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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.

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