Disclosures

Effective: 2026-08-15 Last updated: 2026-08-15

This page exists because most trading products will not tell you who runs them, how they get paid, or what happens to the calls that went wrong. If you assume every market newsletter is a scam until proven otherwise, that is a reasonable prior. This page is how BellPrep tries to move it.

Everything here is checkable. If something on this page turns out not to be true, that is a serious problem and we want to hear about it: hello@bellprep.com.

1. Who publishes BellPrep

Publisher and owner: Novelty Capital

BellPrep is a product of Novelty Capital, an existing Bulgarian operating company. The company owns the BellPrep name, the site, the email list, and the content.

Editor: BellPrep Editorial, Editor.

BellPrep Editorial writes the daily briefing, makes every editorial decision, and is accountable for what appears in it. There is one editor and it is a real person. When the briefing says something, a named human said it.

Ownership: Novelty Capital is privately held. No issuer, broker-dealer, investment adviser, exchange, market maker, brokerage, fund, investor-relations firm, or financial institution owns any part of it or has any control over it. No outside party has any editorial say.

Who BellPrep is for: adults resident in the United States. It is not offered to residents of the EEA or the UK.

2. How BellPrep makes money

Right now: nothing

As of 2026-08-15, BellPrep earns no revenue. The daily briefing is free. The calculators are free. There are no ads, no sponsors, no affiliate links, no paid placements, no data sales, and no paid tier. The cost of running it is carried by Novelty Capital.

Planned

Two revenue sources are planned, and neither is live yet:

1. Paid subscriptions. A paid tier at $12 per month or $99 per year is planned for later. When it launches, Paddle will be the merchant of record. Terms of Service §6 covers how that works. The free briefing is intended to stay free.
2. Newsletter sponsorship. Labelled advertising slots sold to companies that want to reach the BellPrep audience. Section 3 sets out the rules those have to follow.

When either of these goes live, this page changes on the same day, and we will say so in the briefing.

The line we will not cross

BellPrep will never accept payment, securities, options, warrants, equity, or anything else of value, from an issuer, an investor-relations firm, a stock promoter, a market maker, a fund, or any party acting for them, in exchange for featuring, mentioning, covering, recommending, or writing about any security.

Not for a mention. Not for coverage. Not for a “research” fee. Not indirectly through a third party. Not ever.

This is partly a matter of law. Section 17(b) of the Securities Act of 1933 (15 U.S.C. §77q(b)) makes it unlawful to publish a description of a security for consideration received from an issuer, underwriter, or dealer without fully disclosing that consideration and its amount. Paid stock promotion that hides the payment is the classic §17(b) violation and the SEC brings those cases regularly.

It is also the whole business. Taking issuer money is the fastest way to lose the publisher’s exclusion described in Section 10, and it is the single behaviour that turns a market newsletter into the thing readers already suspect it is. A subscription business only works if the reader believes the writer is on their side of the table. We would rather have no revenue than that revenue.

If BellPrep ever breaks this rule, it will have to be disclosed in full under §17(b), on this page and in the issue itself, in a way nobody could miss. The intention is that this never comes up.

3. Sponsorship policy

No sponsorships have run as of 2026-08-15. When they do, these rules apply and they will be enforced.

1. Every sponsorship is labelled. Clearly, above the content, in plain words: “SPONSORED” or “PAID ADVERTISEMENT”. Not “partner spotlight”, not a small grey italic line at the bottom, not a colour change you have to notice. If money changed hands, the label says so before you read the copy.

2. Sponsors get no editorial input. None. A sponsor does not see the briefing before it goes out, cannot request coverage of a security, cannot ask for a topic to be added or dropped, cannot review or approve editorial content, and cannot influence what the scorecard says. Sponsorship buys an ad slot and nothing else.

3. We are responsible for what advertisers claim. Under the FTC Act and the FTC’s guidance on endorsements and advertising, a publisher can be liable for false or misleading claims carried in its own advertising. We treat that as ours to manage. Before a sponsorship runs we review the copy, ask for substantiation of factual and performance claims, and refuse anything we cannot get comfortable with. We monitor what a sponsor is doing during a campaign and will pull a placement mid-flight if the claims stop holding up.

4. Categories we will not take money from:

• issuers, investor-relations firms, and stock promoters advertising a specific security (see Section 2);
• anything promising, implying, or illustrating investment returns;
• signal services, copy-trading, and “trade alerts” products;
• unregistered offerings, “pre-IPO” allocations, and private placement pitches to retail;
• high-leverage offshore brokers, binary options, and CFD platforms targeting US retail;
• crypto token launches, presales, and yield products;
• anything using urgency, scarcity, or fear-of-missing-out mechanics as its main pitch;
• anything we would be uncomfortable seeing next to our own name.

5. No sponsorship changes editorial coverage. If a sponsor happens to be relevant to a story, we cover it exactly as we would otherwise, and we disclose the relationship in that issue.

6. Sponsorships are disclosed on this page as well as in the email, so the record is public and not only in an issue that scrolls away.

4. Affiliate policy

BellPrep currently has no affiliate relationships and earns no affiliate, referral, or commission revenue of any kind. There are no broker referral links, no platform partnerships, no revenue-share arrangements, no “use my code” offers.

If that changes, the FTC’s Endorsement Guides, 16 CFR Part 255, require disclosure of any material connection between an endorser and a seller that a reader would not reasonably expect. In that case:

• The disclosure appears next to the link itself, not in a footer and not on a separate page.
• It says plainly that BellPrep earns a commission if you use the link.
• It appears before you would click, not after.
• We will only ever link to something we would recommend without the commission, and we will say so honestly if the commission exists.
• This page is updated to list every affiliate relationship, by name.

We will not use affiliate links to broker accounts in the same issue as commentary about trading a specific instrument. Steering readers to open an account off the back of a market view is exactly the conflict the disclosure rules exist to catch, and labelling it does not fix it.

5. Personal positions policy

BellPrep Editorial is a market participant and may hold positions in securities, funds, and other instruments, including instruments discussed in BellPrep.

The rules that apply:

1. Disclosure at the point of mention. If BellPrep Editorial, Novelty Capital, or anyone with editorial influence holds a position in a specific security discussed in an issue, that position is disclosed in that issue, next to the discussion, including the direction (long or short) and the instrument type where relevant.

2. No trading around publication. No opening, closing, or adding to a position in a specific security within 72 hours before or 72 hours after publishing commentary about it. This is a hard rule, and it exists to remove any possibility that the briefing is being used to move a price the editor already sits on.

3. Broad market exposure is not disclosed individually. Broad-index funds, diversified funds, retirement accounts, and cash instruments are not disclosed on a per-issue basis, because the briefing discusses the broad market every day and a daily disclosure of index exposure would be noise rather than information. BellPrep Editorial may hold broad market exposure at any time. If a position in a broad instrument is large enough that a reasonable reader would want to know about it in the context of a specific piece of commentary, it gets disclosed.

4. No positions in anything BellPrep is paid to carry. Not applicable today, since nothing is sponsored, and it stays a rule regardless.

5. No non-public information. BellPrep is written from public sources only. BellPrep Editorial does not trade on, and does not publish, material non-public information about any issuer.

6. No front-running readers, ever. The order is: publish, then wait. Not: position, publish, exit.

If you think a disclosure is missing from an issue, email hello@bellprep.com and we will check and correct it publicly under Section 7.

6. The scorecard

Every call BellPrep makes is logged and published at https://bellprep.com/scorecard.

The rules:

• Every call goes on it. The ones that worked and the ones that did not. There is no filter, no “featured picks”, no selection.
• Each entry is timestamped with the date and time it was published, and the instrument, direction, time horizon, and reasoning as stated at the time.
• Entries are never edited after the fact. Not the wording, not the level, not the horizon, not the reasoning. If a factual error needs fixing, it is corrected under Section 7, with the original text preserved and the correction marked and dated in place.
• Closed calls stay on the page. Nothing is removed when it ages badly.
• The page is public and free. No subscription, no email gate.

What the scorecard will never show

BellPrep does not publish, and will not publish, any win rate, hit rate, batting average, percentage return, dollar return, profit figure, portfolio value, equity curve, or performance statistic of any kind. Not for a day, a month, a year, or since inception. Not as a headline, not in an ad, not as an illustration, and not hypothetically.

Here is the honest reasoning, because “for compliance reasons” is not an answer:

1. Any such number would be fiction dressed as arithmetic. A newsletter does not have a portfolio. It does not have position sizes, entry fills, slippage, commissions, taxes, or an account. To produce a return figure you have to invent all of those, and every invented assumption moves the number. The result would look like a measurement and be an assumption stack.

2. Performance figures are the standard tool of the products BellPrep is trying not to resemble. The screenshot of a green account, the “X out of Y” headline, the equity curve with the losing months quietly excluded. Once you publish a number like that, the incentive changes: you start writing to protect the number rather than to be useful. We would rather never create that incentive than try to resist it.

3. Selective presentation is nearly unavoidable. Choosing the start date, the horizon, whether a call counts as closed, and what counts as a call, all of that moves the result. Even with good intentions, the process rewards flattering choices.

4. A number is a worse answer than the raw record. The scorecard gives you every call, timestamped, unedited, with the reasoning. You can read it and form your own view of whether this is worth your attention. That judgement is yours, and handing you a single figure instead would be taking it away from you.

5. Your results would not match anyway. Even if a figure existed, it would say nothing about what you would have made, because your entry, your size, your stop, your discipline, and your account are not ours.

What the scorecard is for: letting you check whether the reasoning was sound and whether it was published before the fact or after it. What it is not: a promise about the future, an implied return, or a reason to trade.

7. Corrections policy

BellPrep will get things wrong. Numbers get mistyped, data gets misread, a source revises a figure, a conclusion turns out to rest on a mistake. What matters is what happens next.

How corrections work:

1. Corrections are made in place, marked, and dated. The original text is not deleted or rewritten. A correction notice appears with the corrected content, stating what was wrong, what is right, and the date and time of the correction.
2. Nothing is silently edited. Not on the site, not in the scorecard, not in an archived issue. If content changed after publication, the page says so and says when.
3. Material corrections are sent to subscribers. If an error could reasonably have affected a reader’s decision, the correction goes out in the next briefing, at the top, labelled CORRECTION, not buried at the bottom.
4. A public log. Every correction is listed at https://bellprep.com/corrections with the date, the issue, what was wrong, and what was done.
5. Speed. Errors are corrected as soon as they are confirmed, normally the same trading day.
6. Typos are not corrections. Fixing a spelling mistake or a broken link is not logged. Anything touching a number, a fact, a source, a claim, or a conclusion is.

How to report an error: email hello@bellprep.com with the subject line CORRECTION and, if you can, the issue date and a link or citation. We reply and tell you what we found, whether or not we agree. Reporting an error is a favour to every other reader and we treat it that way.

8. Sources

BellPrep is built on US public-domain data:

Source	What it provides	Link
FRED, Federal Reserve Bank of St. Louis	Economic and financial time series, rates, spreads, macro indicators	https://fred.stlouisfed.org
BLS, US Bureau of Labor Statistics	Employment, CPI and inflation, wages, productivity	https://www.bls.gov
US Department of the Treasury	Yield curve rates, auction results, debt and issuance data	https://home.treasury.gov
SEC EDGAR	Company filings, financial statements, insider and ownership filings	https://www.sec.gov/edgar

These are US government sources and their data is generally in the public domain, free of copyright and available to anyone. We use them because they are primary, free to check, and not filtered through a vendor. You can verify anything BellPrep says by going to the same source.

Notes on using them honestly:

• Government data is revised. Initial prints get restated, sometimes substantially. Where a figure we used has been revised, later commentary says so.
• Release schedules and methodologies change, and agencies occasionally have publication problems or shutdown gaps.
• Any market prices, index levels, or quotes referenced are indicative, may be delayed, and are not tradable quotes. Use your broker for prices.
• Where a chart, series, or figure comes from one of these sources, the source is named in the issue.
• These agencies do not endorse BellPrep, are not associated with it, and have not reviewed it. Using their public data implies nothing about them.

9. MAR Article 20 disclosure block

Why this is here. BellPrep is published to US residents only, and it is published by a company established in Bulgaria, an EU member state. Novelty Capital takes the position that it is a publisher relying on the US publisher’s exclusion and is not producing investment recommendations for an EU audience. Even so, it applies the standards of Article 20 of Regulation (EU) No 596/2014 (the Market Abuse Regulation) and Commission Delegated Regulation (EU) 2016/958 as a voluntary matter of practice, because those standards are a decent description of what honest market commentary should disclose, and because the publisher is in the EU.

This is voluntary compliance, adopted as a discipline. It is not an admission that MAR applies, and it is not a claim of authorisation by any regulator.

Where BellPrep publishes anything resembling a recommendation, a view on an instrument, or a risk grade, the following eleven items are disclosed with it.

(1) Identity of the producer. Produced by BellPrep Editorial, Editor, on behalf of Novelty Capital. Novelty Capital is not a credit institution, an investment firm, or a regulated entity, and is not supervised by any competent authority in relation to this activity.

(2) Date and time of production. Every issue states the date and time (with time zone) at which the commentary was completed, at the top of the issue. Where a specific view on an instrument is stated, the production timestamp of that view is given with it.

(3) Date and time of dissemination. Every issue states the date and time it was sent, normally around 09:20 ET on US market days. Where the production time and the dissemination time differ meaningfully, both appear, so you can see the gap.

(4) Fact separated from opinion. Every issue separates fact (a reported number, a filing, a published series) from opinion, interpretation, estimate, or expectation. Facts carry a source. Opinions are labelled as opinion. Estimates and forecasts are labelled as estimates and forecasts, and are described as uncertain. If you cannot tell which is which in an issue, that is a failure on our side and we want to know: hello@bellprep.com.

(5) Sources, and issuer involvement. All substantially material sources are named, including the data sources in Section 8 and any other publication, filing, or dataset relied on. Where a source is a company filing, the filing and its date are identified.

Issuer involvement: no issuer has been shown any commentary before publication, no issuer has reviewed or commented on a draft, no issuer has requested or influenced any coverage, and no commentary has been amended following a communication from an issuer. If that were ever not true for a given piece, that piece would say so at the top, in the item itself, before anything else.

(6) Price targets and valuations. BellPrep does not routinely publish price targets. If a price target, valuation, or fair-value estimate is ever published, it is labelled as such and accompanied by:

• the methodology used to reach it, described in enough detail to be argued with;
• the key assumptions it rests on, stated explicitly, including any assumption about rates, earnings, multiples, or macro conditions;
• the sensitivity of the target to those assumptions, in plain terms, including what would make it wrong;
• a statement that a target is an opinion about a possible future price and not a promise, a forecast of certainty, or a recommendation to trade.

(7) Meaning of every recommendation or risk grade, plus a risk warning. Any recommendation term, rating, or risk grade used is defined in the issue where it appears, and the full set of definitions is maintained at https://bellprep.com/scorecard. No term is used without its meaning being available in the same place a reader sees it. The proportion of each category over the previous 12 months is published alongside those definitions.

Every issue containing any such view carries a risk warning: trading and investing carry risk, including total loss of the amount committed, and no view published by BellPrep removes or reduces that risk.

(8) Planned frequency of updates. The briefing is published on a daily schedule, normally around 09:20 ET on US market days, and not on weekends or US market holidays. Where a view on a specific instrument is published, the issue states whether and when it is expected to be updated, or states plainly that no further update is planned. If a view is dropped without an update, the scorecard records that it was dropped and when.

(9) Time horizon. Every view states the time horizon it applies to, for example intraday, the current session, the coming week, or a stated longer period. A view with no stated horizon is not a view; it is a comment. Horizons are stated in the issue and recorded on the scorecard.

(10) Price and timestamp of any instrument referenced. Where a specific financial instrument is referenced in the context of a view, the issue records the price or level of that instrument and the date and time (with time zone) at which that price was taken, together with its source. These prices are indicative, may be delayed, and are not tradable quotes.

(11) Positions, conflicts, and the 12-month history. Each issue discloses any position held by BellPrep Editorial, Novelty Capital, or anyone with editorial influence, in any specific instrument discussed, along with the direction, under the policy in Section 5. It also discloses any other material conflict, including any sponsorship or commercial relationship touching the subject matter (there are none as of 2026-08-15).

Novelty Capital does not act as a market maker or liquidity provider, has no shareholding in any issuer that would require notification, has no investment banking, corporate finance, or advisory relationship with any issuer, and receives no compensation from any issuer.

The complete history of BellPrep’s recommendations and views over the previous 12 months, including the instrument, the direction, the horizon, the date of publication, and the outcome, is published at https://bellprep.com/scorecard. It is public, free, unedited, and includes the views that went wrong. Consistent with Section 6, it does not include performance or return figures.

Internal arrangements. Novelty Capital maintains the trading restrictions in Section 5, keeps commercial arrangements separate from editorial decisions, and gives no third party the ability to review content before publication.

Drafting note: publishing a voluntary MAR block is a credibility decision as much as a legal one, and it has a cost. Stating “we comply voluntarily” creates a standard that a reader, a complainant, or a Bulgarian regulator could measure the publication against, and falling short of a voluntarily adopted standard is itself a reputational and possibly a consumer-protection problem. There is a real argument for the opposite approach: rely on the US publisher’s exclusion, disclose thoroughly, and say nothing about MAR at all, on the basis that referencing an EU regime the publisher says does not apply invites the question of whether it does. Counsel should decide which risk is preferable. If the block stays, the operational commitments in items (2), (3), (8), (9), (10), and (11) have to be met in every issue, because a block that describes a practice nobody follows is worse than no block.

10. Regulatory status

Novelty Capital is not registered, licensed, or authorised as an investment adviser, broker-dealer, investment firm, fund manager, financial institution, or financial services provider in any jurisdiction.

Specifically, Novelty Capital is not:

• registered as an investment adviser with the US Securities and Exchange Commission or with any US state securities regulator;
• registered as a broker-dealer with the SEC, or a member of FINRA or SIPC;
• registered with the CFTC or a member of the NFA;
• authorised by the Bulgarian Financial Supervision Commission, or by any other EU competent authority, to provide investment services or investment advice;
• authorised by the UK Financial Conduct Authority;
• a bank, a credit institution, a payment institution, or a custodian.

BellPrep is published in reliance on the exclusion for bona fide publications of general and regular circulation under §202(a)(11)(D) of the Investment Advisers Act of 1940, as interpreted in Lowe v. SEC, 472 U.S. 181 (1985), and on comparable exclusions under state law. In practice that means BellPrep is a publication: it is impersonal, it goes to everyone on the list in the same form, it is published on a regular schedule, it is not tailored to any individual, and it is not a vehicle for promoting anything to anyone.

Nothing published by BellPrep is a personal recommendation, and no subscriber is a client, a customer of financial services, or an advisory client. No fiduciary duty, advisory relationship, or duty of suitability arises from reading BellPrep or paying for a subscription.

BellPrep is offered to residents of the United States only. It is not offered, marketed, or directed to residents of the European Economic Area or the United Kingdom, and nothing on bellprep.com is an offer or solicitation in any jurisdiction where that would be unlawful.

There is no compensation fund, investor compensation scheme, or ombudsman covering BellPrep, because it is a publication and not a regulated financial service.

11. Risk warning

Not the boilerplate version. The honest one.

You can lose money. All of it. Trading is not a way to turn a small account into a large one on a reliable schedule. Most people who try lose money, and the ones who do not usually got there slowly, with rules, and with a lot of losing trades along the way.

A well-reasoned view still loses. Every day BellPrep will describe things that are true and draw conclusions that seem sound, and some of those will be wrong within hours. Markets do not owe good reasoning a good outcome. If you only trade views that feel convincing, you will still lose on a large share of them, and any product implying otherwise is lying to you.

Leverage, options, margin, and short positions can cost you more than you deposited. Not “carry additional risk”. Can produce a loss larger than the money you put in, and a demand for the difference.

Nobody publishing a newsletter knows what happens next. Not us, not anyone with a bigger following, not anyone with a better track record, not anyone with a more confident tone. Anyone who sounds certain about tomorrow is either selling something or has not been doing this long enough.

BellPrep does not know your situation and cannot tell you what to do. We do not know your account size, your income, your debts, your obligations, your tax position, or how you would react to a bad week. Those things decide whether any trade is appropriate for you, and we do not have access to any of them.

Do not trade with money you need. Rent, tuition, debt payments, an emergency fund, or anything borrowed. If losing the money would change your life, it does not belong in the market.

Nothing in BellPrep removes any of this. The briefing is context, not cover. A view being published does not make it right, and reading it does not transfer any risk to us. Every position you take is yours, and the outcome is yours.

Consider speaking to a licensed financial professional who is willing to look at your actual circumstances before you commit money.

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Contact

Questions about anything on these three pages, corrections, privacy requests, and arbitration opt-outs:

Novelty Capital hello@bellprep.com

Terms of Service: https://bellprep.com/terms Privacy Policy: https://bellprep.com/privacy Disclosures: https://bellprep.com/disclosures Scorecard: https://bellprep.com/scorecard Corrections log: https://bellprep.com/corrections