The European Directive on “Markets in Financial Instruments” (known as MiFID) established a comprehensive regulatory framework on order execution that is meant to allow competition in Europe between various trading venues. Such venues include regulated markets, multilateral platforms for trading and order-execution conducted by investment services providers, particularly through systematic internalisation, i.e., the Investment Service Provider matches orders to buy and sell financial instruments from clients in-house, thereby running an “internal” market.
As such, MiFID is aimed at:
- establishing competition between order-execution venues;
- harmonising the terms for offering investment services;
- making it easier for service providers to use the European “passport”.
It covers financial instruments and defines new obligations in terms of:
- rules of conduct and best execution;
- rules for evaluating and informing investment clients;
- respect for market integrity, transaction declaration and record-keeping;
- organisational principles to be complied with in order to prevent conflicts of interest;
- post-trade transparency.
La Française has made its policies on Best Selection and Conflicts of Interest, which meet these regulatory requirements, available to its clients.
Groupe La Française
Policy on selecting financial intermediaries
To view the policy on order execution and selection of financial intermediaries implemented by La Française Group and its entities, click here.
Policy on conflicts of interest
To view the policy on conflicts of interest implemented by La Française Group and its entities, click here.
Policy on the processing of information requests and client claims.
To view the policy on information requests and client claims implemented by La Française Group, click here.
Policy on providing reports
La Française recommends that, before subscribing to its products, clients contact their usual advisor in order to make sure that these products are appropriate and meet their needs.
All subscriptions must be based on legal documents (prospectus or fact sheet from the Fund, articles of association, regulation, quarterly reports and annual reports). The documents are available upon request from each asset management firm, from their website or from the Autorité des Marchés Financiers (AMF - French securities regulator). Tax treatment depends on each client’s individual situation and this may be changed later.
In accordance with Article 314-76 of the AMF's general regulations, the client will receive, upon request, details on the compensation paid to its financial advisor for selling the product.
Methods of processing subscriptions: what consequences will the Dodd-Frank Act have for you?
The Dodd-Frank Act – impact on clients subscribing to vehicles from La Française Group’s French asset management firms.
Prospects/clients/distributor partners are informed that the products presented on this website can only be offered in jurisdictions, countries and states where the sale and promotion of said products is allowed.In this respect, the Dodd-Frank Act, which has entered into force, imposes specific restrictions on asset management firms and all other stakeholders on the French market with respect to the sale and promotion of their products. More specifically, LF REM can no longer sell its real estate investment company (SCPI) units to associates and clients subject to United States legislation due to their place of residence.LF REM therefore cannot record subscriptions from clients in this category on the share register of these SCPIs.For other investment vehicles managed by La Française Group’s asset management firms, it is worth consulting your advisor to find out whether you may subscribe to a particular vehicle, based on whether your tax status renders you subject to United States legislation.
To view the definition of US persons, click here.
Policy on excluding controversial weapons: what impact will it have on investment strategies?
To view the policy on excluding controversial weapons implemented by La Française, click here.
To view the UK Tax Strategy, click here. This tax strategy sets out the group’s approach to conducting its UK tax affairs and managing the associated tax risks.
Responsible Investment Policy
To view La Française Responsible Investment Policy, click here
La Française AM Finance Services
La Française AM Finance Services, an investment firm authorised by the ACPR (French Prudential Supervisory Authority and Resolution) under number 18673 X (ACP Banque de France), Professional Card issued by the Paris Police Prefecture - Real estate transaction number T11960.
La Française Asset Management
An investment company authorised by the Autorité des Marchés Financiers under number GP 97076 on 1 July 1997 (AMF).
Policy on voting rights
To view details on how La Française Asset Management exercised its voting rights over the last year, click here
To view the voting policy and report on the exercice of the voting rights by La Française Asset Management in 2017, click here.
Policy on compensation
To view the compensation policy by La Française Asset Management in 2015, click here.
Report on brokerage fees
In accordance with regulatory requirements set out in Article 314-82, La Française Asset Management provides shareholders with a report on brokerage fees. To view it, click here.
Read more about La Française Responsible Policy, click here
La Française International
La Française International is under the supervision of the Commission de Surveillance du Secteur Financier (CSSF - Luxembourg supervisory authority) as an investment company authorised pursuant to Chapter 15 of the Act of 17 December 2010 under number: S00000773 and as an alternative investment company as defined by the Act of 12 July 2013 under number: A00000596.
Policy on compensation
To view the compensation policy implemented by La Française International, click here.
Tages Capital LLP
A limited liability partnership under English law, registered under number 0C364873, with its registered office at 39 Saint James’s Street, London SW1 A1JD
JK Capital Management Ltd
A limited company regulated by the Securities and Futures Commission of Hong Kong, with its registered office at Rm 1101 Chinachem Tower, 34-37 Connaught Road Central, Hong Kong
Fred Alger Management, Inc
The sub-manager of the Alger SICAV – Alger American Asset Growth Fund has been authorised by the United States Securities & Exchange Commission ("SEC") as an investment adviser since 1964 under the Investment Advisers Act of 1940 and any amendments thereto.
La Française Global Real Estate Investment Management Limited
A private company limited by shares under English law, registered with Companies House of England and Wales under number 8580051, with its registered office at 78 Brook Street, London W1K5EF
La Française Real Estate Managers
LFREM, authorised by the Autorité des Marchés Financiers under number GP 07000038 on 26 June 2007 (AMF). Professional Card issued by the Paris Police Prefecture - Real estate transaction number T12056.
Policy on voting rights
To view the voting policy and the report on the use of voting rights by La Française Real Estate Management in 2013, click here.
Policy on compensation
To view the compensation policy implemented by La Française Real Estate Management, click here.
La Française Real Estate Partners
LFREP, Professional Card issued by the Paris Police Prefecture – Real estate management number G 6396 – Real estate transaction number T 15840. APE (real estate agencies): 6619B
LF Real Estate Partners International Limited
LFREPI, a private company limited by shares under English law, registered with Companies House of England and Wales under number 8846658, with its registered office at 78 Brook Street, London W1K5EF
La Française Forum Securities
The Group La Française Forum Securities includes 3 investment advisors duly authorised and/or regulated in the relevant jurisdictions in which they operate:
La Française Forum Securities Limited, a Connecticut corporation registered under file number ID 1197680 having its business address at 1177 High Ridge Road, Suite 121, Stamford, Connecticut 06905, USA, registered with the U.S. Securities and Exchange Commission as an investment adviser;
La Française Forum Securities (UK) Limited, a private limited company registered at Companies House in England and Wales under company number 06938242 and having its registered office at 78 Brook Street, London, England, W1K 5EF, authorised and regulated by the UK Financial Conduct Authority; and
La Française Forum Securities (SG) Pte. Limited, a private limited company registered in Singapore with registration number 201130302G and having its registered office address at 8 Wilkie Road #03-01 Wilkie Edge Singapore 228095, registered with the Monetary Authority of Singapore as a fund management company and an exempt investment adviser.
Forum Partners Europe (UK) LLP
A limited liability partnership under English law, registered under number OC325122, with its registered office at 16 Berkeley Street, London W1J 8DZ
Euryale Asset Management
Portfolio Management Company authorised by the Autorité des Marchés Financiers on 22 July 2014 under number GP-14000027
La Française Investment Solutions
An investment company authorised by the Autorité des Marchés Financiers under number GP 13000004 on 12 February 2013 (AMF).
La Française Global Investment
A French public limited company (société anonyme) governed by an executive board and a Supervisory Boards, with a share capital of €20,831,720. Registered in the Paris Trade and Companies Register under number 828 091 496, and regulated by the ACPR (French regulator) under number. 15733, www.acpr.banque-france.fr
Financing the economy
New Alpha Asset Management
Simplified joint stock company with share capital of EUR 2,095,960 - registered with the Paris Trade and Companies Register under number 450 500 012 – VAT number FR 18450500012
Creation date: 21 October 2003
SIPAREX Proximité Innovation
SIPAREX Proximité Innovation was authorised by the Autorité des Marchés Financiers under number GP04000032 on 27 April 2004 (AMF).