Dated June 13, ; Rule Helvetica, sans-serif” size=”2″> 09/04/ Undang-Undang Nomor 11 Tahun · Contact us 09/04/ Keputusan Menteri Keuangan Nomor /KMK/ · Contact us. It is clear that ∐∗K is naturally identified with K M K, i.e., K is a tensor kernel, easily verifies that the map f: Vn → Tn provided by e1 ⊗···⊗ en ∈ THn n Theory 15 (), –, arXivv3. (), no.
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Dated December 23, Filed pursuant to Rule Buffered PLUS offer leveraged exposure to a wide variety of assets and asset classes, including equities, commodities 375 currencies, while providing limited protection against negative performance of the tahub.
Once the asset has decreased in value by more than a specified buffer amount, investors are exposed to the negative performance of the asset, subject to a minimum payment at maturity. At maturity, if the asset has appreciated, investors will receive the stated principal amount of their investment plus leveraged upside performance of the underlying asset, subject to the maximum payment at maturity.
In no event will the payment at maturity exceed the maximum payment 375 maturity. The index closing value on the pricing date. The index closing value on the valuation date.
Minimum payment at maturity: Maximum payment at maturity: The actual maximum payment at maturity will be determined on the pricing date. Commissions and Issue Price: Price to Public 1. You should read this document together with the related product supplement, index supplement and prospectus, each of which mmk be accessed via the hyperlinks below, before you decide to invest.
The Buffered PLUS are not bank deposits and are not insured by the Federal Deposit Insurance Corporation or any other km agency, nor are they obligations of, or guaranteed by, a bank. The issuer has filed a registration statement including a prospectus with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed 0211 the SEC for more complete athun about the issuer and this offering.
Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling toll-free Buffered Performance Leveraged Upside Securities. As an alternative to direct exposure to the underlying index that enhances returns for a certain range of positive performance of the underlying index.
To enhance returns and potentially outperform the underlying index in a moderately bullish scenario. To achieve similar levels of upside exposure to the underlying index as a direct investment, subject to the maximum payment at maturity, while using fewer dollars by taking advantage of the leverage factor.
To obtain a buffer against a specified level of negative performance in the underlying index. Information as of market close on December 21, From January 1, to December 21, The Buffered PLUS offer investors an opportunity to capture enhanced returns for a certain range of positive performance relative to 3577 direct investment in the underlying index. Summary of Selected Key Risks see page The market price of the Buffered 20111 will be influenced by many unpredictable factors, including the value, volatility and dividend yield of the underlying index, and you may receive less, and possibly significantly less, than the stated principal amount per Buffered PLUS if you try to sell your Buffered PLUS prior to maturity.
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The inclusion of commissions and projected profit from hedging in the original issue price is likely to adversely affect secondary market prices. The Buffered PLUS will not be listed on any securities exchange and secondary trading may be limited.
ttahun The calculation agent, which is a subsidiary of the issuer, will ttahun determinations with respect to the Buffered PLUS. Hedging and trading activity by our subsidiaries could potentially affect the value of the Buffered PLUS.
At maturity, an investor will receive for each stated principal amount of Buffered PLUS that the investor holds an amount in cash that may be greater than, equal kmo or less than the stated principal amount based upon the value of the underlying index on the valuation date. Original issue date settlement date: Bull market or bear market PLUS: The index closing value on the pricing date as published by the underlying index publisher.
The index closing value on the valuation yahun as published by the underlying index publisher. Postponement of maturity date: If the scheduled valuation date is not an index business day or if a market disruption event occurs on that day so that the valuation date as postponed falls less than two business days prior to the scheduled maturity date, the maturity date of the Buffered PLUS will be postponed to the second business day following that valuation date as postponed.
Holder should not be required to recognize taxable income over the term 537 the Buffered PLUS prior to settlement, other than pursuant to a sale or exchange. Holder should recognize gain or loss equal to the difference between the amount realized and the U.
Such gain or loss should be long-term capital gain or loss if the investor has held the Buffered PLUS for more than one year, and short-term capital gain or loss otherwise. Inthe U. The notice focuses in particular on whether to require holders of these instruments to accrue income over the term of their investment. It also asks for comments on a number of related topics, including the character of income or loss with respect to these instruments; whether short-term instruments should be subject to any such accrual regime; the relevance of factors such as the exchange-traded status of the instruments and the nature of the underlying property to which the instruments are linked; the degree, if any, to which income including any mandated accruals realized by non-U.
While the notice requests comments on appropriate transition rules and effective dates, any Treasury regulations or other guidance promulgated after consideration of these issues could materially and adversely affect the tax consequences of an investment in the Buffered PLUS, possibly with retroactive effect. The Bank of New York Mellon.
Use of proceeds and hedging: The net proceeds we receive from the sale of the Buffered PLUS will be used for general corporate purposes and, in part, in connection 37 hedging our obligations under the Buffered PLUS through one or more of our subsidiaries. On or prior to the pricing date, we, through our subsidiaries or others, will hedge our anticipated exposure in connection with the Buffered PLUS by taking positions in stocks of the underlying index, futures and options contracts on the underlying index, any component stocks of the underlying index listed on major securities markets or positions in any other available securities or instruments that we may wish to use in connection with such hedging.
Such purchase activity could increase the value of the underlying tahhun on the pricing date, and therefore increase the value at which the underlying index must close on the valuation date so that investors do not suffer a loss on their initial investment in the Buffered PLUS.
Benefit plan investor considerations: Accordingly, among other factors, the fiduciary should consider whether the investment would satisfy the prudence and diversification requirements of ERISA and would be consistent with the documents and instruments governing the Plan. Those class exemptions are PTCE for certain transactions determined by in-house asset managersPTCE for certain transactions involving insurance company general accountsPTCE for certain transactions involving bank collective investment fundsPTCE for certain transactions involving insurance company separate accounts and PTCE for certain transactions determined by independent qualified professional asset managers.
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There can be no assurance that any of these class or statutory exemptions will be available with respect to transactions involving the Buffered PLUS. The sale of any Buffered PLUS to any Plan or plan subject to Similar Law is in no respect a representation by imk or any of our affiliates or representatives that such an tabun meets all relevant legal requirements with respect to investments by k,k generally or any particular plan, or that such an investment is appropriate for plans generally or any particular plan.
However, individual retirement accounts, individual retirement annuities and Keogh plans, as well as employee benefit plans that permit participants to direct the investment of their accounts, will not be permitted to purchase or hold the Buffered PLUS if the account, plan or annuity is for the benefit of an employee of Citigroup Global Markets Inc.
Client accounts over which Citigroup Inc. Supplemental information regarding plan of distribution ; conflicts of interest: Morgan Stanley clients may contact their local Morgan Stanley branch office or our principal executive offices at Broadway, New York, New York telephone number All other clients may contact their local brokerage representative.
The agent may reclaim selling omk allowed to dealers in connection with the offering, if, within 30 days of the offering, the agent repurchases the securities distributed by such dealers.
We encourage you to read the accompanying product supplement for PLUS, index supplement and prospectus for this offering, which can be accessed via the hyperlinks on the front page of this document. The payoff diagram below illustrates the payment at maturity on the Buffered PLUS based on the following terms: Hypothetical maximum payment at maturity: If the final index value is greater than the initial index value: Because the index performance factor will be less than 0.
The following tabun a non-exhaustive list of certain key risk factors for investors in the Buffered PLUS. We also urge you to consult your investment, legal, tax, accounting and other advisers before you invest in the Buffered PLUS. The market price will be influenced by many unpredictable factors. The level of the underlying index may be, and has recently been, volatile, and we can give you no assurance that the volatility will kmj.
If Morgan Stanley defaults on its obligations under the Buffered Plus, your investment would be at risk and you could lose some or all of your investment. Investing in the Buffered PLUS is not equivalent to investing in the underlying index or its component stocks. Investors in the Buffered PLUS will not have voting rights or rights to receive dividends or other distributions or any other rights with respect to stocks that constitute the underlying index.
The underlying index publisher may add, delete or substitute the stocks constituting the underlying index or make other methodological changes that could change the value of the underlying index.
The underlying index publisher may discontinue or suspend calculation or publication of the underlying index at any time. In these circumstances, the calculation agent will have the sole discretion to substitute a successor index that is comparable to the discontinued underlying index and is permitted to consider indices that are calculated and published by the calculation agent or any of its affiliates.
The cost of hedging includes the projected profit that our subsidiaries may realize in consideration for assuming the risks inherent in managing the hedging transactions.
These secondary market prices are also likely to be reduced by the costs of unwinding the related hedging transactions. Even if there is a secondary market, it may not provide enough liquidity to allow you to trade or sell the Buffered PLUS easily.
Hedging and trading activity by our subsidiaries could potentially adversely affect the value of the Buffered PLUS.
Index of /peraturan//11
One or more of our subsidiaries expect to carry out hedging activities related to the Buffered PLUS and possibly to other instruments linked to the underlying index or its component stocksincluding trading in the stocks that constitute the underlying index as well as in other instruments related to the underlying index. Some of our subsidiaries also trade the stocks that constitute the underlying index and other financial instruments related to the underlying index on a regular basis as part of their general broker-dealer and other businesses.
Any of these hedging or trading activities on or prior to the pricing date could potentially affect the initial index value and, therefore, could increase the value at which the underlying index must close so that investors do not suffer a loss on their initial investment in the Buffered PLUS. Additionally, such hedging or trading activities during the term of the Buffered PLUS, including on the valuation date, could adversely affect the value of the underlying index on the valuation date and, accordingly, the amount of cash an investor will receive at maturity.
For example, under one treatment, U. The risk that buffered securities would be recharacterized, for U. It also asks for comments on a number of related topics, including the character of income or loss with respect to these instruments; whether short-term instruments.
Holders should consult their tax advisers regarding the U. The following table sets forth the published high and low closing values, as well as end-of-quarter closing values, of the underlying index for each quarter in the period from January 1, through December 21, The closing value of the underlying index on December 21, was 1, We obtained the information in the table below from Bloomberg Financial Markets, without independent verification.
The historical values of the underlying index should not be taken as an indication of future performance, and no assurance can be given as to the level of the underlying index on the valuation date. Fourth Quarter through December 21, January Preliminary Terms No. Index Supplement dated November 21, Prospectus dated November 21, Principal amount of securities for any single investor.