Monetary and Non-Monetary Benefits and other sales related Information
Banque Pictet & Cie SA, Hong Kong Branch
The following information is provided to you by Banque Pictet & Cie SA, Hong Kong Branch (“Pictet HK Branch”) pursuant to paragraphs 8.3 and 8.3A of the Code of Conduct for Persons Licensed by or Registered with the Securities and Futures Commission. The disclosure of the information contained in this document does not affect any applicable fees chargeable to you by Pictet HK Branch and/or its affiliates. Please refer to the document “Private Banking Fee Schedule” for the standard fees and commissions. Unless otherwise specified by Pictet HK Branch, the information set out herein (as may be amended by Pictet HK Branch from time to time and notified to you accordingly) shall apply to each transaction done by Pictet HK Branch and/or its associates within the Pictet Group on behalf of their/its clients.
A. Disclosure of monetary benefits and capacity
| Type of investment product | Monetary or other benefits1 to be received by Pictet HK Branch and/or its associates | Capacity in which Pictet HK Branch is acting |
|---|---|---|
| Fixed Income - non Swiss Franc (e.g., Bonds, etc.) | Up to 1%2 of the nominal amount | Principal3 |
| Investment Funds (e.g., equity funds, bond funds, money market funds, hedge funds, private equity funds, etc.) | Pictet HK Branch and/or its associates will benefit from the origination and distribution of the investment product | Agent |
| Structured Products in the form of Notes (including but not limited to commodities-linked,precious metal-linked, currency-linked, equity-linked, fixed income-linked, interest rate-linked) | Up to 1% of the notional amount | Principal |
| Over-the-Counter Derivatives (e.g., over-the-counter options on equity / commodity / foreign exchange / interest rate, etc.) | Up to 1% of the notional amount | Principal |
| Foreign Exchange, Forwards and Swaps | Up to 1% of the transaction amount equal to or over USD 100,000 Up to 2% of the transaction amount below USD 100,000 | Principal |
Pictet HK Branch and/or its associates may from time to time benefit from the origination and/or distribution of other investment products not specified above.
Pictet HK Branch and/or its associates may receive rebates or retrocessions from product issuers and the amounts to be received are determined based on a predefined set of criteria. Such monetary benefits are not quantifiable or attributable to specific investment transactions to be conducted by clients prior to or at the point of sale.
Under certain circumstances where Pictet HK Branch and/or its associates act as a principal counterparty with you and execute a trade at a price better than that quoted to you during order taking, Pictet HK Branch and/or its associates will not retain the benefit from such price improvements and will pass the benefit from price improvements to you at its absolute discretion.
B. Disclosure of Affiliation with Product Issuer
Where the investment product is issued by an entity belonging to the Pictet Group, Pictet HK Branch is affiliated with the product issuer.
C. Disclosure of Discount Arrangement
Pictet HK Branch and/or its associates may from time to time offer you a discount on the fees and/or charges payable by you at its absolute discretion. In determining whether or not it is appropriate to give a discount to any client, Pictet HK Branch and/or its associates will consider a number of factors, including without limitation the nature of the investment product and the fee or commission arrangements Pictet HK Branch and/or its associates has/have with the issuers of the investment product. Unless otherwise notified by Pictet HK Branch, Pictet HK Branch does not offer any discount of the fees and/or charges payable by you.
D. Disclosure of Non-Independence
Pictet HK Branch is not an independent intermediary because:
1. Pictet HK Branch receives fees, commissions, or other monetary benefits from other parties (which may include product issuers) in relation to distribution of investment products to you. For details, you should refer to the disclosure of monetary benefits mentioned in section A of this information sheet, which Pictet HK Branch is required to deliver to you prior to or at the point of entering into any transaction in investment products; and/or
2. Pictet HK Branch receives non-monetary benefits from other parties, or has close links or other legal or economic relationships with issuers of products that may be distributed to you.
Notes
[1] Monetary benefits include, inter alias, trading profit made by Pictet HK Branch and/or its associates, remuneration such as distribution fee, retrocession received from its associates, management fees and initial fees received from the product issuer from the origination and/or distribution of investment products.
[2] The maximum monetary benefits (in the form of a percentage ceiling of the investment amount) have been rounded up to the nearest whole percentage point.
[3] Under some circumstances where Pictet HK Branch acts as an agent, the abovementioned monetary benefits are not applicable. Please refer to the document “Private Banking Fee Schedule” for the standard fees and other charges and costs.
Banque Pictet & Cie SA is a limited liability company incorporated in Switzerland. It is an authorized- institution within the meaning of the Banking Ordinance (Cap. 155 of the Laws of Hong Kong) and a registered institution (CE Number: BMG891) under the Securities and Futures Ordinance (Cap. 571 of the Laws of Hong Kong) carrying on Type 1 (dealing in securities), Type 4 (advising on securities) and Type 9 (asset management) regulated activities.
