Disclaimer

1. General information

Condor Brief is an editorial publication of Condor Institutional.

Condor Institutional develops data, analytical and market-intelligence tools relating to European institutional investors. Condor Navigator is its professional platform bringing together regulatory data, portfolio analysis and market insights on European asset owners.

Content made available through Condor Brief, Condor Institutional and Condor Navigator is provided for general information, research and professional analytical purposes only.

Nothing on these websites or platforms constitutes investment, legal, regulatory, accounting, tax, actuarial or other professional advice.

2. No investment recommendation

Nothing published by Condor constitutes or should be construed as:

  • an offer or solicitation to buy or sell any security, financial instrument or investment product;
  • investment research or an investment recommendation within the meaning of applicable financial regulation;
  • a recommendation concerning an asset allocation, investment strategy, transaction or investment manager;
  • a representation that any investment, strategy or transaction is suitable for any particular investor;
  • an invitation to enter into any regulated financial activity.

Users remain solely responsible for their own investment, commercial and professional decisions.

3. Institutional and professional audience

Condor’s content is principally designed for professionals working with institutional investment markets, including asset owners, asset managers, advisers, consultants, lawyers, actuaries and other professional users.

The availability of information on a publicly accessible website does not alter its informational nature or constitute a recommendation to any individual or organisation.

4. Regulatory analysis

Condor Brief may discuss legislation, regulations, supervisory guidance, consultations and regulatory developments.

Such content is intended to provide analytical context only.

Regulatory texts may change, may be subject to transitional provisions and may be interpreted differently by competent authorities, courts or professional advisers. Summaries necessarily omit details.

Users should consult the applicable primary legislation, regulatory materials and their own legal or regulatory advisers before relying on any regulatory interpretation.

Condor is not a law firm and does not provide legal advice.

5. Data and sources

Condor uses information obtained from sources including regulatory authorities, public registers, institutional disclosures, financial statements, SFCRs, pension fund reports, annual reports and other publicly available or appropriately licensed sources.

Condor seeks to identify sources clearly and to maintain appropriate traceability between published information and its underlying documentation.

However, source data may contain errors, omissions, inconsistencies, reporting changes or subsequent revisions.

The existence of a regulatory filing or official source does not guarantee that the information is complete, economically comparable across institutions or suitable for a particular analytical purpose.

This point is particularly relevant to regulatory datasets whose definitions, consolidation perimeter, reporting templates or classifications may vary over time.

6. Estimates, derived data and Condor analysis

Certain information published by Condor may be calculated, normalised, estimated, classified or otherwise derived from underlying source data.

Derived information should therefore be distinguished from figures reported directly by an institution or regulatory authority.

Where appropriate, Condor may use assumptions, mappings or analytical methodologies to improve comparability between institutions or reporting periods. Such methodologies involve judgement.

Estimates are not reported facts and should not be treated as such.

Where information is unavailable, Condor seeks to distinguish “not available” from zero.

7. Solvency II and regulatory capital

Any analysis of Solvency II capital requirements, solvency ratios, sensitivities, volatility adjustments, matching adjustments, long-term equity treatment or other prudential measures is analytical in nature.

Regulatory capital outcomes depend on circumstances specific to each undertaking, including its balance sheet, liabilities, internal model or standard-formula treatment, ring-fenced funds, transitional measures, supervisory decisions and other factors.

Condor calculations or estimates are not regulatory filings, actuarial opinions or determinations of regulatory eligibility.

A reference to a potentially applicable regulatory treatment does not establish that such treatment is available to a particular undertaking or investment.

8. Historical information

Past portfolio allocations, solvency ratios, investment decisions, market conditions or regulatory outcomes do not necessarily indicate future behaviour.

Historical comparisons may also be affected by:

  • changes in reporting standards;
  • mergers and restructuring;
  • changes in consolidation perimeter;
  • methodological changes;
  • market valuation effects;
  • currency movements;
  • regulatory reforms.

Condor may restate historical series when necessary to improve comparability.

9. Forward-looking statements

Some publications may discuss expected regulatory developments, potential portfolio consequences, scenarios or future market behaviour. Such statements are inherently uncertain. Words such as “may”, “could”, “expected”, “potential”, “likely”, “scenario” and similar expressions should generally be understood accordingly. Actual outcomes may differ materially.

10. Editorial independence

Condor Brief seeks to distinguish factual reporting, analytical interpretation and estimates.

References to individual insurers, pension funds, asset managers or other organisations do not constitute endorsements or criticisms of those organisations.

The selection of institutions or transactions for analysis may reflect data availability, market relevance or editorial judgement.

Absence from a publication should not be interpreted as having any significance.

11. No assessment of financial soundness

Comparisons of solvency ratios, capital requirements, portfolio composition or regulatory sensitivities should not be interpreted as assessments of an institution’s overall financial strength, creditworthiness or ability to meet its obligations.

A higher or lower regulatory ratio or particular investment exposure cannot, in isolation, establish the quality or financial condition of an institution.

12. Third-party content and intellectual property

Certain data and materials originate from third parties and remain subject to the intellectual-property rights, licences and terms applicable to those sources.

Condor does not claim ownership of third-party materials merely because they are referenced, analysed or incorporated into derived research.

Source attribution does not imply endorsement by the source organisation.

Third-party trademarks and names remain the property of their respective owners.

13. Availability and accuracy

Condor seeks to provide accurate and timely information but does not warrant that any content is complete, current, error-free or continuously available.

Information may be corrected, updated or withdrawn without notice.

Publication dates and, where relevant, update dates should be considered when assessing the currency of information.

Links to external websites are provided for reference and source traceability.

Condor does not control third-party websites and is not responsible for their availability, security, accuracy or content.

A link does not constitute endorsement.

15. Limitation of liability

To the extent permitted by applicable law, Condor Institutional and its affiliates, officers, employees, contributors and service providers shall not be liable for losses arising from reliance on information, estimates, analyses or other materials made available through Condor Brief, Condor Institutional or Condor Navigator.

Nothing in this disclaimer excludes or limits liability where such exclusion or limitation would be prohibited by applicable law.

16. Corrections

Condor welcomes substantiated corrections relating to factual information or source interpretation.

Material corrections may result in an article or dataset being amended and, where appropriate, an update being identified.

17. Contact

Questions concerning editorial content, data methodology, corrections or legal matters may be addressed to:

Condor Institutional
request@condorinstitutional.com