Important Disclosures

Legal, Regulatory and Financial Information

The information provided on this site or in any communication containing a link to this site is not intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution or use would be contrary to law or regulation or which would subject Davidson or its affiliates to any registration requirement within such jurisdiction or country. Neither the information, nor any opinion contained in this site constitutes a solicitation or offer by Davidson or its affiliates to buy or sell any securities, options or other financial instruments or provide any investment advice or service.



Privacy Statement

This Privacy Statement applies to the personal information that we collect from or about you via this Davidson web site (this "Site"). This Site may contain links to other web sites, and this Privacy Statement does not apply to those sites. If you link to any of those sites, we recommend that you review their privacy policies. If we materially change our privacy policies or practices, we will also change this Privacy Statement to notify you of such changes.

This Site will collect personal information that you voluntarily provide, such as your name, address, telephone number or e-mail address. We will not know who you are unless you tell us. Additionally, if this Site is a password-protected site, then (a) once you submit your password and enter, this Site will recognize who you are and will collect all information that you submit, including all electronic instructions, and (b) any information collected about you from this Site may be associated with other identifying information that we have about you.

On this Site, we may use "cookies" or other technology to gather information about Site usage to help us improve the content, usability and functionality of this Site, and to remember certain user attributes (such as the country you are accessing this Site from and your language selection). This helps us better tailor this Site for users and better understand how many new and repeat users visit this Site, which features or pages are most popular, and user browsing and usage patterns. Additionally, if this Site is a password-protected site, then this Site may use cookies or other technology to help us authenticate you, store and recognize your configuration and user attributes, facilitate your navigation and entitlements throughout the Site and customize its content so that the information made available is more likely to be of interest to you.

You can set your web browser to prompt you before you accept a cookie, accept cookies automatically or reject all cookies. However, if you choose not to accept cookies from this Site, then you may not be able to access and use all or part of this Site or benefit from the information and services which it offers.

Davidson will use, share, secure and otherwise process any personal information that we collect from or about you via this Site in accordance with our Privacy Policy Statement. Please read our Privacy Statement to understand our privacy practices.

Disclaimer of Warranty and Limitation of Liability

Davidson does not warrant the accuracy of the materials provided herein, either expressly or impliedly, for any particular purpose and expressly disclaims any warranties of merchantability or fitness for a particular purpose. Davidson will not be responsible for any loss or damage that could result from interception by third parties of any information made available to you via this site. Although the information provided to you on this site is obtained or compiled from sources we believe to be reliable, Davidson cannot and does not guarantee the accuracy, validity, timeliness or completeness of any information or data made available to you for any particular purpose. Neither Davidson, nor any of its affiliates, directors, officers or employees, nor any third party vendor will be liable or have any responsibility of any kind for any loss or damage that you incur in the event of any failure or interruption of this site, or resulting from the act or omission of any other party involved in making this site or the data contained therein available to you, or from any other cause relating to your access to, inability to access, or use of the site or these materials, whether or not the circumstances giving rise to such cause may have been within the control of Davidson or of any vendor providing software or services support. In no event will Davidson, its affiliates or any such parties be liable to you for any direct, special, indirect, consequential, incidental damages or any other damages of any kind even if Davidson or any other party have been advised of the possibility thereof.

SEC Order Execution and Routing Disclosure

The Securities and Exchange Commission's ("SEC") Rule 605 (formerly 11Ac1-5), requires market centers to publicly disclose, on a monthly basis, order execution quality. These measures include, but are not limited to, how market orders of various sizes are executed relative to the public quotes and information about the spreads paid by investors. In accordance with Rule 605, Davidson's execution reports are available for public review by clicking here.

The SEC's Rule 606 (formerly 11Ac1-6), requires all brokerage firms to make publicly available quarterly reports on their order routing practices. In accordance with Rule 606, Davidson's order routing statistics are available for review by clicking here.

Electronic Correspondence/Use of Links

Any unprotected e-mail communication over the Internet is not confidential, subject to possible interception or loss, and is also subject to possible alteration. Davidson is not responsible for and will not be liable to you or any one else for any damages in connection with an e-mail sent by you to Davidson, its affiliates, officers, directors or employees whether or not the e-mail was sent at your request. Davidson reserves the right to monitor electronic communications (subject to and in accordance with local laws).

Should the viewer leave this site via a link contained herein, and view content that is not provided by Davidson, the viewer does so at its own risk. The content to which you link will not have been developed, checked for accuracy, or otherwise reviewed by Davidson. Davidson is not responsible for damages or losses caused by any delays, defects or omissions that may exist in the services, information or other content provided in such site, whether actual, alleged, consequential or punitive. Davidson makes no guarantees or representations as to, and shall have no liability for, any electronic content delivered by any third party, including, without limitation, the accuracy, subject matter, quality or timeliness of any electronic content.

Copyright or Other Notices

If you download any information or software from this site, you agree that you will not copy it or remove or obscure any copyright or other notices or legends contained in any such information.

The information provided on these pages is subject to change.

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