The best execution rules will apply to the firm where it is receiving and transmits orders on behalf of its clients such as where the firm negotiates and arranges a transaction for its client, or where it executes orders for clients by entering into an agreement on their behalf.

When executing orders, a firm must take all sufficient steps to obtain the best possible results for its clients taking into account factors including price, costs, speed, likelihood of execution and settlement, size, nature or any other consideration relevant to the execution of an order.

The obligation to deliver the best possible result when executing client orders applies in relation to all types of financial instruments including transferable securities and units in collective investment undertakings.

All of the transactions that we undertake relate to shares in unlisted special purpose corporate vehicles. Best execution obligations should therefore be applied to take into account the different circumstances surrounding the execution of orders for particular types of financial instruments. For example, transactions involving a sale and purchase agreement for the shares of a private special purpose vehicle may not be comparable for best execution purposes with transactions involving shares traded on public exchanges. When negotiating a deal, however, we do attempt to secure an outcome in terms of price and other factors that is in the best interests of our investors.