The Discretionary Management Agreement is a crucial document used in the Netherlands when establishing a professional relationship where an investment manager is granted authority to make investment decisions on behalf of a client without seeking prior approval for each transaction. This agreement must comply with Dutch financial regulations, particularly the Financial Supervision Act (Wft) and MiFID II implementation requirements. It is typically used by licensed investment firms, banks, and asset managers when providing services to both retail and institutional clients. The document comprehensively covers investment parameters, risk management, fee structures, reporting requirements, and regulatory obligations specific to the Dutch market. It includes mandatory client categorization, risk disclosures, and best execution requirements as prescribed by Dutch and EU regulations.
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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 brief description of the services to be provided
3. Definitions: Definitions of key terms used throughout the agreement
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. Services: Detailed description of discretionary management services to be provided
7. Client Categorization: Classification of the client under MiFID II regulations
8. Risk Disclosures: Mandatory risk warnings and disclosures
9. Fees and Expenses: Management fees, performance fees, and other costs
10. Reporting and Valuations: Frequency and content of portfolio reports and valuations
11. Client's Obligations: Client's responsibilities including information provision and compliance with regulations
12. Conflicts of Interest: Disclosure and management of potential conflicts
13. Liability and Indemnification: Extent of manager's liability and mutual indemnifications
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: Dutch law as governing law and jurisdiction provisions
1. Custody Services: Required if the manager also provides custody services or arrangements
2. Research Costs: Required if research costs are to be charged separately under MiFID II
3. Securities Lending: Include if securities lending is permitted within the portfolio
4. ESG Investment Criteria: Include if specific environmental, social, and governance criteria apply
5. Third Party Agreements: Required if external service providers or sub-managers are involved
6. Tax Reporting: Include for clients requiring specific tax reporting services
7. Foreign Account Provisions: Required for non-Dutch clients or assets held abroad
8. Best Execution Policy: Can be included in main agreement or referenced as separate document
1. Investment Guidelines: Detailed investment restrictions, limits, and permitted instruments
2. Fee Schedule: Detailed breakdown of all fees, charges, and calculation methodologies
3. Risk Profile Questionnaire: Client's completed risk profile assessment
4. Authorized Persons: List of persons authorized to give instructions on behalf of the client
5. Execution Policy: Details of the manager's execution policy and arrangements
6. Custody Agreement: If applicable, terms of custody arrangements
7. GDPR Schedule: Detailed data processing terms and arrangements
8. Reporting Templates: Format and content of regular client reports
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