Legal Notice

Banco Bilbao Argentaria S.A (“BBVA”) provides users (the “User” or the “Users”) of this “BBVA Research” website (the “Website”) with the following general information, in accordance with article 10 of Law 34/2002, of 11 July, on Information Society Services and E-Commerce (the “LSSI”):

Company name: Banco Bilbao Vizcaya Argentaria, S.A.

Tax Identification Number: A-48265169.

Registered Address: Plaza de San Nicolás, 4 48005 Bilbao (Vizcaya).

Entry in the companies registry: BBVA (Banco Bilbao Vizcaya Argentaria, S.A.) is registered in the Companies’ Registry of Vizcaya, Volume 2,083, Folio 1, Sheet BI-17-A, 1st entry.

Administrative authorisation and higher body: BBVA is a Bank which is subject to the supervision of the Bank of Spain and is registered in the Administrative Register of the Bank of Spain under number 0182.

Tax ID no.A-48265169.

Contact: For further information, the User may contact BBVA Research through this form by selecting one of the options.

The terms and conditions of use of the Website (the “Terms of Use“), which Users must comply with at all times, are as follows.

Acceptance of Terms of Use

These Terms of Use govern the use of the Website that BBVA makes available to Users.

The Terms of Use, together with the Legal Notice, the Personal Data Processing Conditions and the Cookie Policy together constitute the terms and conditions which control the access to and use of the public and private part of the Website (the “Website Terms and Conditions”). Users have access to the private area of the Website once they have registered using a form (the “Registration Form”) and they have accepted the conditions for the processing of personal data, which set out the way in which the personal data provided by the user in the registration process will be processed (the “Personal Data Processing Conditions”).

The User’s access to and use of the Website implies that the User fully accepts and is obliged to fully comply with the Terms and Conditions of the Website. Therefore, the User must carefully read these Terms of Use as well as the other Terms and Conditions of the Website every time they intend to use the Website, as these may be amended and the Userinformed of any modifications upon further access. BBVA reserves the right to update, modify or remove these Website Terms and Conditions.

The BBVA Research Website offers information on the type of activity, products and services it carries out. The User may register in the private area by creating an account in the BBVA Research Subscription Service section (the “Service”). Upon registration, the User will be sent a newsletter with the same content as on the Website, including links to publications with the same type of content as the Website (the “Publications”), and with the language and frequency determined by the User (“the Registered User”).

Users must register by completing the Registration Form and also accept the Data Processing Conditions, to be able to access the private area of the Website. If Users accept them, they agree to comply fully and at all times with the terms of this document. Once all the fields required for this purpose have been completed, BBVA will send an email to the address given by the User confirming the registration and authenticating the Registered User.

Users can register in and access the private area for free.

Upon registration, the User:

Subscribes to BBVA Research’s Publications exclusive content.
Will be able to manage the subscription by choosing the geographies and/or topics of the Publications
Will be able to manage your reading lists.
Can add comments to the Publications.
Will be able to manage the processing of their personal data.
Will receive a newsletter with the links to the Publications, with the chosen language and frequency.

The User undertakes to make proper use of the Website, “proper use” being understood to be that which is in accordance with current legislation, good faith and public order. The User undertakes not to use the Website for fraudulent purposes, and not to engage in any conduct that could damage the image, interests and rights of BBVA or third parties. The User undertakes not to do anything with the aim of damaging, invalidating or overloading the Website, or in any way preventing its normal use and operation.

Users are informed that if they fail to fulfil the content or obligations arising from the Terms and Conditions of the Website’s or any other particular terms or conditions contained in the Website, BBVA reserves the right to limit, suspend or terminate their access to the Website, adopting any technical measure that may be necessary for this purpose. BBVA also reserves the right to exercise such measures should it have reasonable grounds to believe that the User is violating any of the terms contained in the Website Terms and Conditions or any other particular terms or conditions contained in the Website.

BBVA reserves the right to update, modify or remove the information contained in the Website, including the contents and/or services included therein, and may also limit or deny access to said information, at any time and without prior notice. In particular, BBVA reserves the right to remove, limit or prevent access to the Website should technical difficulties arise due to events or circumstances beyond BBVA’ s control that, in its opinion, reduce or neutralise the levels of security or standards adopted for the Website to function correctly. To this end, BBVA reserves the right, at all times, to decide on the continuity of the information society services provided through the Website.

Website Content

BBVA is the owner or legitimate licensee of the intellectual and industrial property rights over the Website and all its items at any given time, including charts, texts, photographs, videos, sound files, trademarks and other distinctive signs, computer programs and sui generis rights over the underlying databases, the graphic design and user interface (look & feel) and the underlying computer programs (including source and object codes) (the “Contents“), and the Publications and the Charts which are specifically and prominently located, in specific sections, on the Website (hereinafter collectively referred to as the “Documents”).

The use of the Website by Users does not grant them any right over the intellectual and industrial property rights for the Website and its Contents, except what is stipulated for using the Documents, in accordance with the regulation contained at the end of this section.

By means of these Terms of Use, except in those cases in which it is legally permitted or with BBVA’s prior authorisation, the User is expressly prohibited from reproducing, transforming, distributing, publicly communicating, making available, extracting and/or reusing the Website, its Contents and/or the distinctive signs of BBVA, for any use, with or without commercial purposes, in any medium or format, with the exception of the Documents, the use of which is set out at the end of this section. BBVA reserves the right to take legal action against Users who violate or infringe its intellectual and/or industrial property rights.

BBVA grants Users who respect the Terms and Conditions of the Website authorisation to visit, access and browse the entire Website and its Content, on a non-exclusive basis, for the maximum period of validity of the intellectual and industrial property rights as established in the applicable laws (unless access to the Website is suspended for a justified reason) and to enable the User to use the Website as stipulated herein.

BBVA also DECLARES the following:

The information contained in the Website is for information purposes only and does not provide any type of recommendation. It can never be considered to be legal, fiscal, financial, investment, or technical advice, nor an offer or guarantee by BBVA, nor should it be construed as a recommendation to carry out operations, nor used as a basis for a decision to be taken in a specific direction. BBVA will not be held liable for the use that may be made of the information contained in the Website in this regard, and it must be specifically understood that such information, subject to applicable Spanish laws, is not intended for those Users who act under other jurisdictions of other States that require different requirements to be met for the provision, disclosure or advertising of information of this type.
The information provided by BBVA on the Website is not a technical opinion given by BBVA.
BBVA assumes no responsibility as to whether the information on the Website is what the User was expecting. BBVA is not responsible for the truthfulness, accuracy, sufficiency, completeness or updating of information that is not its own and for which another source is indicated. Nor is BBVA responsible for any opinions or comments that may appear on the Website, as they may be personal comments made by Users or come from the indicated sources.
BBVA reserves the right to update, modify or eliminate the information contained in the Website in the terms indicated above, and does not undertake to inform Users of any changes or modify the content thereof.

More specifically, the use and distribution of the Documents, in whole or in part, is subject to the following conditions. In particular, the user may only download the documents in order to read and view them correctly. For the sake of clarification, downloading of the Documents is only permitted in this sense for purely technical reasons and to facilitate a fuller, more complete and more uniform reading of the Documents. Any other use is strictly prohibited and more specifically:

Reproduction, transformation, distribution, communication to the public, making available, extraction, reuse, retransmission or use of any kind by any means or process is prohibited, except as permitted by law or as expressly authorised by BBVA.
Only the citation, quotation or brief summary, by any means and process, of any Document or Chart, is permitted only if each of the following conditions is met:
- It is not done for commercial purposes, either directly or indirectly (e.g. to place advertising on your website). Therefore, any use of the Documents for commercial purposes or for financial compensation, even indirectly, is strictly prohibited.
- the authorship of BBVA and its research service BBVA Research, as well as the exact title of the document, without any variation, is duly acknowledged and indicated.
- a link to the exact and complete URL where the document is included on the Website, as part of the indication of authorship and as the only means of accessing the document in question in its entirety. Such a link must never consist of frames which allow the Documents to be viewed via Internet addresses other than those of the Website.
In no event shall the Documents be referred to or used in any manner that even indirectly indicates or suggests that BBVA, BBVA Research or any other entity of the BBVA Group sponsors, collaborates with, reviews, endorses or supervises the content and/or services of the user of the Document.
No work or derivative work may be created from the Documents, i.e. the remixing, transformation or creation of another work from or with parts or extracts of the Documents, other than accurate and verbatim translations of small portions of the Documents, in the form of references, quotations or summaries for the purposes of publication, subject to the requirements of (i) non-commercial use, (ii) proper acknowledgement of authorship, and (iii) linking to the accurate and complete URL as specified in the above terms.
For the avoidance of doubt, as it is not permitted to download the Documents for any purpose other than private and non-commercial reading, it is also not permitted to include the Documents in databases, summaries, reviews or press clippings or in collections, etc., by any method, system or process. If you wish to refer to the Documents in any of these media and formats, provided it is not for commercial purposes, this will in all cases be in the form of a brief review, quote or summary and with (i) an appropriate mention of authorship and (ii) a link to the exact and full URL of the website where you have full access to the Document in question.
The Documents are for information purposes only and must not be considered as legal, financial, tax or investment advice, recommendation, commercial offer, promise or guarantee of profitability.
The User must also refrain from deleting, altering, circumventing or tampering with any protective devices, metadata, watermarks or security systems that may be incorporated into the Documents.

The User ACKNOWLEDGES AND AGREES to the aforementioned declarations of BBVA and also UNDERTAKES to comply with the applicable regulations in his capacity as a User of this Website and the Documents.

Links Policy (“Links”)

Creating Links with the Web Site

Links from other websites to the Website may only be established under the following conditions:

The link will only point to the home page or main page of the Website, with the exception of Documents whose use is permitted under the above conditions and with a link to the exact URL where they are located as part of the mention of their authorship.
The link may not consist of frames that allow the Website to be viewed through Internet addresses other than those of the Website or that in any other way show the Website information together with that included on other websites.
No false, inaccurate or incorrect statements about the Website and/or BBVA will be made from the website that introduces the link (the “Referring Site”).
The authorisation granted by BBVA will never be construed to mean that: (i) BBVA sponsors, collaborates with, verifies or supervises the content and/or services provided through the Referring Site; nor (ii) that BBVA is in any way responsible for the content of the Referring Site.
The Referring Site must faithfully comply with applicable laws and may never host content, own or third parties, which: (i) is unlawful, which damage the rights of third parties, are harmful, denigrating, violent, inappropriate or in any other way immoral or indecent (pornographic, racist, etc.); (ii) induces or may induce in the User the misconception that BBVA subscribes to, endorses, adheres to or in any way supports the referrer’s ideas, statements or expressions, whether lawful or unlawful; and (iii) is inappropriate or not pertinent in relation to the activity of BBVA.

Should the User fail to comply with any of the aforementioned terms, BBVA may adopt the appropriate legal measures to this effect.

Linked Sites

In order to help the User find additional information, BBVA may include various technical link devices that allow the User to access other websites (the “Linked Sites”). In these cases, BBVA acts as a provider of intermediation services, in accordance with article 17 of Law 34/2002, on Information Society Services and E-Commerce. In accordance with the provisions of the aforementioned legislation, BBVA shall not be liable for the services and content provided through the Linked Sites, unless it is actually aware of the illegal activity and has failed to disable the link with due diligence.

The fact that there are Linked Sites will never imply that BBVA recommends, promotes, identifies or complies with the statements, content or services provided through the Linked Sites. Consequently, BBVA is not responsible for the content of the Linked Sites, nor for their conditions of use and privacy policies, and the User alone is responsible for checking and accepting them each time they are accessed or used.

Reporting of illegal and inappropriate activities

If the User or any other Internet User becomes aware that any type of information or content on or provided through the Website is unlawful, harmful, denigrating, violent, inappropriate, contrary to what is established in these Terms of Use or, in any other way, is immoral or indecent, they may contact BBVA , indicating the following points:

personal data of the person reporting: name, address, telephone number and e-mail address;
a description of the facts showing the illegal or improper nature of the content or information and the specific address where it is available;
if third party rights, such as intellectual and industrial property, are violated, the data of the owner of the infringed right must be provided when this person is not the reporting party. He/she must also provide the title accrediting the ownership of the rights infringed and, where appropriate, the representation to act on behalf of the owner when that person is not the reporting person.

The receipt by BBVA of the communication provided for in this clause shall not, in accordance with the provisions of the Law 34/2002, on Information Society Services and E-Commerce, does not imply that it is actually aware of the activities and/or contents indicated by the reporting person when this is not obvious or apparent. BBVA invariably reserves the right to suspend or withdraw content that, even if it is not illegal, is not aligned with the rules established in these Terms of Use, weighing up in each case the conflicting legal rights.

Liability of BBVA

The User must be aware that communications over open networks are exposed to many different threats which can undermine their security. It is the User’s responsibility to take all appropriate technical measures to reasonably control these threats, including having updated detection systems for malicious software, such as viruses, Trojan horses, etc., and also updating the security patches of the browsers used. For more information, refer to the BBVA Security Policy or go to your Internet access service provider who can provide you with solutions tailored to your needs. To the maximum extent permitted by applicable laws, BBVA shall not be held liable for damages caused to the User as a result of risks inherent to the medium used, nor those caused by vulnerabilities in its systems and tools. Nor can BBVA guarantee that its systems are totally secure, as, although it has adopted the appropriate security measures, vulnerabilities cannot be completely ruled out and, consequently, the User must exercise caution when interacting with the Website.

In particular, BBVA shall not be liable for:

Damages of any kind caused to the User’s computer equipment by viruses, worms, Trojan horses or any other harmful element.
The damages of any type caused to the User by failures or disconnections in the telecommunications networks that might suspend, cancel or interrupt the Website service while it is being used. The User acknowledges that access to the Web Site requires services provided by third parties outside BBVA’s control (such as telecommunications network operators, access providers, etc.) whose reliability, quality, continuity and operation is not the responsibility of BBVA nor is it its responsibility to guarantee the availability of the service.
Information from third parties in cases in which BBVA acts as a provider of intermediation services within the meaning of the Law 34/2002, on Information Society Services and E-Commerce, except when it is actually aware of it and the information in question has not been withdrawn.

BBVA shall also not be liable for any direct or indirect damages that Users may suffer as a result of inappropriate use of this Website or its content, nor shall it undertake to disclose changes or modify its content.

Protection of personal data

Questions concerning the personal data processing of the Users through the use of the Website are regulated in the Personal Data Processing document.

Use of Cookies

We use a technology called “cookies” on our Website. For more detailed information on how BBVA uses cookies, please refer to the Cookies Policy here.

Applicable laws

In accordance with article 3 of the Law 34/2002, on Information Society Services and E-Commerce, the laws applicable to the information society services provided by BBVA through the Website will be those of Spain. Therefore, for any disputes regarding this Website or any conflicts concerning it between the User and BBVA, Spanish law shall apply.