F2, Nur-Sultan.

3. Scope of Privacy Policy

This Privacy Policy applies only to your use of this website. It does not extend to any websites that are linked to from this website (whether we provide those links or whether they are shared by other users). We have no control over how your data is collected, stored or used by other websites and we advise you to check the privacy policies of any such websites before providing any data to them.

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Some data will be collected automatically by this website (for further details, please see section 7 on use of Cookies), other data will only be collected if you voluntarily submit it, for example, when signing up for our mailing list or filling up the contact form. Depending upon your use of this website, we may collect some or all of the following data:

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5. How do we use your data?

We use your data to provide the best possible experience of using this website and communication with us. This includes:

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With your permission and where permitted by law, we may use your data for marketing purposes which may include contacting you by email and telephone and text message and post with information, news on our products and services. We will not, however, send you any unsolicited marketing or spam and will take all reasonable steps to ensure that we fully protect your rights and comply with Our obligations under the EU General Data Protection Regulation 2016/679 (GDPR).

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We make every effort to take appropriate technical and organizational security measures to ensure that your personal data protected against unauthorized access, misuse, loss and/or destruction.

Our employees and the service providers commissioned by us are bound by professional secrecy and must comply with all data protection provisions.

Additionally, access to personal data is restricted to only those employees, contractors and third parties who require this access in order to assure the purpose of data processing and the provision of products and services.

Steps We take to secure and protect your data include:

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Notwithstanding the security measures that we take, it is important to remember that the transmission of data via the internet may not be completely secure and that you are advised to take suitable precautions when transmitting to us data via the internet.

7. Cookies

Our Site may place and access certain first party Cookies on your computer or device. First party Cookies are those placed directly by us and are used only by us. We use Cookies to facilitate and improve your experience of this website and to improve our products and services. By using this website, you may also receive certain third-party Cookies on your computer or device. Third party Cookies are those placed by websites, services, and/or parties other than us. We use third party Cookies on this website for online marketing and advertising services. In addition, this website uses analytics services provided by Google Analytics, Yandex Metrics etc. which also use Cookies. Website analytics refers to a set of tools used to collect and analyze usage statistics, enabling us to better understand how people use this website.

“Cookies” are small pieces of information that are transferred to your browser and stored on your computer’s hard drive. Cookies also allow us to track usage patterns, trends and other aggregate visitor information. Most web browsers automatically accept cookies, but you can usually change your browser settings to prevent that if you would rather not store the information for future use. We may also collect certain technical and routing information about your computer to facilitate your use of the site and its services (such as browser type, operating system and the Internet Protocol (“IP”) address of your computer). Without expressly informing you in each particular instance, we do not match such information with any of your personal information.

If you disagree with us using cookies, please leave this website.

8. Links

This website may contain links to third-party electronic services that are not operated or monitored by us. Please be aware that such third-party electronic services are not bound by this Privacy Policy and that we are not responsible for their content or their principles regarding the handling of personal data. We therefore recommend consulting and checking the individual privacy policies or terms of use of third-party electronic services.

9. Data subject rights

According to applicable data protection laws and regulations, you may have the following rights:

  • requesting information on personal data that we hold about you,
  • asking that your data be deleted if we are not permitted or are not legally obliged to retain the data,
  • demanding that the processing of your data be restricted,
  • objecting to the processing by us,
  • transferred in a generally useable, machine-readable, and standardized format.

You also have a right of appeal (as far as this affects you) to the respective Data Protection Supervisory Authority.

As a data subject you may address any concern of yours on a matter relating to your data protection rights to the company’s Data Protection Officer below.

Data Protection Officer (DPO): Zhadra Abdullina (zabdullina@movchans.com).

10. Do we share your data?

We may share your data within companies in our group.

We may sometimes contract with third parties to supply services to you on our behalf. These may include payment processing, search engine facilities, advertising and marketing. In some cases, the third parties may require access to some or all of your data. Where any of your data is required for such a purpose, we will take all reasonable steps to ensure that your data will be handled safely, securely, and in accordance with your rights, our obligations, and the obligations of the third party under the law.

We may compile statistics about the use of Our Site including data on traffic, usage patterns, user numbers, sales and other information. All such data will be anonymised and will not include any personally identifying information. We may from time to time share such data with third parties such as prospective investors, affiliates, partners and advertisers. Data will only be shared and used within the bounds of the law.

In certain circumstances we may be legally required to share certain data held by us, which may include your personal information, for example, where we are involved in legal proceedings, where we are complying with the requirements of legislation, a court order, or a governmental authority. We do not require any further consent from you in order to share your data in such circumstances and will comply as required with any legally binding request that is made of us.

Terms Of Use

1. Agreement

By using the website www.movchans.com and any of its pages (hereafter the “website”), you confirm that you have reviewed, understand and agree to the following important legal information and terms of use (the “Terms”). If you do not agree to the terms, please exit the website immediately.

The Terms are subject to change at any time without notice and access to, and use of the website may be restricted or terminated at any time. You are therefore advised to review these Terms each time you access this website.

2. No offer, no advice

The information, products, data, services, tools and documents contained or described on this website are for information purposes only and constitute neither an advertisement or recommendation nor an offer or solicitation to buy or sell investment instruments, to affect any transaction or to enter into any legal relations.

The financial products mentioned on this site are not suitable for all investors. Prior to making investment decisions investors should conduct a thorough investigation and obtain all necessary professional advice for all issues, including your eligibility to make such investment in terms of the applicable law.

Nothing on this site constitutes investment, legal, accounting or tax advice, or a representation that any investment or strategy is suitable or appropriate for individual circumstances, or otherwise constitutes a personal recommendation for any specific in­vestor. We recommend that investors independently assess, with a professional advisor, the specific financial risks as well as legal, regulatory, credit, tax and accounting consequences.

3. Local legal restrictions

The Content is not intended for use by or distribution to any individual or legal entity in any jurisdiction or country where such distribution, publication or use would be contrary to the law or regulatory provisions or in which Movchan’s Group companies does not hold the necessary registration or license. Individuals or legal entities in respect of whom such prohibitions apply, whether on grounds of their nationality, their place of residence or on other grounds, must not access or use the site.

Some entities, services and products of Movchan’s Group may not be registered or licensed under legal and regulatory provisions governing financial services or products and their providers in certain countries.

4. No warranty

Movchan’s Group provides no warranty and makes no representations of any kind whatsoever regarding: (1) the currency, accuracy or completeness of the content; (2) the results to be obtained by any user of the website; or (3) any third-party content accessible on or through the website.

Except to the extent required by current laws and/or regulations, Movchan’s Group, including its directors, agents, employees or subcontractors: (1) disclaims any and all express or implied warranties and conditions including without limitation warranties and conditions as to quality and fitness for a particular purpose; and (2) does not warrant that the website, any content (including any third party content), goods and services referred to therein will be uninterrupted or error free, that defects will be corrected or that the website, the servers from which it is available or any connected website is free of viruses, trojan horses, worms, software bombs or similar items or processes or other harmful components. In order to safeguard against viruses, it is advisable to use up-to-date versions of browsers and to install and continuously update antivirus software. Users should strictly avoid opening e-mails of unknown origin or unexpected e-mail attachments.

Any data, including but not limited to financial market data, quotes, notices, research or other financial information accessible through this website, have been obtained from carefully selected sources believed to be reliable. All such information is provided “as is” to the user without express or implied warranties of any kind, including warranties of quality, originality, non-infringement of intellectual property or fitness for any particular purpose.

The information and opinions in the website are descriptive of Movchan’s Group as a whole and the products and services described may not be available to or suitable for all investors. The fact that a user accesses the Site does not make him a client of Movchan’s Group.

Any expressions of opinion, estimates and projections on the website are those of the authors at the date of writing. They do not necessarily reflect the view of Movchan’s Group and are subject to change at any time without prior warning. Movchan’s Group and its contractual partners may discontinue, or make changes in, the information, data and documents, and the products or services described herein, at any time without prior notice. Any information marked with a date is published as of this date only and no obligation or responsibility is undertaken to update or amend any such information.

5. No liability

TO THE MAXIMUM EXTENT PERMITTED BY CURRENT LAWS AND/OR REGULATIONS, Movchan’s Group, INCLUDING ITS DIRECTORS, AGENTS, EMPLOYEES, SUB-CONTRACTORS AND ITS SALES PARTNERS DISCLAIM ANY AND ALL LIABILITY FOR LOSSES OR DAMAGES (DIRECT OR INDIRECT) OF ANY KIND WHATSOEVER ARISING DIRECTLY OR INDIRECTLYAS A RESULT OF (1) THE CONTENT, ACCURACY, COMPLETENESS OR OTHERWISE OF THE CONTENT OR ANY LINKS OR THIRD PARTY CONTENT; (2) ANY ERRORS IN OR OMISSIONS FROM THE SITE; (3) USE OF OR ACCESS TO THE SITE; (4) ANY INABILITY TO ACCESS OR USE THE WEBSITE FOR ANY REASON.

TO THE FULL EXTENT PERMITTED BY CURRENT LAWS AND/OR REGULATIONS, Movchan’s Group SHALL NOT BE LIABLE FOR ANY (1) LOSS OF PROFITS OR REVENUE OR SAVINGS OR OTHER ECONOMIC LOSS, (2) LOSS OF BUSINESS OR GOODWILL, (3) LOSS OF OR DAMAGE TO DATA, (4) INCIDENTAL OR SPECIAL LOSS, (5) WASTED OR LOST MANAGEMENT TIME, OR (6) INDIRECT OR CONSEQUENTIAL LOSS ARISING FROM USE OF OR ACCESS TO THE SITE, EVEN IF ADVISED OF THE POSSIBILITY OF ANY SUCH LOSS OR DAMAGE OR IF SUCH LOSS OR DAMAGE WAS FORESEEABLE.

6. Third-party content

Statements on this website may contain information obtained from third parties, including ratings from rating agencies and research from research providers etc. Reproduction and distribution of third-party content in any form is prohibited except with the prior written permission of the related third party. Third-party content providers do not guarantee the accuracy, completeness, timeliness or availability of any information, including ratings or research, and are not responsible for any errors or omissions (negligent or otherwise), regardless of the cause, or for the results obtained from the use of such content. Third-party content providers give no express or implied warranties, including, but not limited to, any warranties of merchantability or fitness for a particular purpose or use. Third-party content providers shall not be liable for any direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees or losses (including lost income or profits and opportunity costs) in connection with any use of their content, including ratings or research. Credit and/or research ratings are statements of opinions and are not statements of fact or recommendations to purchase, hold or sell securities. They do not address the market value of securities or the suitability of securities for investment purposes and should not be relied on as investment advice.

7. Performance

The past is not an indication of the future performance of an investment. The value of investments may be subject to fluctuations and investors may not get back the amount invested. Changes in rates of foreign exchange may also cause the value of investments to go up or down.

8. Links to third-party websites

Links to third-party websites on this website are provided solely for your convenience as pointers to information on topics that may be useful to users of this website. Movchan’s Group has no control over the content on such third-party websites. Activating some links to third-party websites on this website may cause you to leave this website. No warranties or liability concerning the content of such websites are made, including assurances that it is correct, accurate, complete, true, up-to-date or fit for any particular purpose. Nor does Movchan’s Group warrant that such website or content is free from any claims of copyright or trademark or other infringement of the rights of third parties or that such site or content is free of viruses or other harmful components. No guarantee as to the authenticity of documents on the Internet is given.

Using links to third-party websites provided on this Site is at your sole discretion and at your own risk.

Please note that third-party websites are not subject to Movchan’s Group data protection policy and Movchan’s Group is not responsible for the policies they apply with regard to collection and treatment of your personal data. We recommend that you carefully read the terms of use and data protection policies governing the third-party website before using it in order to check how it protects your personal data and privacy.

9. Data processing

For information on the kind of data collected, the purpose for which it is collected, how it is processed, to whom it may be disclosed and the security measures that have been put in place to protect it, please consult the Movchan’s Group Data Privacy Policy.

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