Portfolio management obligations require agreed fees without return assurances, client-specific management, compliant distribution, uniform performance reporting, and annual audits.

Portfolio management services require agreed client fees without any direct or indirect guarantee or assurance of returns. Discretionary portfolio management must be independently tailored to each client's needs and must not have the character of a retail fund, while non-discretionary management must follow client directions. The FME must ensure compliant distribution, report performance uniformly across required disclosures and communications, conduct annual audits of managed portfolio accounts, and provide the audit certificate to each client.

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