Subsection 2: Provisions specific to portfolio management companies

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Article L533-22-2-2

French Monetary and Financial CodeIn force
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Updated 7 Nov 2023

I. In the management of collective investments, portfolio management companies shall take all reasonable steps to obtain the best possible result in executing orders, taking into account price, cost, speed, likelihood of execution and settlement, size, nature of the order or any other considerations relating to the execution of the order.

II.Portfolio management companies shall establish and implement effective arrangements, including an order execution policy, to comply with the requirements of I above.

III - The order execution policy shall include, in respect of each class of instruments, information on the different systems in which the portfolio management company executes orders and the factors influencing the choice of execution system. It shall include at least those systems which enable the asset management company to obtain, in most cases, the best possible result for the execution of orders.

Asset management companies shall provide appropriate information to the shareholders or unit-holders of collective investment schemes on their order execution policy.

Where the order execution policy provides that orders may be executed outside a trading venue, the asset management company shall inform the shareholders or unit-holders of collective investment schemes of this possibility.

IV.The General Regulation of the Autorité des marchés financiers shall specify the conditions for application of this article, adapting them according to whether the portfolio management company executes the orders or transmits them or issues them without executing them itself.

V.-Portfolio management companies shall adopt and apply procedures guaranteeing the rapid and fair execution of orders on behalf of the collective investment schemes that they manage compared with orders on behalf of the individual portfolios that they manage or orders on their own account.

The General Regulation of the Autorité des marchés financiers specifies the conditions for application of the order handling rules applicable to portfolio management companies.

Mariela Petrova

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Mariela Petrova

Mariela Petrova

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15+ Years In Corporate Practice

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