Protection and segregation of assets held for clients with central securities depositories
BANQUE PICTET & CIE SA / BANK PICTET & CIE (EUROPE) AG
Article 73 para. 4 FMIA and Article 38 CSDR
The purpose of this document is to disclose the levels of protection associated with the different levels of segregation in respect of securities held directly for clients with Central Securities Depositories (CSDs) within Switzerland and the European Union (EU), including a description of the main legal implications of the respective levels of segregation offered and information on the insolvency law applicable.
This disclosure is required under Art. 73 para. 4 of the Swiss Financial Markets Infrastructure Act (FMIA) in relation to CSDs domiciled in Switzerland and Art. 38(6) of the Central Securities Depositories Regulation (CSDR) in relation to CSDs domiciled in the EU.
This document is not intended to constitute legal or other advice and should not be relied upon as such. You should seek your own legal advice if you require any guidance on the matters stated herein.
Applicable fees and charges
This document should be read in conjunction with explanations outlined separately on the principle and implications of an account held for safekeeping, through Banque Pictet & Cie SA or Bank Pictet & Cie (Europe) AG, respectively (each hereinafter referred to as the ‘Bank’), in Individual Client Segregated Accounts (ISAs) or Omnibus Client Segregated Accounts (OSAs) with a Central Securities Depository (CSD) in Switzerland or in the European Union (EU). The purpose of this document is to notify the account-holder (hereinafter referred to as the ‘Client’) of the cost of this type of segregation. The document provides an overview of the cost structure for the above-cited types of account, which is used as the basis of calculating the fee to be applied to the Client in such instances following discussions with the Bank. It is subject to amendment without notice.
This document should not be considered to be a binding offer or an invitation to make such an offer, nor should it be construed as providing legal or any other form of advice.
The fee charged to the Client by the Bank takes due account of:
- expenses charged by the Bank (with particular regard to time and resources needed) for opening and administering accounts; costs for an ISA are, generally speaking, higher than for an OSA due to administrative work involved being that much complex;
- one-off or recurrent charges billed by the CSD (or third party) to the Bank (commissions, third-party charges, fees, duties and taxes).
The charges cited above are chiefly influenced by: (i) the type and number of accounts required for the Client, and (ii) the size of assets, type of financial instruments and level of transaction activity involved.
