In terms of section 11 of the Electronic Communications and Transactions Act, 25 of 2002, this Disclaimer forms part of the content of any electronic communication distributed by Constellation. Such communication may contain confidential, proprietary or legally privileged information. No confidentiality or privilege is waived or lost by any transmission errors. If you receive any communication from Constellation in error, please immediately delete it and all copies of it from your system, destroy any hard copies of it and notify the sender


Any fact, assessment, analysis, forecasts, opinion and other information (collectively “Information”) released by:

  • Constellation Capital and Constellation Asset Management (together “Constellation”); or
  • any director, officer, employee or representative hereof

whether provided on Constellation’s website, on third party websites, in marketing materials, in trade ideas, newsletters, in individual e-mails and letters, in lectures, individual conversations or in any other form of written or verbal communication (collectively “Publications”) are provided for general information and/or marketing purposes only.

Unless specifically stated, no Publication of Constellation should be construed as an offer (or solicitation of an offer) to:

  • buy or sell any currency, product or financial instrument;
  • make any investment; or
  • participate in any particular trading strategy;

(collectively “Offers”).

Notwithstanding anything to the contrary (not even if specifically stated), no Publication of Constellation should be construed as an Offer in any jurisdiction in which such Offer would be illegal. Any such perceived Offer will not be honoured by Constellation.


Constellation uses reasonable efforts to obtain information from reliable sources, but all Publications are provided on an “as is” basis without representation or warranty of any kind (neither express nor implied) and Constellation disclaims liability for any Publication not being complete, accurate, suitable and relevant for the recipient. Specifically, Constellation disclaims liability towards any subscriber, client, partner, supplier, counterparty and other recipients for:

  • the accuracy of any market quotations;
  • any delay, inaccuracy, error, interruption or omission in providing market quotations; and
  • any discontinuance of market quotations.

The Publications of Constellation may not updated after their release and may due to changing circumstances become inaccurate and possibly misleading after a period of time depending on the Information. Constellation gives no guarantee against, and assumes no liability towards any recipient for, a Publication being outdated.

If a Publication becomes outdated Constellation shall be under no obligation to;

  • update the Publication;
  • inform the recipients of a Publication; or
  • perform any other action.

Any Publication may be personal to the author and may not reflect the opinion of Constellation. Constellation reserves the right at its sole discretion to withdraw or amend any Publication or Information provided at any time without notice (prior or subsequent).


Constellation does not offer or provide financial advice, nor do any of its Publications take into account any particular recipient’s investment objectives, special investment goals, financial situation, and specific needs and demands. Therefore, all Publications of Constellation are, unless otherwise specifically stated, intended for general information and/or marketing purposes only and should not be construed as:

  • business, financial, investment, hedging, legal, regulatory, tax or accounting advice;
  • a recommendation or trading idea; or
  • any other type of encouragement to act, invest or divest in a particular manner;

(collectively “Recommendations”).

Constellation shall not be responsible for any loss arising from any investment based on a perceived Recommendation.

Notwithstanding anything to the contrary (not even if specifically stated), no Publication (including possible Recommendations) shall be construed as a representation or warranty (neither express nor implied) that the recipient will profit from trading in accordance with a trading strategy set forth in a Publication or that the recipient will not sustain losses from trading in accordance with a trading strategy set forth in a Publication.


Trading in the products and services of Constellation may, even if made in accordance with a Recommendation, result in losses as well as profits. In particular trading in leveraged products, such as but not limited to, foreign exchange and derivatives can be very speculative and losses and profits may fluctuate both violently and rapidly.


Any mentioning, if any, in a Publication of the risks pertaining to a particular product or service may not and should neither be construed as a comprehensive disclosure nor full description of all risks pertaining to such product or service and Constellation strongly encourages any recipient considering trading in, investing in or utilising any of its products and services to employ and continuously consult suitable financial advisors prior to the conclusion of any investment or transaction.


Constellation publications may be accessed worldwide. The Information provided in such Publications is however only intended for use by recipients located in countries where such use does not constitute a violation of applicable legislation or regulations. None of the products and services referred to in the Publications of Constellation are available to recipients residing in countries where the provision of such products and services would constitute a violation of mandatory applicable legislation or regulations.

It is the sole responsibility of any recipient employing or requesting a product or service of Constellation to comply with all applicable legislation or regulation.


Constellation shall not be liable for any damage or injury arising out of any person’s or entity’s access to, or inability to access, the website of Constellation. This limitation includes, but is not limited to, any damage to computer equipment and computer systems caused by virus, malware and any other harmful computer coding.

Consulting the website of Constellation does not constitute a customer relationship and Constellation shall not have any duty or incur any liability or responsibility towards any person or entity as a result of such a person or entity consulting the website of Constellation.


Consulting a website or receiving a Publication of Constellation does not constitute a customer relationship and Constellation shall not have any duty or incur any liability or responsibility towards any person or entity as a result thereof.


Persons or entities not belonging to Constellation may advertise on the Constellation website, through links, banners or otherwise. Constellation shall not be held responsible or liable for the offerings, information or acts of any such third party. If a user of Constellation’s website decides to act upon any such advertising, such user does so entirely at its own risk.


If Constellation at any time and for any reason, should become liable for the loss of any person and/or entity, including without limitation, if any provision of this disclaimer is, or at any time becomes to any extent or in any circumstances invalid, illegal or unenforceable for any reason, the liability of Constellation shall be limited to such person’s and/or entity’s duly documented direct loss, which for the avoidance of doubt, and without limitation, shall not include damages for any incidental and consequential losses, damages for lost opportunity, damages for lost profit, statutory damages, nominal damages, punitive damages, restitutionary or disgorgement damages, damages for costs, including legal costs, and damages for any other indirect loss.


This disclaimer and any dispute arising from or in relation thereto, including disputes regarding its legality, validity, binding effect (including adoption) and enforceability, shall be settled by the Western Cape Division of the High Court of South Africa in accordance with and subject exclusively to the laws of South Africa. However, Constellation reserves the right to start legal proceedings wherever it deems fit, namely, but not exclusively, in places where the defendant possesses assets.