Sessa Investment Research status under MiFID II

Sessa Investment Research company reports are prepared on behalf of the subject company, for which Sessa Partners Inc. is paid a fee by the subject company. As such, our reports fall within the scope of ‘minor non-monetary benefits’, as defined in the Markets in Financial Instruments Directive II. The fact that we are commissioned to write the research is disclosed in disclaimers on the first and last pages of every report, and the research is widely available for free access.

 

In addition, since Sessa Partners Inc. neither holds a securities dealer license nor is engaged in agency securities dealing, by definition, these reports are not an inducement for investors to trade through us. All of the IR-related and research services provided by Sessa Partners Inc. are paid for by sponsor companies, with a view toward raising transparency, eliminating the appearance of inducements, and eliminating the need for payment of any kind from investors.

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