Regulatory information

Policy of selection of the intermediaries

DNCA Finance Luxembourg fully adheres to the below described “Policy of selection of the intermediaries” of DNCA Finance (its parent company).




this document aims to inform our clients of the selection policy for the financial intermediaries to which we entrust order execution as part of the management under mandate, such as ucits management.

it has been prepared in accordance with articles l 533-18 of the french monetary and financial code (code monétaire et financier) and 314-75-1 of the general regulations of the french financial market authority (autorité des marchés financiers, hereinafter 'AMF').

  • Clients concerned
  • The selection policy in force at our company applies uniformly to all our clients, whether professional or otherwise. the implementation of this policy's principles differs depending on whether collective management or management under mandate is involved.

  • Financial instruments concerned
  • The selection policy in force at our company applies to all financial instruments traded by our company. dnca finance systematically entrusts its orders to an intermediary, whatever the financial instrument.

Methods of selection and evaluation of the intermediaries
Methods of selection and evaluation of the intermediaries

Our market intermediary selection policy takes account of :

The conditions taken into account are price, cost, speed (order transmission not execution), the probability of execution and settlement (in particular the cost and security of settlement and delivery), size, type of order and any other consideration relating to order execution (such as place of execution and market effect). dnca finance has taken steps to be categorised as a professional client with all intermediaries it seeks to use such that these are required to provide it with the best execution that it itself has to guarantee for its clients.

French research (database coverage and accessibility), european research (database coverage and accessibility), analysis quality (pertinence, originality against consensus, rigour in financial analysis and monitoring of recommendations), the relationship with companies (organisation of financial presentations and face-to-face meetings with managers) and the availability of the research office (presentations on-site, frequency of contacts with the analyst).

A rating of the financial intermediaries is done at the end of each semester by assigning a score from 0 (the worst) to 5 (the best) for each of the conditions mentioned above.

  • Best execution for our customers
  • Analysis and research

Place of order execution
Place of order execution

DNCA Finance has authorised all its intermediaries to manage the orders it originates on key regulated markets, multilateral trading facilities and systematic internalisers, in order to be able to benefit from the best implementation conditions on offer.

Special case of the selection of interest-rate financial instruments : since march 2009, dnca finance has used the services offered by BP2S Dealing Services (formely fin'ams) a bnp group company to outsource the placing of orders – that is, their trading – on all interest-rate financial instruments whenever it appeared suitable.

Special case of the management under mandate investment service : for orders relating to shares and bonds, DNCA Finance has selected the CIC, as intermediation table, authorized for the receipt / transmission of orders (approved as Establishment credit - Investment services provider by the ACPR (Prudential Control and Resolution Authority)).

Policy of management of the conflicts of interests

Intermediation costs

Intermediation fees report for the year 2019

In accordance with Article 321-122 of the AMF GR

In accordance with Article 321-122 of the AMF GR, the Management Company shall draw up a document entitled ‘Reporting on intermediation costs’ when using Investment and Order Execution Services and intermediation fees for the previous financial year amounted to more than 500000 euros.

Conditions under which DNCA Finance has used investment decision support and order execution services:

In 2019, collective management and mandate based management services used financial intermediaries who provided execution and investment decision support services, under the conditions defined in the ‘Financial intermediaries selection and execution policy.’

Intermediation fees are received directly or indirectly by third parties that provide services to assist in the investment decision making and execution of orders.

Expenses related to investment decision support services are borne in full by DNCA Finance out of its own resources.

The key to the allocation for 2019 between the execution costs and the fees for the investment decision support and order execution services is therefore as follows:
  • Fees related to investment decision support and order execution services accounted for 0% of total intermediation costs since they were borne by DNCA Finance out of its own resources (including using the remainder derived from previously shared commission agreements);
  • Execution costs thus accounted for 100% of the total intermediation costs paid in 2019.

As of 31/12/2019, DNCA Finance no longer had commission agreements shared with third parties.

Regarding the mandate investment service, DNCA Finance mainly retains the service of reception and transmission of orders offered by the custodian account holder of the managed accounts.

Conflict of interest prevention

DNCA Finance has put in place a policy for preventing and managing conflicts of interest incorporating the prevention of potential conflicts of interest related to the selection of intermediaries:

  • The Company does not receive soft commissions from its intermediaries;
  • Each intermediary is subject to a prior selection procedure (see intermediary selection procedure);
  • The agreements put in place do not include any minimum volume requirement or incentive pricing arrangements;
  • DNCA Finance does not receive any retrocession of transaction fees from its intermediaries.


No conflict of interest was detected in the selection of our intermediation providers in 2019. In addition, the intermediaries are assessed annually in order to estimate the quality of execution obtained from each of them.

Politics ESG
Policy for taking into consideration criteria concerning compliance with environmental, social and governance objectives
In application of article D533-16-1 of the French monetary and financial code (CMF)
Complaints management policy

DNCA Finance Luxembourg pays particular attention to the clients satisfaction as well as to the investors protection. For that purpose a complaints handling procedure has been set up.

If there is no doubt that the communication is a complaint, specifying that a complaint is a « complaint filed with a professional to recognise a right or to redress a harm »[1], the file addressed to DNCA Finance Luxembourg will be immediately communicated to the Compliance Officer who has been designated responsible for complaints handling and follow up by the management of DNCA Finance Luxembourg.

Complaints can be filed to DNCA Finance Luxembourg: 

  • by calling phone number : +352 28 48 01 55 23
  • by sending an e-mail to :
  • by sending a letter to :   DNCA Finance Luxembourg
  Service Réclamations
  1 Place d’Armes
  • Or by going directly to the office at the same address as above.

Requests can be expressed in English, French or Dutch.

In order to be admissible the request should include at least the complete identification of the complainant and describing the essence and details of the complaint.


Delay processing

An acknowledgement of receipt will be provided to the complainant within ten business days after receipt unless the answer itself is provided to the complainant within this period.

An answer will be provided within one month starting from the date of reception of the complaint except for particular circumstances. In this case, the complainant will be informed about the situation.


Escalation procedure

Where the complainant did not obtain an answer or a satisfactory answer from the Compliance Officer, he/she has got the opportunity to rise the complaint up to the level of the Management of DNCA Finance Luxembourg. The relevant conducting officer can be contacted at this address :

DNCA Finance Luxembourg
To the attention to M. Thomas Péan
1 Place d’Armes


The out-of-court complaint resolution procedure at the CSSF

Where the complaint handling at the level of the Management of the company did not result in a satisfactory answer for the complainant, DNCA Finance Luxembourg shall provide the complainant with a full explanation of its position and inform the complainant in writing of the existence of the out-of-court complaint resolution procedure at the CSSF.

This procedure aims at facilitating the resolution of complaints against professionals without judicial proceedings. However it does not consist in a mediation procedure.

The opening of the CSSF procedure is subject to some conditions. In particular, the complaint must have been previously sent in writing to the relevant conducting officer of DNCA Finance Luxembourg and the complainant has not receive an answer or a satisfactory answer within one month from the date at which the complaint was sent.

The out-of-court complaint resolution procedure is framed by the CSSF regulation N°16-07 available on the CSSF website :


Any further information regarding the complaints handling procedure is available free on request.


[1] Article 1 of CSSF Regulation N°16-07 of 26 october 2016.


Last update : 24/11/2016

Remuneration policy