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Discretionary Portfolio Management (DPM) General Risks and Disclaimer 

General Risks and Other Disclosures

The investments in your portfolio are subject to risks from a variety of sources, including but not limited to market risk, credit risk, liquidity risk and political risk. There is no assurance that the full principal of the investment will be returned or will appreciate.

Although management of asset allocation may improve diversification benefit and therefore risk-reward efficiency, this diversification benefit may be reduced in extreme market conditions, where the correlations of all asset classes are very close to each other.

The performance of your portfolio depends on the expertise, skill and judgment of the Discretionary Portfolio Management Services team and therefore the decisions of the team will have a material effect on the investment performance of your portfolio and you acknowledge that you accept such risk.

The past performance of any mandates or any asset management specialists is not necessarily indicative of their future results.

Please note that BNP Paribas may conduct cross trades between client accounts in certain circumstances, including but not limited to, where securities to be transacted may be less than the required minimum lot size.



This document is provided in Hong Kong by BNP Paribas, acting through its Hong Kong branch, in Singapore by BNP Paribas, acting through its Singapore branch, and in Thailand by BNP Paribas, acting through its Singapore branch via BNP Paribas Securities (Thailand) Limited.  BNP Paribas is a public limited company (société anonyme) incorporated in France with liability of its members limited. BNP Paribas, acting through its Hong Kong branch is a licensed bank regulated by the Hong Kong Monetary Authority, a Registered Institution under the Securities and Futures Ordinance of Hong Kong (Cap. 571), and registered with the Securities and Futures Commission (SFC) to carry on Types 1, 4, 6 and 9 regulated activities in Hong Kong (SFC CE Reference: AAF564). BNP Paribas, acting through its Singapore branch (UEN/Registration No: S71FC2142G), is a licensed bank regulated by the Monetary Authority of Singapore. BNP Paribas Wealth Management is the business line name for the Wealth Management activity conducted by BNP Paribas. “BNP Paribas Wealth Management” (UEN/Registration No 53347235X) is a business name registered in Singapore under the Business Names Registration Act 2014. BNP Paribas Securities (Thailand) Limited (Registration Number 0105565019213) is a private company incorporated in Thailand, and registered with the Ministry of Finance and the Securities and Exchange Commission to provide securities and derivatives services. For the purposes of this disclaimer, “BNP Paribas” shall refer to BNP Paribas (including its branches) and BNP Paribas Securities (Thailand) Limited.

The information included in this document is confidential and is provided to you for general information only, and should not be used as sole reference for entering into any specific transaction. This document expresses BNP Paribas’ position on the basis of its own appraisal of the applicable facts, law and regulations in force at the date hereof.

The information herein has been prepared in good faith in accordance with BNP Paribas’ own internal models and calculation methods and/or is based on or uses other available information where considered relevant. Information prepared on the basis of different calculation methods and/or pricing information or assumptions may yield different results. Numerous factors may affect the information provided, which may or may not have been taken into account. The information provided may therefore vary significantly from information obtained from other sources or other market participants. Any reference to past performance should not be taken as an indication of future performance. Save to the extent provided otherwise in Clause 6.5 of BNP Paribas Wealth Management’s Terms and Conditions (“T&Cs”) and/or Clause 9 of BNP Paribas Securities (Thailand) Limited’s Terms and Conditions for Offshore Investment (“Offshore Investment T&Cs”) applicable to your account, BNP Paribas shall not be responsible for the accuracy or completeness of any pricing information sources used in its calculations, or any errors or omissions in computing or disseminating this information, and for any use you make of the information provided. Information provided herein may contain forward-looking statements. The words "believe", "expect", "anticipate", "project", "estimate", "predict", "is confident", "has confidence" and similar expressions are also intended to identify forward-looking statements. These forward-looking statements are not historical facts but based on the current beliefs, assumptions, expectations, estimates, and projections of BNP Paribas in light of the information presently available, and involve both known and unknown risks and uncertainties. These forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond control and are difficult to predict. Consequently, actual results could differ materially from those expressed, implied or forecasted in these forward looking statements. Investors should form their own independent judgment on any forward-looking statements and seek their own advice from professional advisers to understand such forward-looking statements.  Accordingly, save to the extent provided otherwise in Clause 6.5 of BNP Paribas Wealth Management’s Terms and Conditions (“T&Cs”) and/or Clause 9 of BNP Paribas Securities (Thailand) Limited’s Terms and Conditions for Offshore Investment (“Offshore Investment T&Cs”) applicable to your account, BNP Paribas shall not be responsible or liable for the information contained herein and you must consult your own advisers prior to making any decision in respect of such information.

BNP Paribas gives no assurance that any transaction will be entered into on the basis of the information contained herein. Any prices or examples of possible transactions contained herein are set out for illustrative purposes only and do not constitute any form of offer from BNP Paribas to trade on such terms or constitute an indication that it is possible to trade on those precise terms. Actual prices will depend on market conditions at the time the transaction is concluded. 

Save as otherwise expressly agreed in writing, (a) where BNP Paribas does not solicit the sale of or recommend any financial product to you, BNP Paribas is not providing any financial consulting service, investment advice or tax advice to you, and (b) in all cases, BNP Paribas is not acting as your fiduciary with respect to any transaction. You should obtain independent legal, financial and other professional advice and make your own decision as to whether or not you wish to enter into any transactions with any person. Save to the extent provided otherwise in Clause 6.5 of BNP Paribas Wealth Management’s Terms and Conditions (“T&Cs”) and/or Clause 9 of BNP Paribas Securities (Thailand) Limited’s Terms and Conditions for Offshore Investment (“Offshore Investment T&Cs”) applicable to your account, no BNP Paribas group company accepts any liability whatsoever for any direct or consequential loss arising from any use of or reliance on material contained in this document.

This document is not intended to be an advertisement, a prospectus or other offering document or an offer or solicitation to buy or sell any securities or other investment. Information and opinions contained in this document are published for the assistance of recipients, but are not to be taken in substitution for the exercise of judgment by any recipient; they are subject to change without notice and not intended to provide the sole basis of any evaluation of transactions or arrangement discussed herein.

Financial transactions involve risks of variation in interest rates, exchange rates, securities, commodities or indices and may involve a high risk of loss including possible loss of the principal amount invested. In view of these risks, you should have the requisite knowledge and experience to assess the characteristics and risks associated with each contemplated financial transaction. You should undertake a detailed analysis of all financial, legal, regulatory, accounting and tax issues (including the risks involved in any transaction, for example, interest rates, default risk and lack of liquidity) raised by the transaction you are contemplating, so as to evaluate the merits and suitability of the transaction.

Generally, please take note that various potential and actual conflicts of interest may arise from the overall investment activities or the roles of the parties involved in any investment product or transaction, their investment professionals and/or their affiliates. In particular, the counterparty / issuer / provider or its related entities or affiliates can offer or manage other investments which interests may be different to the interest of your investments in that investment product or transaction; or for cases where the product counterparty or issuer is BNP Paribas or its related entity or affiliate, BNP Paribas may also act as distributor, guarantor, calculation agent and/or arranger of the same product. BNP Paribas and its affiliates and persons associated or connected with it (collectively "BNP Paribas Group") may make a market in, or may, as principal or agent, buy or sell securities mentioned in this document or derivatives thereon. BNP Paribas Group may have a financial interest in the issuers mentioned in this document, including a long or short position in their securities, and/or options, futures or other derivative instruments based thereon. BNP Paribas Group, including its officers and employees may serve or have served as an officer, director or in an advisory capacity for any issuer mentioned in this document. BNP Paribas Group may, from time to time, solicit, perform or have performed investment banking, underwriting or other services (including acting as adviser, manager, underwriter or lender) within the last 12 months for any issuer referred to in this document. BNP Paribas Group may, to the extent permitted by law, have acted upon or used the information contained herein, or the research or analysis on which it was based, before its publication. Members of the BNP Paribas Group may face possible conflicts of interest in connection with certain duties under structured products. For example, it and its affiliates may trade an underlying for their own account or for the account of others. It or its affiliates may receive a portion of the management or other fees charged with any of the underlyings. BNP Paribas may offer other services to entities associated with an underlying, for which they may be remunerated. All of these activities may result in conflicts of interest with respect to certain financial interests of BNP Paribas.

Where BNP Paribas retains custody of your assets, BNP Paribas has arrangements and additional safeguards in place on custody of your assets to mitigate any potential conflicts of interest in this regard.

The information contained herein is provided to you on a strictly confidential basis and you agree that it may not be circulated, distributed, copied, reproduced or otherwise disclosed (in whole or in part and in any manner whatsoever), to any other person (other than to your professional advisers) without the prior written consent of BNP Paribas.

This document is being distributed by BNP Paribas in Hong Kong to Professional Investors within the meaning of Part I of Schedule 1 to the Securities and Futures Ordinance of Hong Kong (Cap. 571) and in Singapore to Accredited Investors within the meaning of the Securities and Futures Act 2001 only and is not intended for investors in Singapore who are not such Accredited Investors and should not be passed on to any such persons. Some products or transactions described in this document may not be authorised in Hong Kong or in Singapore and may not be available to Hong Kong investors or Singapore investors. The contents of this document have not been reviewed by any regulatory authority in Hong Kong or Singapore. You are advised to exercise caution in relation to the offer. If you are in any doubt about any of the contents of this document, you should obtain independent professional advice.

Where this document is distributed by BNP Paribas to a person in Singapore who is not an Accredited Investor, Expert Investor or an Institutional Investor, BNP Paribas, acting through its Singapore branch accepts legal responsibility for the contents of this document to such person only to the extent required by applicable law.

Save to the extent provided otherwise in Clause 6.5 of BNP Paribas Wealth Management’s Terms and Conditions (“T&Cs”) and/or Clause 9 of BNP Paribas Securities (Thailand) Limited’s Terms and Conditions for Offshore Investment (“Offshore Investment T&Cs”) applicable to your account, information in this document is for general circulation to the intended recipients only and is not intended to be a recommendation or investment advice to recipients hereof. A recipient of this document should seek advice from its/his/her own professional adviser regarding the suitability of the products or transactions (taking into account the recipient's specific investment objectives, financial situation and particular needs) as well as the risks involved in such products or transactions before a commitment to purchase or enter into any product or transaction is made.

Where this document includes a reference to real estate, please note that real estate service offered in Hong Kong by BNP Paribas, acting through its Hong Kong branch exclusively relates to real estate properties outside Hong Kong. Specifically, BNP Paribas, acting through its Hong Kong branch is not licensed to deal with any real estate property situated in Hong Kong. BNP Paribas, acting through its Singapore branch is not licensed to and does not offer real estate service, and nothing herein should be construed as such.

BNPP clients and counterparties are responsible for ensuring that they comply with applicable provisions of Executive Order (EO) 13959, as amended (and any subsequent official guidance). For the full details of the EO, you may want to consult the following websites: For the EO itself,, and for the latest guidance on this EO provided by the OFAC,

By accepting this document, you agree to be bound by the foregoing limitations. In case there is a Chinese version and there is any ambiguity or difference of meaning between the English version and the Chinese versions, the English version shall prevail. In respect of any transactions or arrangement with BNP Paribas, acting through its Singapore branch, the English version is the only operative version and the Chinese version shall be disregarded.

You may contact BNP Paribas, acting through its Singapore branch at 10 Collyer Quay, #35-01 Ocean Financial Centre, Singapore 049315; Tel: (65) 6210 3888; Fax: (65) 6210 3861 in respect of any matters arising from, or in connection with, this document. This paragraph does not apply to you if you are (a) not resident in Singapore and you are (b) served by a Relationship Manager in Hong Kong. If you satisfy (a) and (b), you may contact BNP Paribas, acting through its Hong Kong branch at 63/F Two International Finance Centre, 8 Finance Street, Central, Hong Kong; Tel: (852) 2909 8888, in respect of any matters arising from, or in connection with, this document.


Photo credit @Getty images

© BNP Paribas (2024). All rights reserved










本文件由法國巴黎銀行,透過其香港分行在香港提供,由法國巴黎銀行,透過其新加坡分行在新加坡提供,以及由法國巴黎銀行,透過其新加坡分行經BNP Paribas Securities (Thailand) Limited(「法國巴黎銀行證劵(泰國)有限公司」)提供。法國巴黎銀行是一家在法國成立的公眾有限公司(société anonyme),其成員承擔有限法律責任。法國巴黎銀行,透過其香港分行為受香港金融管理局監管的持牌銀行,及《證券及期貨條例》(香港法例第571章)所指的註冊機構; 於香港證券及期貨事務監察委員會(「證監會」)註冊, 獲准進行第1、4、6及9類受規管活動(證監會中央編號:AAF564)。法國巴黎銀行,透過其新加坡分行(單一機構識別號碼/註冊編號:S71FC2142G)為受新加坡金融管理局監管的持牌銀行。「法國巴黎銀行財富管理」乃法國巴黎銀行營運之財富管理業務之名稱。「法國巴黎銀行財富管理」(單一機構識別號碼/註冊編號:53347235X)是根據Business Names Registration Act 2014在新加坡註冊之企業名稱。法國巴黎銀行證劵(泰國)有限公司(註冊編號:0105565019213))是一間於泰國成立的私人公司,並經泰國財政部和泰國證券交易委員會註冊,以提供證券及衍生工具服務。就本免責聲明而言,「法國巴黎銀行」是指法國巴黎銀行(包括其分行)及法國巴黎銀行證劵(泰國)有限公司。

本文件所載資料僅供閣下一般參考之用, 不應用作訂立任何特定交易的唯一參考, 閣下必須將資料保密。本文件陳述法國巴黎銀行根據其本身對於適用事實、本文件日期的適用法律及規例的評估而作出的意見。






總的來說,請注意,某投資產品或交易參與的各方、其投資專家及其聯營公司從其整體投資活動或其參與角色中,可能産生若干潜在或實際的利益衝突。特別是交易對手/ 發行人/ 提供者、或其相關實體、或其聯營公司,可提供或管理其他投資,而其投資利益可能與閣下在有關投資產品或交易中的投資利益不同; 或當法國巴黎銀行或其相關實體或聯營公司爲產品之交易對手或發行人,法國巴黎銀行亦可能擔任同一產品的分銷商、擔保人、計算代理人和/或安排人。法國巴黎銀行及其聯屬公司以及與其有聯繫或有關連的人士(統稱「法國巴黎銀行集團」)可能以莊家身份或可作爲委託人或代理人買賣本文件所述證券或有關衍生産品。法國巴黎銀行集團可能於本文件所載的發行人中擁有財務權益,包括於持有其證券的長倉或短倉及/或有關期權、期貨或其他衍生工具。法國巴黎銀行集團(包括其高級職員及雇員)可能或已經出任本文件所述任何發行人的高級職員、董事或顧問。法國巴黎財銀行集團可能於過去12個月內不時爲本文件所提述的任何發行人招攬、進行或已進行投資銀行、包銷或其他服務(包括作爲顧問、經辦人、包銷商或放款人)。法國巴黎銀行集團可在法律準許的情况下,於本文件所載的資料刊發之前,依據有關資料或據此進行的研究或分析行事,或使用有關資料或據此進行的研究或分析。法國巴黎銀行集團的成員公司可能對於有關結構性産品項下若干責任有利益衝突。例如,其及其聯屬公司可能爲其本身或爲其他人士進行相關産品的交易。其或其聯屬公司可能收取任何相關産品的部分管理或其他費用。法國巴黎銀行可向與相關産品有關的實體提供其他服務並獲支付酬金。所有此等活動均可能導致有關法國巴黎銀行的若干財務權益出現利益衝突。



本文件由法國巴黎銀行在香港僅派發予專業投資者(定義見香港法例第571章《證券及期貨條例》附表1第1部)以及在新加坡僅派發予認可投資者 (Accredited Investors) (定義見新加坡法例《證券及期貨法》(Securities and Futures Act 2001)),並且不擬向非認可投資者的新加坡投資者派發,亦不應供任何該等人士傳閱。本文件所述部分産品或交易可能在香港或新加坡不獲認可,並可能無法提供予香港或新加坡投資者。本文件的內容未經在香港或新加坡的規管當局審核。閣下應就要約審慎行事。如閣下對本文件任何內容有任何疑問,閣下應尋求獨立專業意見。

如本文件由法國巴黎銀行在新加坡派發予非認可投資者、非專家投資者 (Expert Investor) 或非機構投資者 (Institutional Investor) 人士,法國巴黎銀行(透過其新加坡分行)僅就本文件內容向該人士承擔相關法例所規定的法律責任。



法國巴黎銀行之客戶及交易對手有責任確保自身遵守美國第13959號行政命令(EO) (經修訂)適用之規定(及後續所有官方指引)。有關該行政命令的全部詳情,請閣下參閲以下網頁:如需查閲該行政命令全文,請訪問,如需了解美國財政部外國資產管理辦公室(OFAC)就該行政命令發佈之最新指引,請訪問


就任何有關本文件或因本文件產生的事宜,閣下可與法國巴黎銀行(透過其新加坡分行)(10 Collyer Quay, #35-01 Ocean Financial Centre, Singapore 049315(電話:(65) 6210 3888;傳真:(65) 6210 3861))聯絡。如閣下 (a) 並非新加坡居民,及 (b) 由在香港的客戶經理提供服務,則本段落不適用於閣下。如閣下符合 (a) 及 (b) 條件,閣下可就任何有關本文件或因本文件產生的事宜與法國巴黎銀行(透過其香港分行)(香港中環金融街8號國際金融中心二期63樓(電話:(852) 2909 8888))聯絡。


圖片源自© Getty Images。

© BNP Paribas (2024) 版權所有。










本文件由法国巴黎银行,透过其香港分行在香港提供,由法国巴黎银行,透过其新加坡分行在新加坡提供,以及由法国巴黎银行,透过其新加坡分行经BNP Paribas Securities (Thailand) Limited(“法国巴黎银行证劵(泰国)有限公司”)提供。法国巴黎银行是一家在法国成立的公众有限公司(société anonyme),其成员承担有限法律责任。法国巴黎银行,透过其香港分行为受香港金融管理局监管的持牌银行,及《证券及期货条例》(香港法例第571章)所指的注册机构; 于香港证券及期货事务监察委员会(“证监会”)注册, 获准进行第1、4、6及9类受规管活动(证监会中央编号:AAF564)。法国巴黎银行,透过其新加坡分行(单一机构识别号码/注册编号:S71FC2142G)为受新加坡金融管理局监管的持牌银行。“法国巴黎银行财富管理”乃法国巴黎银行营运之财富管理业务之名称。“法国巴黎银行财富管理”(单一机构识别号码/注册编号:53347235X)是根据Business Names Registration Act 2014在新加坡注册之企业名称。法国巴黎银行证劵(泰国)有限公司(注册编号:0105565019213))是一间于泰国成立的私人公司,并经泰国财政部和泰国证券交易委员会注册,以提供证券及衍生工具服务。就本免责声明而言,“法国巴黎银行”是指法国巴黎银行(包括其分行)及法国巴黎银行证劵(泰国)有限公司。

本文件所载资料仅供阁下一般参考之用, 不应用作订立任何特定交易的唯一参考, 阁下必须将资料保密。本文件陈述法国巴黎银行根据其本身对于适用事实、本文件日期的适用法律及规例的评估而作出的意见。






总的来说,请注意,某投资产品或交易参与的各方、其投资专家及其联营公司从其整体投资活动或其参与角色中,可能产生若干潜在或实际的利益冲突。特别是交易对手/ 发行人/ 提供者、或其相关实体、或其联营公司,可提供或管理其他投资,而其投资利益可能与阁下在有关投资产品或交易中的投资利益不同; 或当法国巴黎银行或其相关实体或联营公司为产品之交易对手或发行人,法国巴黎银行亦可能担任同一产品的分销商、担保人、计算代理人和/或安排人。法国巴黎银行及其联属公司以及与其有联系或有关连的人士(统称“法国巴黎银行集团”)可能以庄家身份或可作为委托人或代理人买卖本文件所述证券或有关衍生产品。法国巴黎银行集团可能于本文件所载的发行人中拥有财务权益,包括于持有其证券的长仓或短仓及/或有关期权、期货或其他衍生工具。法国巴黎银行集团(包括其高级职员及雇员)可能或已经出任本文件所述任何发行人的高级职员、董事或顾问。法国巴黎财银行集团可能于过去12个月内不时为本文件所提述的任何发行人招揽、进行或已进行投资银行、包销或其他服务(包括作为顾问、经办人、包销商或放款人)。法国巴黎银行集团可在法律准许的情况下,于本文件所载的资料刊发之前,依据有关资料或据此进行的研究或分析行事,或使用有关资料或据此进行的研究或分析。法国巴黎银行集团的成员公司可能对于有关结构性产品项下若干责任有利益冲突。例如,其及其联属公司可能为其本身或为其他人士进行相关产品的交易。其或其联属公司可能收取任何相关产品的部分管理或其他费用。法国巴黎银行可向与相关产品有关的实体提供其他服务并获支付酬金。所有此等活动均可能导致有关法国巴黎银行的若干财务权益出现利益冲突。



本文件由法国巴黎银行在香港仅派发予专业投资者(定义见香港法例第571章《证券及期货条例》附表1第1部)以及在新加坡仅派发予认可投资者 (Accredited Investors) (定义见新加坡法例《证券及期货法》(Securities and Futures Act 2001)),并且不拟向非认可投资者的新加坡投资者派发,亦不应供任何该等人士传阅。本文件所述部分产品或交易可能在香港或新加坡不获认可,并可能无法提供予香港或新加坡投资者。本文件的内容未经在香港或新加坡的规管当局审核。阁下应就要约审慎行事。如阁下对本文件任何内容有任何疑问,阁下应寻求独立专业意见。

如本文件由法国巴黎银行在新加坡派发予非认可投资者、非专家投资者 (Expert Investor) 或非机构投资者 (Institutional Investor) 人士,法国巴黎银行(透过其新加坡分行)仅就本文件内容向该人士承担相关法例所规定的法律责任。



法国巴黎银行之客户及交易对手有责任确保自身遵守美国第13959号行政命令(EO) (经修订)适用之规定(及后续所有官方指引)。有关该行政命令的全部详情,请阁下参阅以下网页:如需查阅该行政命令全文,请访问,如需了解美国财政部外国资产管理办公室(OFAC)就该行政命令发布之最新指引,请访问


就任何有关本文件或因本文件产生的事宜,阁下可与法国巴黎银行(透过其新加坡分行)(10 Collyer Quay, #35-01 Ocean Financial Centre, Singapore 049315(电话:(65) 6210 3888;传真:(65) 6210 3861))联系。如阁下 (a) 并非新加坡居民,及 (b) 由在香港的客户经理提供服务,则本段落不适用于阁下。如阁下符合 (a) 及 (b) 条件,阁下可就任何有关本文件或因本文件产生的事宜与法国巴黎银行(透过其香港分行)(香港中环金融街8号国际金融中心二期63楼(电话:(852) 2909 8888))联系。


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