Legal notices


This website is edited by Pastel & Associés, a money management company licensed by the Commission des Opérations de Bourse (currently Autorité des Marchés Financiers, A.M.F.) and based: 17, rue de Miromesnil 75008 Paris, France.
The website is exclusively informational with the sole aim of helping its visitors better understand Pastel & Associés activities and organization.


The content of Pastel & Associés website does not constitute either an offer of services, or a recommendation or a solicitation to purchase or sell any investment security or product. Although the website's sponsors have tried to provide as complete a picture of Pastel & Associés activities, products and organization, the information provided herein cannot not be considered either definitive in its form or content nor comprehensive with respect to the different areas one would expect it to cover. Therefore it is the responsibility of the website's visitor, before making any decision, to check, update and complete any information made available on this website. In particular, Pastel & Associés cannot be held responsible for any decision made on the basis of the information contained herein or for the consequence of its use by third parties.

Investment decisions – Recommendations - Advice

It is the investor's responsibility, before any investment decision is made, to seek guidance from his/her own advisers as to whether Pastel & Associés products are subject or not to any restriction, and especially that the investor does not come from a country where the laws prohibit or regulate access to such products. Investors must be aware that when deciding to invest in Pastel & Associés products, they do that from their own initiative with no advice nor recommendation provided by Pastel & Associés to that effect. Investment and financial advisers and any other person acting in this capacity are reminded that it is their sole responsibility to check whether they comply with applicable laws and regulations when recommending Pastel & Associés products to their clients and/or advisees. When in doubt with regard to such compliance, they must refrain from providing recommendations that could result in their clients/advisees investing in Pastel & Associés products. It is the investor's responsibility to check, preferably after seeking guidance from his/her own advisers as to the suitability of Pastel & Associés investment products with regard to the investor's financial and personal circumstances as well as with regard to his/her investment objectives and risk profile.

Risks - Uncertainty

Investors must be aware that Pastel & Associés products may not achieve their stated investment objectives and that in particular investing in Pastel & Associés products can result for the investor in permanent and significant losses of capital. Investors must be aware that past investment performance is no guarantee of future results.

Hyperlinks – Third party software

You may, through hypertext or other computer links, gain access to web sites operated by persons other than Pastel & Associés. Such hyperlinks are provided for your reference and convenience only, and are the exclusive responsibility of such web sites' owners. You agree that Pastel & Associés is not responsible for the content or operation of such web sites, and that Pastel & Associés shall have no liability to you or any other person or entity for the use of third party web sites. A hyperlink from this Web Site to another web site does not imply or mean that Pastel & Associés endorses the content on that web site or the operator or operations of that site. You are solely responsible for determining the extent to which you may use any content at any other web sites to which you link from Pastel & Associés Web Site. Pastel & Associés assumes no responsibility for the use of third party software on the Pastel & Associés site and shall have no liability whatsoever to any person or entity for the accuracy or completeness of any outcome generated by such software.


You may not, nor may you allow others to, directly or indirectly, disrupt or attempt to disrupt, impair or interfere with, alter or modify the Pastel & Associés website or any part of its content. You may not, nor may you allow others to, directly, or indirectly, collect or attempt to collect, through use of this website, any information about others, including passwords, accounts or other information.