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Commitments with respect to MiFID

The European markets in financial instruments directive (MiFID) took effect on November 1, 2007. It is a legislative and regulatory system that aims to :

  • harmonize the rules that apply to various investment service providers;
  • promote competition between order execution exchanges ;
  • offer greater protection for investors.
     

/// Natixis Asset Management complies with MiFID requirements:
 

  • Choice of decision support service providers

The French financial markets authority (AMF) has modified the regulatory system governing the use of decision support services and order execution by management companies. These decision support services may notably include the products of financial analysis.

Bearing in mind this new regulatory framework, the selection policy for decision support service providers for Natixis Asset Management includes several factors:

- formalized eligibility conditions for these services ;
- presentation of criteria used by the management teams to assess the quality of services provided and notably of financial analysis provided ;
- definition of the conditions governing the shared commissions system that Natixis Asset Management has implemented.

Click here to access these documents :
The policy on choice of decision support service providers
Report on intermediation fees paid in 2015
 

  • Order execution policy

The order execution policy for Natixis Asset Management presents the overall organization of the company and the basic principles applied concerning in particular:

- selection of intermediaries and counterparties ;
- control and revision mechanisms used to obtain the best possible result for clients.

Click here to access the document:
The policy on the choice of intermediaries/counter parties and order execution

  • Prevention of conflicts of interest

A conflict of interest is a situation in which the management company in engaged in business activities which may prejudice the interests of clients if an appropriate organization is not implemented.
For Natixis Asset Management, identifying, preventing and managing risk of conflicts of interest is achieved through the implementation of a specific organization as described in the document below.

Click here to access the document:
Summary of the policy for detecting, preventing and managing conflicts of interest

 

  • Information for clients and potential for clients concerning fees, commissions and other benefits

The General Regulations of the Autorité des Marchés Financiers (French Finance Markets Authority) set out the rules regarding fees, commissions and other benefits ("Inducements") which may be paid or received by fund managers (such Natixis AM) in their capacity as investment service providers, in relation to the investment services they provide.
"Inducements" are amounts which may be paid indirectly by clients for services supplied to them by an investment service provider.

For your information, Natixis AM may:
- receive Inducements from third parties :
for selling third party collective investment schemes to its clients (1),
or in relation to commission sharing agreement (for investment decision making aid services and order execution services) (2).

- pay Inducements to third parties:
if the third party sells Natixis AM’ s collective investment schemes to its clients,
if a third party introduces clients to it,
if a third party provides advice or assistance to it.
These Inducements may be a fixed sum or a percentage of the remuneration received by Natixis AM or the third party.
Further information will be supplied on request to clients and potential clients.

(1) For 2014, weighted average percentages of management fees received are indicated in the table below.

(2) Report on intermediation fees paid in 2014 is available on this website.