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Terms and Conditions

This document is made up of two parts (together the "Terms and Conditions"): 

  • Part 1 applies to all users of this website;

  • Part 2 only applies to registered users of this website.

This means that in the case that you are not a registered user, the terms set out in Part 2 won’t be part of your agreement with us.

Part 1

Goldman Sachs Bank Europe SE (Address: Marienturm, Taunusanlage 9-10, 60329 Frankfurt am Main, Germany) is responsible for operating the website. Goldman Sachs Bank Europe SE including affiliated companies is hereinafter referred to as "Goldman Sachs". As of 12 December 2020, Goldman Sachs Bank Europe SE has taken over the rights and obligation under the Terms and Conditions from Goldman Sachs International, Frankfurt Branch.

1. Regulation S. The securities mentioned on this website are not being offered, and will not be sold, within the United States or to, or for the account or benefit of, any U.S. person. The term U.S. person shall have the meaning as defined in Regulation S under the United States Securities Act of 1933 and includes, among other things, U.S. residents and U.S. corporations and partnerships.

2. Authorized users. This website may only be used by persons resident in Germany ("Users" or "You"). The User undertakes to no longer use this website if he will no longer be a resident of said country in the future.

3. No agreement for the provision of information. The usage of this website does not establish a contractual relationship with Goldman Sachs that goes beyond these Terms and Conditions. As a consequence, no client relationship will be established between Goldman Sachs and the User. In particular, the information presented on this website should not be regarded as an offer by Goldman Sachs to conclude an agreement for the provision of information against payment or free of charge. By visiting this website or by retrieving the information contained therein, no agreement for the provision of information is concluded between Goldman Sachs and the User.

4. No guarantee in relation to quality, accuracy, up-to-dateness, availability and completeness of the information. Neither the provision nor the content of this website or other services of the "Hotline" create any obligations on the part of Goldman Sachs towards the Users. Even though this website is based on information which Goldman Sachs considers to be reliable and even though Goldman Sachs endeavours to keep this information up to date, Goldman Sachs, its directors, employees or advisors do not accept any liability for any form of damage, including direct, indirect, incidental, special, consequential or punitive damages, or loss of profit relating to the information contained on this website, including, but not limited to, damage that is the result of (i) the trust that a User places in the information offered via this website, (ii) viruses, defects or any functional shortcomings on this website or (iii) unauthorised access of this website. In particular, Goldman Sachs, its directors, employees or advisors do not warrant (a) the quality, accuracy, up-to-dateness, availability and completeness of the data and other information on this website, (b) the timely and accurate notification of the Users regarding the achievement of specified limits and thresholds, (c) the future continuation of the provision of information or its updating, (d) the suitability and appropriateness of the securities for the investor, (e) the accounting and tax consequences of an investment in securities and (f) the future performance of the securities. Goldman Sachs does not assume any liability in this regard. Users are responsible for evaluating the information and other content available on this website taking into account items (a) – (f) above.

Investors should carefully weigh all risks before investing in securities or financial instruments and should consult an independent financial adviser and should seek legal, accounting, tax and other advice on any investments in the securities (where necessary and appropriate).

The values and prices displayed on this website do not take into account the size of a transaction, i.e. the size of a specific transaction can lead to different values or prices. Furthermore, they may not correspond to the value or price available in the market at the time when a User wishes to purchase or sell a particular security or currency.

5. No offer, no invitation to buy. This website is intended solely for the User’s information and does neither constitute an invitation nor an offer to purchase or sell any securities of Goldman Sachs or other issuers. Investors cannot directly purchase or sell the described securities on this website from Goldman Sachs, but only via their own bank account.

6. No advice, hotline.Neither the information on this website nor the information you receive from the "Hotline" include investment, tax or other advice. They do not take into account the specific situation of the User with regard to his investment objectives and risk appetite. They do not replace the advice provided by your bank or other tax or financial adviser which is indispensable in every individual case before the purchase decision is made.

7. No financial analyses.The information provided on this website does not constitute "investment research" within the meaning of the Delegated Regulation (EU) 2017/565 and does not meet the legal requirements to promote the independence of investment research and are not subject to any prohibition on dealing ahead of dissemination of investment research. They may differ from the analyses of financial instruments and their issuer (research) published by Goldman Sachs.

8. Risks.The purchase of securities is associated with financial risks. Under unfavorable circumstances issuer-specific or product-specific risk may materialize and lead to a total loss of the invested capital. Please refer to the relevant key information document (see "Key Information Document") and the prospectus (see "Prospectus") for a description of the issuer-specific or product-specific risks.

9. Price information. The price information contained on this website is generally taken from Infront or Boerse Stuttgart, but can also be calculated by Goldman Sachs itself for securities issued by Goldman Sachs. Current prices of the securities or the underlyings may be displayed with a time delay due to the regulations of the respective stock exchanges or the respective providers of financial information. Further price information, in particular information on the previous performance of the underlying, can be found at the reference to the relevant securityindicated in the prospectus (see "Prospectus"). Historical performances are not a reliable indicator of the future performance of the underlying or the securities. Please note that Goldman Sachs does not guarantee the accuracy of the price information and that price information can be corrected at any time.

10. Indications of return.All indications of return, such as bonus or maximum returns, are gross returns that do not take into account any occurring costs. In practice cost may arise for the investors which reduce the return. These include, for example, account maintenance and transaction costs. How large the impact is on the net return depends on the investment sum and the actual costs occurring for the respective investor.

11. Key Information Document. Key information documents are available for most of the products issued by Goldman Sachs on this website under the relevant securities data. Insofar as this is not the case, the products issued by Goldman Sachs are currently not intended for sale to retail clients.

For products not issued by Goldman Sachs, the key information document is available on the website of the respective issuer. Neither does Goldman Sachs advise on these products nor does Goldman Sachs sell these products.

12. Prospectus. Users contemplating the purchase of the securities described on this website should, with regard to the features of the securities and the risks associated with these securities, read the securities prospectus which consists of the Final Terms and the related Base Prospectus (if applicable) as amended by supplements (together the "Prospectus") before purchasing the securities.

For securities issued by Goldman Sachs, the Prospectus is available free of charge in paper form at Goldman Sachs Bank Europe SE, Marienturm, Taunusanlage 9-10, 60329 Frankfurt am Main, or can be requested in electronic form via email to In addition, the prospectuses for the securities can be downloaded on the respective product's detail page on this website. The respective product's detail page can be accessed by entering the relevant securities identification number (WKN or ISIN) of the security in the search bar at the top of this website.

For securities not issued by Goldman Sachs, information on the availability of the prospectus can be found on the websites of the respective issuer.

Goldman Sachs is not an offeror of these securities and does not accept any liability or give any other warranty for information contained in prospectuses which have not been prepared by Goldman Sachs.

No rights can be derived from the information available on this website and all information available on this website must be read at all times in connection with the relevant Prospectus and Key Information Document.

13. Conflicts of interest. It has to be noted that Goldman Sachs may, from time to time, purchase or sell, or hold positions (long or short) in securities, commodities, futures or options for hedging and other purposes which are identical or related to such securities. This may have an impact on the value of the securities.

With regard to securities issued by Goldman Sachs, Goldman Sachs may also be a calculation agent or sponsor of underlyings and as such may make determinations that effect the value of the securities.

With regard to securities not issued by Goldman Sachs, although Goldman Sachs endeavors to select products on the basis of objective criteria, it cannot be guaranteed that all products available in the market are included and the selection is always objective. Goldman Sachs has no contractual relationships with the issuers of the respective securities in relation to the inclusion of the securities on this website. However, Goldman Sachs has various business relationships, including relationships with the issuers of the securities not issued by Goldman Sachs.

14. Commission payments by GS. It is possible that Goldman Sachs pays commissions to distribution partners in connection with the distribution of a security issued by Goldman Sachs. Such commission payments affect the investor’s ability to generate income. If commission payments are made, you will find information on the amount of these commission payments in the relevant prospectus for securities whose Final Terms were deposited with the German Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht) after 1 November 2007 (see also "Prospectus").

15. Links. This website may contain "links" to websites ("Sites"). If you click on such a link, you will enter an external Site which is financed and maintained by a third party independently of Goldman Sachs. Goldman Sachs provides such links solely as a convenience to you in locating other Sites. Goldman Sachs has not investigated, analysed nor reviewed the information, software or products on such Sites, either in terms of content or technology. Accordingly, Goldman Sachs, its directors, employees or advisors make no statements whatsoever about the quality, accuracy, up-to-dateness, availability and completeness of the content of such Sites. Furthermore, Goldman Sachs, its directors, employees or advisors accept no liability for any form of damage, including direct, indirect, incidental, special, consequential or punitive damages, or loss of profit as a result of (i) the use or inability to use such Sites and (ii) any technical error or viruses that may be contained on such Sites. The fact that Goldman Sachs provides the link does not constitute an invitation, advice, recommendation or endorsement by Goldman Sachs of the content of such Sites, their owners or persons responsible for them.

16. Rights to content and layout. The content and layout of the website, including the underlying software, are protected by copyright and in other ways. The (complete or partial) reproduction, transmission, modification, linking or use of the website for public or commercial purposes is prohibited without the written consent of Goldman Sachs. Downloads and copies of this website are only permitted for private, non-commercial use and may not be passed on to third parties.

17. Selling restrictions. The User undertakes to comply with the selling restrictions mentioned in the respective Prospectus in case of securities issued by Goldman Sachs.

18. Modification and suspension of publications, no updates. Goldman Sachs expressly reserves the right to modify, delete, and temporarily suspend publication of this website, or the entire functioning of the website including the services offered, all information, features and functions which are accessible by using the website, without prior notice. Goldman Sachs is not obliged to update or keep up-to-date information that is made available on this website.

19. Amendment of Part 1 of these Terms and Conditions. Goldman Sachs reserves the right to amend or replace these Terms and Conditions at any time. It is up to the User to view these Terms and Conditions periodically in order to keep informed of changes.

20. Applicable Law. The laws of the Federal republic of Germany shall apply to these Terms and Conditions under exclusion of private international law.

Miscellaneous. Goldman Sachs Bank Europe SE participates in the dispute resolution scheme run by the consumer arbitration body “The German Private Banks’ Ombudsman” (

Bundesverband deutscher Banken e. V. P.O. Box 04 03 07 10062 Berlin, Germany Fax: (030) 1663-3169 E-Mail:

Part 2

1. Registration. Goldman Sachs (as defined in Part 1 see above) will offer Users the possibility to register as a user of the website.

To be eligible to register for the website you must

  • be aged 18 or over;

  • be resident in Germany;

  • have a valid email address; and

  • not provide investment or financial services.

2. Registration process and Conclusion of Contract.

In order to register for the website, users have to provide an email address, create a password, review the Terms and Conditions as well as the Privacy Policy and click on the "Sign Up" button. It is the user’s responsibility to ensure the accuracy of the information provided. Goldman Sachs will not be responsible for verifying the correctness of the information provided by the Registered User.

Subsequently, Goldman Sachs sends to the user an email to the email address indicated by the user with a confirmation of the request and a unique code. The confirmation email does not constitute a contract between the user and Goldman Sachs. In the next step the user is asked to enter the unique code in an input field and to click on the "Verify" button.

In case the code is correct, the user is confirmed on screen as a Registered User ("Registered User"). With this confirmation Goldman Sachs accepts the request of the user and the contract between the user and Goldman Sachs according to these Terms and Conditions is concluded. The Registered User will have the possibility of accessing and saving the applicable Terms and Conditions at the time the contract is concluded via a link in the confirmation on screen. The text of the contract will not be stored by Goldman Sachs after the conclusion of the contract.

The whole registration process enables the user to see and, if necessary, amend the information provided for the purpose of registration.

It is not permitted to register more than once for the website.

3. Verification. Goldman Sachs may carry out verification checks on the validity of information provided by Registered Users.

Verification may occur as part of the registration process (in order to become a Registered User).

Registration for the website is subject to the successful completion of any required verification checks, which will be determined in the sole discretion of Goldman Sachs.

4. Changes to Registration Information. Registered Users must keep their registration data up-to-date at all times. Changes can be made to this information by Registered Users on the website at any time but any such changes will only take effect subject to any further required verification checks.

5. Liability. Goldman Sachs shall only be liable for:

(a) Damages caused by gross negligence or intent of Goldman Sachs; and

(b) Damages resulting from injury to life, body or health, claims under the German Product Liability Act (Produkthaftungsgesetz) and any guarantees given; and

(c) Damages caused by a breach of a main contractual obligation. Main contractual obligations are the obligations of Goldman Sachs to you, which ensure the proper performance of Goldman Sachs under terms and conditions applicable to the Rewards Program and on which you can rely.

6. Amendment of Part 2 of these Terms and Conditions. Goldman Sachs may amend Part 2 of the Terms and Conditions at any time. The User will be asked to consent to the amendments when entering the website for the first time after the amendment is made by Goldman Sachs.

7. Language. The Terms and Conditions will be available in English and German on this website. In the event of any inconsistency between the English and the German version the German version shall prevail.

Unless otherwise indicated the data source for Goldman Sachs products is Goldman Sachs.
Language: de | en
Hotline: 0800 / 674 63 67
Version: 0.9.22