Execution Factors’ and ‘Execution Criteria’. In meeting our best execution obligation, we will take into account the following execution factors: price, costs, speed, the likelihood of execution and settlement, size, nature, or any other consideration relevant to the execution of the order. Additionally, when executing a client order, the following best execution criteria will be taken into account when determining the importance of the execution factors, which are the characteristics of the client (including their categorisation as a retail or professional client): client order, the financial instruments that are the subject of the order, and the execution venues to which the order can be directed (where relevant). Your attention is drawn to the information about the Fund structure set out in the Information Memorandum, which explains the restrictions which apply to your ability to dispose of an interest in an Investee Company prior to disposal of the Fund’s overall position in that company.
Execution Factors’ and ‘Execution Criteria’. The execution factors we will take into account in deciding where and how to place an order for execution are: • Price; • Cost; • Speed of execution • Likelihood of settlement • Size of order • Likelihood of execution; • Speed of settlement; • Nature of Order; and • Any other consideration relating to the execution of the order In determining the importance of the above execution factors, we will take into account the characteristics of: • The order; • The financial instruments that are the subjects of the order; and • The execution venues to which that order can be directed The best possible result for you is determined in terms of the total consideration, representing the price of the financial instrument and the costs related to execution. To ensure we obtain the best possible result for we will only pass orders on to firms who have an adequate execution policy. Prior to setting up broking arrangements with such firms we will undertake a review of their order execution policy and will review such policies at least annually to ensure they remain adequate. SCMD has entered into an agreement with Société Générale on behalf of SCMD and each of its clients whereby Société Générale has agreed to provide amongst other services, execution and dealing services to SCMD. However, SCMD remains responsible for the execution of any transactions on your behalf. Our Order Execution Policy takes account of the arrangements put in place by Société Générale in order to obtain the best possible result for clients. Orders transmitted by SCMD to Société Générale to execute will be subject to SCMD’s execution policy. In such circumstances SCMD, and not you, will be the client of Société Générale. Société Générale will consider a range of factors in executing transactions for SCMD but will give the price of the financial instrument; and the overall cost of the transaction, respectively, a higher relative importance.
