arrow_back Search

HOUSE_OVERSIGHT_015000

House Oversight Committee
insert_drive_file IMAGES-003-HOUSE_OVERSIGHT_015000.txt description DOCUMENT text_fields 1,947 words · 12.5k chars

General Investment Related Disclosures:

Taiwan Readers: Neither the information nor any opinion expressed herein constitutes an offer or a solicitation of an offer to transact in any securities or other financial instrument. No part of this report may be used or reproduced or quoted in any manner whatsoever in Taiwan by the press or any other person without the express written consent of BofA Merrill Lynch.

This research report provides general information only, and has been prepared for, and is intended for general cistri er or an invitation to make an offer, to buy or sell any securities or other financial instru options, futures, warrants, and contracts for differences). This report is not intended to provide personal investmen

expressed constitutes an of

bution to, BofA Merri

advice and it does n

Il Lynch clients. Neither the information nor any opinion

ment or any derivative related to such securities or instruments (e.g.,

ot take into account the specific investment objectives,

financial situation and the particular needs of, and is not directed to, any specific person(s). This report and its content do not constitute, and should not be considered to constitute, investment

advice for purposes of ERISA, the US tax code, the Investment Advisers Act or otherwise. Investors should seek fina ing investment strategies discussed or recommended in this report and should unders

instruments and implemen decision to purchase or subscri document issued in connec

deposits or other obligations o among others, market risk, coun instruments may be difficult to income from such securities and lose their entire principal inves This report may contain a short- short-term price impact on the reflects both a longer term total be more or less positive than as Futures and options are not appropria disclosure documents. Investme BofA Merrill Lynch is aware that action may executing any short idea contained in

he implemen

his report.

Foreign currency rates of exchange may adversely affect

including ADRs, effectively assume currency risk. UK Readers: The protections provided located outside of the United Kingdom. BofA

errill Lyne

h Global Researc|

MLPF&S or one of its affiliates is a regular issuer of traded financial instru

time, hold a BofA Merrill w

rading position (long or short) in the securities and financial Lynch, through business units other than Bo ith, and reach different conclusions from, the information presented in

methods of the persons who prepared them, and BofA Merrill Lynch is un recipient of this report.

In the event that the recipient received this report pursuant to a contract therewith MLPF&S may be deemed

beyond the delivery of this report (unless otherwise agreed specifically in

transactions, including transactions i

nany securities mentioned in this re

Copyright and General Information regarding Research Reports:

Copyright 20

retransmitted or disclosed, in whole simultaneously to internal review of this research report consti (including any investmen Materials p

BofA Merrill Lynch Global Research and certain business groups. As a resul research reports. To the extent this report discusses any legal proceeding or issue should consult their own

any BofA Merrill Lynch entity and/or its directors, officers and employees may be on public information. Facts and views presented in this material that rela professionals in other busi

This re

securities. None of MLPF&S, any of i

Global

report containing such rating, recommendation or investment thesis.

Any information relating to the tax s

seek tax advice based on tl The information herein (o may contain links to third- contained on such third-party websites is not part o any affiliation with BofA Merrill Lynch. Access to any submitting any personal information to them. BofA Certain outstanding repor' recent research report rela In some cases, an issuer may be classified as Restric its security and/or financial

or in part, or in any form or manner, without and client websites and other portals by BofA

he value, price or income of any security or financial ins

by the U.K. regulatory regime, including the Financial Services Scheme, co not a h policies relating to conflicts of interes

instrum

port.

I Lynch , BofA

and that statements

h, are not insured by America, N.A). Investments in general and, derivati

lyst or event impacting erent from and do

relative to other stocks within i

such strategies do not

o seek advice rega

ents discussed in this report.

‘A Merrill Lynch Global Research, may have issued and may in the future issue trading ideas or recommenda his report. Such ideas or recommendations reflect the different time der no obligation to ensure that such other trading ideas or recommendations are brought

between the recipient and MLPF&S for the provision of research services for a separate fee, o be acting as an investment adviser, such status relates, if at all, solely to the person with whom MLPF&S writing by MLPF&S). MLPF&S is and continues to act solely as a broker-dealer in connection

7 Bank of America Corporation. All rights reserved. iQmethod, iQmethod 2.0, iQprofile, iQtoolkit, iQworks are service marks of Ban iQcustom®, iQdatabase® are registered service marks of Bank of America Corporation. This research report is prepared for the use of BofA Merri he express written consent of BofA Merrill Lynch. BofA Merri errill Lynch and are not publicly-available materials. Any unautl utes your agreement not to redistribute, retransmi recommendations, estimates or price targets) without repared by BofA Merrill Lynch Global Research personnel are based on information known to, professionals in other business areas of BofA Merri

, or disclose to others the contents, opinions, co

public i , including investment banking personnel. BofA Merrill errill

e to any such ness areas of BofA Merrill Lynch in connection with the legal proceedings or matters relevant to such proceedings. port has been prepared independently of any issuer of securities mentioned herein and not in connection with any proposed offering of securities or as agent of s affiliates or their research analysts has any authority whatsoever to make any representation or warranty on behalf of the issuer(s}. Bo Research policy prohibits research personnel from disclosing a recommendation, investment rating, or Investment thesis for review by an issuer prior to the pub

plaintiffs, defendants, co-defendants or co-plaintiffs wi

proceedings have not been reviewed by, discuss

atus of financial instruments discussed herein is not intended to provide tax advice or to be used by anyone to provide tax advice. heir particular circumstances from an independent tax professional. her than disclosure information relating to BofA Merrill Lynch and its affiliates) was obtained from various sources and we do not guarantee its accuracy. This report party websites. BofA Merrill Lynch is not responsible for the content of any third-party website or any linked content contained in a third-par' this report and is not incorporated by reference into this report. The inclusion of a link in this report does not im third-party website is at your own risk, and you should always review the terms and privacy policies at third-party websi errill Lynch is not responsible for such terms and privacy policies and expressly disclaims any liability for them. s may contain discussions and/or investment opinions relating to securities, financial instruments and/or issuers that are no longer curren ing to an issuer prior to making an investment decision. ed or may be Under Review or Extended Review. In each case, investors should consider any investment opinion instruments) to be suspended or withdrawn and should not rely on the analyses and investment opinion(s) pertaining to such issuer (or i

rument mentioned in this report. Investors in such secuti

pply in general to business coordinated by BofA Merrill are described at http://go.bofa.com/coi. ments linked to securities that may have been recommended in this report. MLPF&S or one of its

Lynch does not disclose certain client relationshi s, it has not been prepared as nor is it intended to express any legal conclusion, opinion or advice. Investors egal advisers as to issues of law relating to the subject matter of this report. BofA Merrill Lynch Global Research personnel’s knowledge of legal proceedings in which

ncial advice regarding the appropriateness of investing in financial

regarding future prospects may not be realized. Any

be for securities in any offering must be based solely on existing public information on such security or the information in the prospectus or other offering ion with such offering, and not on this report. Securities and other financial instruments discussed in this report, or recommended, offered or sold by Merrill Lync any insured depository institution (including, Bank o

the Federal Deposit Insurance Corporation and are not ves, In particular, involve numerous risks, including,

erparty default risk and liquidity risk. No security, financial instrument or derivative is suitable for all investors. In some cases, securities and other financial value or sell and reliable information about the value or risks related to the securi other financial instruments, if any, may fluctuate and that price or value of such ment. Past performance is not necessarily a guide to

y or financial instrument may be difficult to obtain. Investors should note that securities and instruments may rise or fall and, in some cases, investors may uture performance. Levels and basis for taxation may change.

erm trading idea or recommendation, which highlights a specific near-term catal equity securities of the issuer. Short-term trading ideas and recommendations are dif return expectation and attractiveness for investmen ock's fundamental equity rating. e for all investors. Such financial instruments may expire worthless. Before investing in futures or options, clients must receive the a nt strategies explained in this report may not be appropriate at all times. Costs 0 ation of the ideas expressed in this report may depend upon an in be limited by regulations prohibiting or restricting "shortselling’ in many jurisdictions. Investors are urged

the issuer or the market that is anticipated to have a not affect a stock's fundamental equity rating, which

s Coverage Cluster. Short-term trading ideas and recommendations may

ppropriate risk include commission or margin expenses.

vestor's ability to "short" securities or other financial instruments and that such

ding the applicability of such regulations prior to

ies and instruments, Lynch entities

affiliates may, at any

ions that are inconsistent rames, assumptions, views and analytical 0 the attention of any

and in connection ly and does not extend with the execution of any

has contracted direct

of America Corporation. iQanalytics®,

| Lynch clients and may not be redistributed, Lynch Global Research reports are distributed horized use or disclosure is prohibited. Receipt and nclusion, or information contained in this report

first obtaining expressed permission from an authorized officer of BofA Merrill Lynch. nformation. Facts and views presented in this material

have not been reviewed by, and may not reflect has established information barriers between h, or compensation received from, such issuers in

Lynch ps wit

hor involving issuers mentioned in this report is based ed with, and may not reflect information known to,

any issuer of any A Merrill Lynch ication of a research

nvestors are urged to

bsite. Content endorsement by or es before

y we ply any

. Always refer to the most

relating to such issuer (or s securities and/or

financial instruments) nor should the analyses or opinion(s} be considered a solicitation of any kind. Sales persons and financial advisors affiliated with MLPF&S or any of its affiliates may not

solicit purchases of securities or financial instrumen

s that are Restricted or Under Review and may only solicit securities under Extended Review in accordance with

irm policies.

Neither BofA Merrill Lynch nor any officer or employee of BofA Merrill Lynch accepts any liability whatsoever for any direct, indirect or consequential damages or losses arising from any use of

this report or its contents.

Bankof America Merrill Lynch

Global Equity Volatility Insights | 20 June 2017

29

HOUSE_OVERSIGHT_015000