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07
Discretionary Portfolio Management Agreement (DPMA)
Drafting, Reviewing, and Negotiating DPMAs
This module provides a detailed examination of the Discretionary Portfolio Management Agreement (DPMA), the foundational legal document governing the DPM relationship. It covers core provisions including objectives, authority, risk disclosure, and fees, termination and performance clauses, investor reporting standards, and CMA documentation and approval requirements.
Learning Outcomes
1
Identify key legal clauses and CMA requirements in DPMAs.
2
Manage conflicts of interest and disclosure obligations.
3
Draft or review DPMAs aligned with CMA standards.
Key Regulations
| Regulation | Relevance |
|---|---|
| Authorised Persons Regulations (APR) | Mandatory DPMA provisions and conduct of business rules |
| Capital Market Institutions Regulations (CMIR) | Conflict of interest management requirements |
| Investment Accounts Instructions | Account opening and documentation requirements |
| CMA Circulars on Client Agreements | Specific guidance on agreement content and format |