Numis Securities Limited Legal & Regulatory Conditions governing this website. Certain pages are not directed at Retail Clients.
3:53 10 September 10 
About Us
Regulatory
- Client Agreement
- Conditions and disclaimers that govern the use of the entire website
- Conditions and disclaimers that govern Investment Research contained in the Investment Research pages of this website
- Conditions and disclaimers that govern Marketing Communications contained in the Investment Companies pages of this website
- The policy for dealing with any possible conflicts of interest in relation to Investment Research
- The policy for dealing with any possible conflicts of interest in relation to Marketing Communications
- A table setting out the tariff for recommendations used in Investment Research and, on an historic basis, in certain Marketing Communications
- A table showing the distribution of headline recommendations in respect of Investment Research published during the last quarter calculated in accordance with FSA Handbook COB 7.17.11(4)
- List of Group subsidiaries of Numis Corporation Plc
- Pillar 3 Disclosures 2009
A table setting out the tariff for recommendations used in Investment Research and, on an historic basis, in certain Marketing Communications
As from 14th February 2005, the recommendation framework is as follows: -
UPSIDE OF 20% BUY (Previously 15% +)
UPSIDE OF 10 - 19.99% ADD (Previously 5 - 14.99%)
UPSIDE/ DOWNSIDE OF 0 - 9.99% HOLD (Previously +/- 0 - 4.99%)
DOWNSIDE OF 10 - 19.99% REDUCE (Previously 5 - 14.99%)
DOWNSIDE OF 20% + SELL (Previously 15% +)
All recommendations are struck on a MARKET NEUTRAL basis and a 12-month time horizon.
US 
UK