Regulatory Best Execution Publications

Best Execution Publications

This Report on the Top 5 Execution Venues and Top 5 Brokers (hereafter as “Top 5 Report”) describes the approach of Credit Suisse Asset Management (Switzerland) Ltd. (hereafter as “CSAM”, “we”, or “us”) in identifying the parties to which orders have been transmitted for execution respectively identifies the Execution Venues with whom orders have been executed on behalf of client portfolios.

This Top 5 Report is linked to the Statement on Best Execution Principles of Credit Suisse Asset Management (Switzerland) Ltd (hereafter “Statement”; available on the CSAM website ) and is also linked to the Report on Best Execution Quality obtained (hereafter as “Quality Report”, also available on the CSAM website). All publications follow the recent developments and disclosure requirements of relevant law by applying the standards of the Markets in Financial Instruments Directive 2014/65/EU (hereafter “MiFID II”). More specifically, this (asset class specific) Top 5 Report refers to the obligations set out in art. 27.6 of MiFID II, art. 65.6 of the Commission Delegated Regulation ((EU) 2017/565) and art. 3.1 and 3.2 of Commission Delegated Regulation (EU) 2017/576 (“RTS 28”).

This Report is intended to cover the period from 01/01/2017 to 31/12/2017. As outlined in ESMA’s Q&A on MiFID II and MiFIR investor protection topics, certain aspects of the RTS 28 requirements are tied to new provisions from MiFID II or MiFIR. Given that CSAM is not a firm directly subject to MiFID II provisions, it is not directly obliged to comply with the best execution requirements, but endeavors to do so in order to provide the best service to its clients. Thus, this Report may not include some of the detail required by RTS 28 for the information obtained before MiFID II entered into force. Where this is the case, some of the arrangements described may reflect adjustments made by CSAM in preparation for and the context of MiFID II.

For clients serviced by Credit Suisse legal entities other than CSAM, please note that there might be separate Top 5 Reports which disclose the transmission and execution details obtained of those legal entities. Please contact your relationship manager for further information.

This Report on Best Execution Quality Obtained (hereafter as “Report”) describes the approach of Credit Suisse Asset Management (Switzerland) Ltd. (hereafter as “CSAM”, “we”, or “us”) in identifying and evaluating the Execution Quality obtained based on the arrangements been setup when seeking to achieve Best Execution of order execution on behalf of client portfolios.

This Report is linked to the Statement on Best Execution Principles of Credit Suisse Asset Management (Switzerland) Ltd. (hereafter “Statement”; available on the CSAM website ). Both, this Report and the Statement, highlight the CSAM approach to validating Best Execution Quality. Both publications follow the recent developments and disclosure requirements of relevant law by applying the standards of the Markets in Financial Instruments Directive 2014/65/EU (hereafter “MiFID II”). More specifically, this (asset class specific) Report on Execution Quality Obtained refers to the obligations set out in art. 27.6 of MiFID II and art. 3 of Commission Delegated Regulation (EU) 2017/576 (“RTS 28”).

This Report is intended to cover the period from 01/01/2017 to 31/12/2017. As outlined in ESMA’s Q&A on MiFID II and MiFIR investor protection topics, certain aspects of the RTS 28 requirements are tied to new provisions from MiFID II or MiFIR. Given that CSAM is not a firm directly subject to MiFID II provisions, it is not directly obliged to comply with the best execution requirements, but endeavors to do so in order to provide the best service to its clients. Thus, this Report may not include some of the detail required by RTS 28 for the information obtained before MiFID II entered into force. Where this is the case, some of the arrangements described may reflect adjustments made by CSAM in preparation for and in the context of MiFID II.

For clients serviced by Credit Suisse legal entities other than CSAM, please note that there might be separate Best Execution Statements and Reports which describe the Best Execution Quality obtained of those legal entities. Please contact your relationship manager for further information.