1. Academy
  2. Legal
  3. General information

Use of e-mail

Introduction, applying conditions

You (hereinafter referred to as "the User") must note these conditions governing electronic mail communications, which apply all e-mails.

Communications by electronic mail (in particular e-mails) and any attachments sent by Piguet Galland & Cie SA (hereinafter referred to as "PGSA") to which these conditions apply (hereinafter referred to as "Electronic Mail") are sent at the request of the User (expressly or by sending an electronic mail to PGSA) or with the User's prior (written or oral) consent, subject to the conditions set out here and expressly accepted by the User.

E-mail recipient

E-mails may contain proprietary and confidential information, which is, in some cases, in whole or in part, legally protected.

E-mails are intended solely for the addressee(s) mentioned; no other person can view them. If the User is not the addressee of the E-mails, they are requested to inform the author immediately by returning the E-mails and to delete the E-mails and all copies stored in their system.

Under no circumstances may E-mails be disseminated, publicly disclosed, distributed or copied without the prior consent of PSGA.


The User acknowledges that it is possible to usurp another person's identity when sending information via electronic mail. Suppose the User believes that unauthorised third parties have gained knowledge of their address and have hijacked the system for their benefit. In that case, the User must immediately inform PSGA and request that their address no longer be used as a communication channel for sending Electronic Mail. The User assumes the risks and consequences of manipulating their address.

When sending electronic mail, the User's data passes through a public network accessible to all. In addition, the data may cross borders, even if the sender and recipient reside in the same country. If the transmission is not encrypted, the content of the e-mails can be read by anyone. If it's encrypted, however, the indication of the sender and recipient is not encrypted. It cannot, therefore, be ruled out that third parties may have access to such information and deduce from it the existence of contacts between the User and PSGA or that they may intercept and alter the content of electronic messages. The User assumes the risks and consequences resulting from access to information, its interception and alteration.

PSGA must give a reason to avoid being obliged to do so, not accept information or orders received by e-mail and request that the User provide it with another proof of their identity. PSGA is not responsible for any prejudice caused by a possible refusal or delay.

PSGA reserves the right to monitor all e-mail communications transmitted via its networks.

Local restrictions

The products and services presented in the E-mails may not be available or authorised for persons in jurisdictions other than Switzerland (due to the nationality of the persons, their place of residence or for any other reason). The User must consult their advisors and the sales restrictions relating to the products and services.

In addition, the User declares that they are aware that the jurisdiction to which they are subject (by their nationality, place of residence or for any other reason) may prohibit or restrict the import, export, and use of coding algorithms. It is the User's responsibility to consult their advisers on this subject and to ensure compliance with the provisions relating to the import, export and use of coding algorithms that apply to them.

No recommendation, performance

Unless otherwise stated, the E-Mails are intended for information purposes only and do not constitute a call for tenders, an offer to buy or sell, or a personalised investment recommendation. Unless otherwise stated, the information in the E-Mails is not financial analysis within the meaning of the Swiss Bankers Association's directive on the independence of financial analysts. The risks associated with certain investments (derivatives in any form, investments in non-traditional funds or emerging markets) are unsuitable for all investors. It is the User's responsibility to consult the prospectuses and regulations (which can be obtained free of charge, in the case of investment funds authorised in Switzerland, from the fund management companies and their representatives), to contact their advisers for a specific examination of their risk profile, and to inform themselves of the risks inherent in any decision, in particular by consulting the Swissbanking brochure on the risks involved in trading in financial instruments, before any transaction. Structured or synthetic products and warrants are not collective investments within the meaning of the Federal Act on Collective Investment Schemes (CISA) and are, therefore, not subject to authorisation or supervision by the Financial Market Supervisory Authority (FINMA). Investors cannot consequently claim protection under the CISA. Investors are exposed to issuer risk, and the value of their investments depends not only on the performance of the underlying(s) but also on the issuer's creditworthiness, which may change during the product term. Past performance should not be considered a guarantee of current or future performance. An investment may appreciate or depreciate for various reasons, and the investor may not get his money back. In addition, fluctuations in exchange rates may cause the value of investments to rise or fall.

Reliability of information presented confirmation.

PSGA endeavours to carefully select the information it distributes by e-mail; however, it cannot guarantee its accuracy, reliability, or exhaustiveness. Therefore, any decision based on this information is taken at the sole risk of the User, PSGA declining all responsibility for any direct or indirect loss, damage, or prejudice.

If the information in PSG's e-mails refers to a planned, current, or executed securities transaction, it does not constitute an official transaction confirmation or statement. PSGA sends an official transaction confirmation or statement via the usual channel expressly agreed with the User. If there is any discrepancy between the terms appearing in PSGA's e-mails and those used in an official transaction confirmation or statement sent by PSGA, the terms of the confirmation or statement shall prevail. If the User disputes the transaction details, they must contact their PSGA advisor immediately.

In addition, PSGA reserves the right to modify the information it distributes by e-mail at any time and without prior notice.

Interest from third parties

PSGA, its affiliates and their directors, officers and employees may hold or have held interests or positions in certain securities, which they may acquire or sell at any time, or may have acted or traded as a market maker. They may have had and may continue to have, commercial dealings with the issuers of certain securities, providing them with corporate finance, capital market or other financing services.

Warranty exclusions

Neither PSGA, nor any of its directors, officers, employees, agents or shareholders, nor any third party information provider, nor any of its directors, officers, employees, agents or shareholders, shall be liable for any direct or indirect loss or damage of any nature whatsoever arising from the use of electronic mail or from the use of information or notices transmitted by electronic mail or from the inability to access or use available information or notices sent by electronic mail. In particular, PSGA, as well as its administrators, directors, employees, auxiliaries and shareholders, shall not be held liable for any prejudice or loss suffered as a result of an error, technical or otherwise, a transfer failure, an overload situation, a difficulty in use, a service interruption (including in particular the system maintenance service), a delay in the transmission of information, an incompatibility between the Electronic Mails and the User's files and software (in particular with his "browser") and computer, malfunction, interference, virus or bug to the User's computer, illegal intrusion (e.g. as a result of hacking), intentional blocking of telecommunications tools and networks (e.g. as a result of mass e-mailing or denial of service attacks) or any other inadequacy of telecommunications or network service providers is excluded.

Telephone conversations

For reasons of transaction security, PSGA may record telephone conversations on the telephone lines whose numbers appear on the E-mails (those of the dealing room) without prior notice. These recordings are regularly erased at times determined by PSGA.

Brand protection and copyright

The Piguet Galland & Cie SA and PSGA logo and trademarks are protected. The information contained in the e-mails is subject to the copyright of PSGA. The copyright of third parties is reserved.

Partial nullity

Suppose any of the provisions of these conditions should be invalid, unenforceable, or inapplicable because of any legal requirement. In that case, this shall not result in the invalidity, cancellation, or non-execution of the other provisions of these conditions. The invalid, non-compliant or inapplicable clause will be replaced by another valid, compliant, and applicable clause corresponding as closely as possible to the meaning and purpose of the invalidated clause.

Applicable law and place of jurisdiction

All legal relations between the User and PSGA are subject to Swiss law.

The place of performance, the exclusive place of jurisdiction for all types of proceedings and the place of jurisdiction for legal action, but for the latter only for Users not domiciled in Switzerland, is at PSGA's registered office in Yverdon-les-Bains. The mandatory places of jurisdiction provided for by applicable Swiss legislation and international conventions ratified by Switzerland are reserved. However, PSGA remains entitled to take legal action at the User's domicile or before any other competent court.

Modification of conditions of use

PSGA reserves the right to change the terms and conditions applicable to e-mail communication at any time. These modifications appear on the PSGA Website, accessible via the link on the E-mails it sends. By consulting the E-mails and using this means of communication, the User expressly accepts the new conditions applicable to contact by electronic mail.

Please familiarise yourself with the terms and conditions of use of the Website and e-mail.
The information and documents relating to financial instruments or services within the meaning of the LSFin presented on this Website constitute, in principle, an advertising medium by the said law.
PGSA, all rights reserved.