# Terms of use

## Licences

- **Analysis texts** – CC BY-NC 4.0 unless a publication states otherwise: you may quote, share and adapt them for non-commercial purposes with attribution.
- **Datasets** – the licence stated for each dataset (usually CC BY 4.0); derived data keep the restrictions of the primary sources' licences.
- **Commercial use** of texts (e.g. reprints, inclusion in paid services) requires permission.

## Citation

Cite a publication with its identifier and version, and a single number with its fact identifier. A ready citation is on every publication page, in the API (`cite` field) and in the MCP tool `cite`.

## Text and data mining, AI model training

Full reports, metal flow analyses, full forecasts (forecast pages and their `.md`, `.json`, `.csv` data), datasets, feeds, the API and files are subject to a reservation of text and data mining, including the training of artificial intelligence models, under Art. 4(3) of Directive (EU) 2019/790. Licences for training on full reports are available on request.

Report and forecast summaries (pages ending in `…/summary`), the forecast list (`/en/forecasts`), the method page and the fact register (`/en/facts`, including forecast facts) are not reserved and may be mined – including for model training – with attribution of the publication or fact identifier.

The reservation and the consent are expressed per path in the TDMRep file and headers (`/.well-known/tdmrep.json`), in robots.txt and in the policy at `/tdm-policy.json`.

Search engine indexing and retrieval by AI assistants answering a user's question are permitted – with citation of the publication or fact.

## API and MCP

API v1 and the MCP server are free within rate limits; an API key raises the limit. Circumventing limits or copying the register wholesale for redistribution is not permitted.

## Disclaimer

The analyses and forecasts are for information only and do not constitute investment recommendations or advice within the meaning of financial instruments regulation. Despite quality control they may contain errors; corrections are published in the errata register.

Forecasts (the Forecasts tab) are the output of a statistical model: the median and the intervals (e.g. p10–p90) describe model uncertainty under the stated assumptions, not a guaranteed outcome. A value outside the interval does not mean the forecast was wrong. A forecast is published only after the author approves the version; later editions replace earlier ones, and the accuracy and revision history is given with the forecast. Benchmarks of other institutions (e.g. ICSG) are shown for comparison only.