The Discretionary Management Agreement is essential for investment management firms operating in Belgium that provide professional portfolio management services to clients. It is used when clients wish to delegate investment decision-making authority to a professional manager, allowing the manager to make investment decisions without seeking prior approval for each transaction. The agreement must comply with Belgian financial regulations, including the Law of 2 August 2002 on financial sector supervision and the Royal Decree implementing MiFID II rules. It typically covers investment objectives, strategy, risk parameters, reporting requirements, fee structures, and regulatory obligations. This document is particularly important as it establishes the fiduciary relationship between the manager and client while ensuring compliance with Belgian and EU regulatory requirements, including investor protection measures and transparency obligations.
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1. Parties: Identification of the investment manager and the client, including regulatory status and contact details
2. Background: Context of the agreement and confirmation that the manager is authorized to provide discretionary management services
3. Definitions: Key terms used throughout the agreement, including investment terminology and regulatory references
4. Appointment and Authority: Formal appointment of the manager and scope of discretionary authority
5. Investment Objectives and Strategy: Agreed investment objectives, strategy, and any investment restrictions
6. Risk Disclosures: Mandatory risk warnings and acknowledgments as required by MiFID II
7. Client Categorization: Confirmation of client categorization under MiFID II rules
8. Services and Obligations: Detailed description of services to be provided and obligations of the manager
9. Client's Obligations: Client's responsibilities including information provision and updating
10. Fees and Charges: Complete fee structure, calculation methods, and payment terms
11. Reporting and Valuations: Frequency and content of reports, valuation methods
12. Conflicts of Interest: Disclosure and management of potential conflicts
13. Liability and Indemnification: Extent of manager's liability and indemnification provisions
14. Term and Termination: Duration of agreement and termination provisions
15. Confidentiality: Confidentiality obligations and permitted disclosures
16. Data Protection: GDPR compliance and data processing terms
17. Notices: Communication methods and contact details
18. Governing Law and Jurisdiction: Confirmation of Belgian law and jurisdiction
1. Best Execution: Detailed best execution policy - required if not provided in a separate document
2. Aggregation and Allocation: Rules for order aggregation and allocation - needed for managers handling multiple client accounts
3. Custody Arrangements: Include if the manager provides or arranges custody services
4. Research Costs: Required if research costs are charged separately under MiFID II rules
5. Client Money: Include if the manager holds client money
6. Electronic Services: Include if offering online portfolio access or reporting
7. Force Majeure: Optional clause dealing with extraordinary events
8. Assignment: Include if transfer of rights is to be permitted
1. Investment Guidelines: Detailed investment restrictions, limits, and permitted instruments
2. Fee Schedule: Detailed breakdown of management fees, performance fees, and other charges
3. Risk Disclosure Statement: Comprehensive risk warnings specific to the investment strategy
4. Authorized Persons: List of persons authorized to give instructions on behalf of the client
5. Conflicts of Interest Policy: Detailed policy for identifying and managing conflicts
6. Best Execution Policy: Detailed policy on execution of trading decisions
7. Personal Data Processing Appendix: Detailed GDPR compliance information
8. Service Level Agreement: Specific service standards and response times
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