Detection and management of conflicts of interest policy
In accordance with articles 30 and following of the commission delegated regulation 231/2013 (EU) of 19 December 2012, portfolio management companies are expected to take all appropriate measures to deal with any conflicts of interest that may arise and adversely affect investor interests.
Under the supervision of the Chief Operating Officer being also responsible for compliance and internal control (Responsable de la Conformité et du Contrôle Interne), InfraVia Capital Partners is particularly attentive to situations where – in addition to the payment of regular fees for services provided – group asset management entities, or individuals involved in group-related activities, may:
- is likely to make a financial gain, or avoid a financial loss, at the expense of the AIF or its investors;
- has an interest in the outcome of a service or an activity provided to the AIF or its investors or to a client or of a transaction carried out on behalf of the AIF or a client, which is distinct from the AIF’s interest in that outcome
- has a financial or other incentive to favour:
- the interest of a UCITS, a client or group of clients or another AIF over the interest of the AIF,
- the interest of one investor over the interest of another investor or group of investors in the same AIF
- carries out the same activities for the AIF and for another AIF, a UCITS or client; or
- receives or will receive from a person other than the AIF or its investors an inducement in relation to collective portfolio management activities provided to the AIF, in the form of monies, goods or services other than the standard commission or fee for that service.
InfraVia Capital Partners has drawn up and operates a policy for identifying and managing situations of conflicts of interest in accordance with article 313-20 of the AMF’s General Regulation. This policy is formally written up. The policy is suited to the size, organisation, nature, importance and complexity of business carried out by InfraVia Capital Partners. For each case identified, the policy provides a course of action and measures to be taken in order to manage a conflict of interest when it arises (including controls – or if relevant a ban – on any exchange of information between the individual concerned; targeted monitoring of individuals concerned; appropriate compensation policy). This framework is designed to cover situations that may arise in the normal course of business for InfraVia Capital Partners – whether the investment services are provided on a primary or secondary basis by InfraVia Capital Partners.
A risk mapping identifying potential conflicts of interests has been drawn up and is updated from time to time.
This policy is available to clients upon simple request.
In accordance with articles 35 and following of the commission delegated regulation 231/2013 (EU) of 19 December 2012, InfraVia Capital Partners holds a register, which is updated on a as needed basis, recording types of investment services or related services, or other activities carried out by InfraVia Capital Partners or on behalf of InfraVia Capital Partners, involving an actual conflict of interests.
In cases where the InfraVia Capital Partners organisational or administrative arrangements to manage conflicts of interest are not sufficient in guaranteeing, with reasonable certainty, that the risk of impacting investors can be cleared, the company concerned – with support from the Compliance Officer – will clearly inform investors of the general nature and/or source of the conflict of interests, to enable them to make an informed decision.
Generally speaking, the InfraVia Capital Partners policy is founded upon the ethical guidelines issued by AFG/AFIC, its ethical charter and rules of procedure. The Chief Operating Officer is involved in vigilance concerning situations where conflicts of interest could arise.
Policy for the classification of clients (investment services)
The MIF Directive, as transposed to French Law, requires that investment service providers classify their clients by type.
For the InfraVia Capital Parthasners, this classification is based on the distinction between “professional’ versus “non-professional” clients.
A “professional client” is defined in article D.533-11 of the French Financial and Monetary Code.
In accordance with article 314-4 of the AMF’s General Regulation, the InfraVia Capital Partners has drawn up and applies procedures which are suit to InfraVia Capital Partners activity. These written policies and procedures enable group entities to classify clients within their respective categories.
This compulsory classification, used in the written contracts with our clients (if applicable), is valid for the investment services shown below (as far as the OFI Group is concerned):
- Management of investment mandates, as per article D. 321-1, 4°, of the French Financial and Monetary Code;
- Investment advisory services, as per article D. 321-1, 5°, of the French Financial and Monetary Code.
When starting a business relation, we will therefore collect different information relating to the identity and legal capacity of a new client, in compliance with the terms and conditions specified by AMF regulation and by our policy against money laundering and the financing of terrorism.
Upon entering the relationship, and for the duration of the above-mentioned services, you are required to inform us of any change that may affect your client classification.
Client complaint management policy
InfraVia Capital Partners drawn up and operates a specific procedure in order to manage client complaints, in accordance with the applicable legal framework.
Definition of ‘complaint’
A complaint is defined as a claim caused by the client’s dissatisfaction with the investment service provider. A request for information, advice, clarification or service is therefore not considered to be a complaint.
How to send your complaint?
You are able to send a complaint relative to investment services provided by InfraVia Capital Partners or relative to a subscription into a mutual fund managed by InfraVia Capital Partners. You can contact your usual representative or send a written complaint to the Chief Operating Office of InfraVia Capital Partners, 42 rue de Washington, 75008 Paris, France.
Processing your request
Once your complaint has been received, you will be issued:
- Confirmation of receipt within 10 working days, unless the answer is provided to you in the meantime;
- An answer within a maximum period of 2 months (unless the complaint concerns particular circumstances, which will be duly explained).
Processing of your request will be free of charge.
Contact the “Autorité des Marchés Financiers (AMF)” ombudsman
In the event of the answer provided by the InfraVia Capital Partners not meeting your expectations, you are also able to contact the AMF Ombudsman using the following link: www.amf-france.org, or write to the following address: Médiateur de l’AMF, Autorité des Marchés Financiers, 17 place de la Bourse, 75 082 Cedex 02, France.
Additional information on the Mediation Charter are available on the AMF website.
Texts concerning legal, regulatory and ethical matters
The new requirements for Investment Service Providers, to which the OFI Group’s policies and procedures have been adapted, are sourced from the following statutory texts:
- The statutory guidelines (including the General Regulation issued by the “Autorité des Marchés Financiers” – AMF) are available on the AMF’s website: www.amf-france.org
- Legal texts (and more specifically the “French Financial and Monetary Code”) are available on: www.legifrance.gouv.fr
- European texts are available on: europa.eu