Disclosure of benefits and other sales related information
The disclosure of the information contained in this document does not affect any applicable fees chargeable to you by Banque Pictet & Cie SA, Hong Kong branch and/or Banque Pictet & Cie SA Singapore branch (“Pictet”) and/or its associates. Please refer to the applicable fee schedules1 of the entity where your account is booked (“booking entity”) for the standard fees and other charges and costs, as well as the capacity in which such booking entity is acting. Unless otherwise specified by Pictet, the information set out herein (as may be amended by Pictet from time to time and notified to you accordingly) shall apply to each transaction done by Pictet and/or its associates within the Pictet Group on behalf of or with you.
A. Disclosure of Monetary/Quantifiable Benefits and Capacity
| Type of investment product | Monetary/Quantifiable or other benefits2 to be received by Pictet and/or its associates | Capacity in which booking entity is acting |
|---|---|---|
| Investment Funds (including but not limited to equity funds, bond funds, money market funds, hedge funds, private equity funds) | Pictet and/or its associates will benefit from the origination and distribution of the investment products | Agent |
| Structured Products in the form of primary market issues (including but not limited to commodities-linked, precious metal-linked, currency-linked, equity-linked, fixed income-linked, interest rate-linked notes) | Up to 1%3 of the nominal amount for products with tenor up to 1 year Up to 2% of the nominal amount for products with tenor over 1 year | Principal4 |
| Over-the-Counter Derivatives (including but not limited to over-the-counter options on equity/commodity/foreign exchange/interest rate) | Up to 1% of the notional amount for products with tenor up to 1 year Up to 2% of the notional amount for products with tenor over 1 year | Principal |
| Foreign Exchange Spots, 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 and/or its associates may from time to time benefit from the origination and/or distribution of other investment products not specified above.
Pictet and/or its associates may receive rebates or retrocessions from product issuers and the amounts to be received are determined based on a pre-defined 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 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 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 which is part of the Pictet Group, Pictet is affiliated with the product issuer.
C. Disclosure of Discount Arrangement
Pictet and/or its associates may from time to time offer you a discount on the fees and/or other charges payable by you at its/their absolute discretion. In determining whether or not it is appropriate to give a discount to any client, Pictet and/or its associates will consider a number of factors, including without limitation the nature of the investment products and the fee or commission arrangements Pictet and/or its associates has/have with the issuers of the investment products. Unless otherwise notified by Pictet, Pictet does not offer any discount of the fees and/or charges payable by you.
D. Disclosure of Non-Independence
Pictet is not an independent intermediary because:
- Pictet 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/quantifiable benefits mentioned in section A of this document, which Pictet is required to deliver to you prior to or at the point of entering into any transaction in investment products; and/or
- Pictet 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 This refers to the “Banking Services Fee Schedule”, “Advisory Fee Schedule” or “Discretionary Management Fee Schedule”, as applicable.
2 Monetary/Quantifiable benefits include, inter alias, trading profit made by Pictet and/or its associates, remuneration such as distribution fees, rebates, commissions, retrocessions, management fees and initial fees received from its associates and/or the product issuers from the origination and/or distribution of investment products.
3 The maximum monetary/quantifiable benefits disclosed in this document (in the form of a percentage ceiling of the transaction/nominal/notional amount) have been rounded up to the nearest whole percentage point.
4 This is applicable only where Pictet is the booking entity. For any other booking entity, this is not applicable and you should refer to the “Banking Services Fee Schedule” or “Advisory Fee Schedule” of such booking entity (as applicable) for the standard fees and other charges and costs, as well as the capacity in which such booking entity is acting.
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 in Hong Kong. Banque Pictet & Cie SA Singapore branch is registered in Singapore with UEN: T24FC0020C.
