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Information for customers

Information to be included in accordance with that stipulated in Banco de España Circular 5/2012, of the 27 June, on transparency in banking services and responsibility when granting loans: CECABANK, S.A. is a credit institution subject to the supervision of the Banco de España and is registered with Code 2000 in the Record of Banks and Bankers of the Banco de España and in the Commercial Register of Madrid, Volume 30,405, Book O, Page 57, Section 8, Sheet M-547,250, Registration 1st. Its registered office is Calle Alcalá no. 27 of MADRID (28014) and C.I.F. A-86436011.

In compliance with the provisions in Banco de España Article 13 of Act 18/2014, and Circulars 1/2015 and 1/2016 for payment services providers, information is provided here about quarterly exchange and discount rates.

Exchange Rates Discount rates  

In accordance with Order ECO/734/2004 of 11 March, on Customer Services and the financial services Consumer Protection, clients or users of Cecabank, S.A. (hereinafter CECABANK) are informed that CECABANK Customer Services Department , is located at:

Calle Alcalá, 27 (5th floor), 28014, Madrid. Tel. 34 91 596 50 00

E-mail: servicioatencionalcliente@cecabank.es

CECABANK Claim forms

The Company is obliged to process and resolve all claims or complaints, submitted directly or through representation, by any private individual or legal entity, Spanish or foreign, that meets the condition of user of CECABANK financial services, provided that such complaints and claims refer to their legally recognised interests and rights, whether they derive from contracts, from regulations governing transparency and consumer protection or from financial good practice within a timeframe of two months

For resolution of claims or complaints made by Customer Services, or if the two month period has lapsed without any satisfactory resolution by Customer Services, such claims or complaints can be resubmitted to any of the Financial Supervisors Claims Services:

  • Banco de España Complaints Department, Calle Alcalá 50, 28014 Madrid.
Banco de España claim form
  • Comisión Nacional del Mercado de Valores Investor Advice Service, at Calle Edison, 4, 28006 Madrid.
CNMV claim form (individual) CNMV claim form (collective)
  • Directorate-General for Insurance and Pension Funds Complaints Department , at Paseo de la Castellana, 44, 28046 Madrid:
Directorate-General for Insurance and Pension Funds claim form

Customer services is regulated by CECABANK Consumer Protection Regulations, which can be found alongside this notice, and is made available to CECABANK users or customers

The following basic required regulations regarding transparency and consumer protection in financial services are applicable:

  • Customer Service and Customer Protection:
  • Act 44/2002, of 22 November on Financial System Reform Measures.
  • Order ECHO/734/2004, of 11 March, on customer service departments and services and the customer's ombudsman of financial institutions.
  • Sustainable Economy Act 2/2011 of 4 March.
  • Order ECC/2502/2012, of 16 November, governing the procedure for presenting claims to the Banco de España, and CNMV (The Spanish National Stock Exchange commission), and the Directorate-General for Insurance and Pensions Funds complaints services.
  • Act 7/2017, of 2 November, incorporating into the Spanish legal system Directive 2013/11/EU of the European Parliament and the Council, of 21 May 2013, on the alternative dispute resolution for consumer disputes.
  • Transparency of operations and customer protection and other customer protection regulations:
  • Act 22/2007, of 11 July, on distance marketing of financial services to consumers
  • Legislative Royal Decree 1/2007, of 16 November, which approves the consolidated text of the General Law for the Protection of Consumers and Users, as well as supplementary laws.
  • Order EHA/2899/2011, of 28 October, on transparency and consumer protection in banking services.
  • Circular 5/2012, of 27 June of the Bank of Spain, regarding credit institutions and payment service providers, regarding the transparency of banking services and responsibility when granting loans.
  • Royal Decree-Law 6/2013, of 22 March, on protecting holders of certain savings and investment products and other financial products.
  • Act 10/2014, of 26 June, on the organisation, supervision and solvency of credit institutions.
  • Royal Decree-Law 1/2017, of 20 January, on urgent measures to protect consumers regarding floor clauses.
  • Royal Decree 536/2017, of 26 May, creating and regulating the Commission of monitoring, controlling and evaluating as established in the Royal Decree-Law 1/2017, of 20 January, on urgent measures to protect consumers regarding floor clauses.
  • Mortgage loans:
  • Act 2/1994, of 30 March, on the subrogation and modification of mortgage loans.
  • Act 41/2007, of 7 December, amending the Law 2/1981, of 25 March, of the mortgage market and other regulations related to the mortgage and finance systems and regulation of reverse mortgages.
  • Act 2/2009, of 31 March, regulating the contracting with consumers of loans or mortgage loans and brokering services for loan or credit agreements.
  • Royal Decree-Law 6/2012, of 9 March, of protection of mortgagors without resources.
  • Royal Decree-Law 27/2012, of 15 November, of urgent measures to strengthen the protection of mortgagors.
  • Act 1/2013, of 14 May, regarding measures to strengthen the protection of mortgage debtors, debt restructuring and social renting.
  • Consumer credit:
  • Act 16/2011, of 24 June, on consumer credit contracts.
  • General contracting conditions:
  • Act 7/1998, of 13 April, on General Contracting Conditions.
  • Order EHA/1717/2010, of 11 June, of regulation and control of the advertising of investment services and products
  • Order EHA/1718/2010, of 11 June, on the regulation and control of banking products and services advertising.
  • Banco de España Circular 6/2010, of 28 September, to credit and payment institutions, on banking products and services advertising.
  • Order ECC/2316/2015, of 4 November, regarding information and financial product classification obligations.
  • Payment services:
  • Act 16/2009, of 13 November, of payment services.
  • Royal Decree 712/2010, of 28 May, of the legal regime of payment services and of payment institutions.
  • Order EHA/1608/2010, of 14 June, regarding the transparency of conditions and requirements of information applicable to payment services.
  • Royal Decree-Law 19/2017, of 24 November, of basic payment accounts, transferring payment accounts and comparability of fees.
  • Investment services:
  • Legislative Royal Decree 4/2015, of 23 October, approving the revised text of the Securities Market Act.
  • Royal Decree 217/2008, of 15 February, on the legal regime of investment services companies and of other companies that provide investment services.
  • Circular 7/2011, of 12 December, of the Comisión Nacional del Mercado de Valores (The Spanish National Stock Exchange Commission), regarding the prospectus of rates and charges and content of standard contracts.
  • Order ECC/2316/2015, of 4 November, regarding information and financial product classification obligations.
  • Owners of foreign exchange establishments:
  • Circular 6/2001, of the Bank of Spain, of 29 October, on owners of foreign exchange establishments, modified by the Bank of Spain Circular 3/2009, of 18 December.
Other useful links.

Banco de España Client Web Portal

Investor's corner on the CNMV (National Securities Market Commission) website

Portal for insurance policy holders on the Directorate-General for Insurance and Pension Funds website

Warning

Customer services will attend solely to claims or complaints submitted by clients or users of financial services specific to CECABANK. Any claims or complaints from clients or users of Savings Banks or any other companies associated with CECA should be submitted to the respective Customer Services Departments belonging to the Savings Banks or other companies associated with CECA.

Our company, in order to avoid money laundering practices, financing terrorism, handling proceeds from drug trafficking, terrorism, and other serious crimes carried out by armed groups and organised crime groups, must comply with a number of obligations imposed by current regulations, and with the regulations and internal procedures developed in order to meet such obligations.

Regulations

Our banking practices, in this area, are governed by the current regulations in Spain on the prevention of money laundering and the financing of terrorism, which you can view through the following link: http://www.sepblac.es/espanol/legislacion/norma-blanqueo.htm

Obligations

Below are the obligations which financial institutions and other relevant bodies must comply with under the aforementioned money laundering and financing terrorism prevention regulations:

  • Confirm and verify customer identity;
  • Identify genuine account holder;
  • Due diligence measures;
  • Assess customer risk in relation to prevention of money laundering and financing terrorism.
  • Examine in detail any transactions which could be linked to money laundering or proceeds of drug trafficking (regardless of the amount);
  • Monthly reporting of transactions by Systematic Reporting to Executive Services;
  • Reporting of transactions suspected to be involved in money laundering or the financing of terrorism;
  • Document retention;
  • Collaborate with Executive Services of the Commission for the Prevention of Money Laundering and Monetary Offences;
  • Duty of confidentiality;
  • Establish adequate procedures and internal monitoring and communications bodies;
  • Staff training;

Monitoring

We are supervised by a special authority for the Prevention of the Money Laundering: the Commission for the Prevention of Money Laundering and Monetary Offences Executive Service, reporting to the Banco de España.

International cooperation

Spain has been part of the Financial Action Task Force since 1990.

Spain has signed and ratified the United Nations Convention against the illicit traffic of narcotic drugs and psychotropic substances of 20 December 1988 and the European Council Convention concerning laundering, search, seizure and confiscation of the proceeds from crime; Strasbourg 1990.

Spain is part of the Egmont Group. The Egmont Group is an informal international network promoting cooperation between Financial Intelligence Units (FIUs) to improve information sharing, especially relating to the financing of terrorism.

Procedures and internal monitoring and communications bodies

Our rigorous, detailed internal regulations for the prevention of money laundering and the financing of terrorism have been in place since 1993 and have been updated when required.

We release monthly communications on transactions via Systematic Reporting, and also have procedures in place to analyse and detect suspicious activity. An internal body is responsible for the analysis, monitoring, and communication of all relevant information on transactions or activity suspected to be related to money laundering: Prevention of Money Laundering and Financing of Terrorism Committee.

Lastly, our Regulatory Compliance Department is responsible for ensuring the relevant regulations are adhered to, to revise and implement internal procedures and internal regulations relating to the prevention of money laundering, and assist with training in this area to be given to managers and employees.

Prevention of money laundering [pdf]

Anti-Money Laundering Questionnaire

In accordance with that stipulated by Article 5.4 of Royal Decree 2606/1996, of 20 December, on deposit guarantee funds in credit institutions, amended by Royal Decree 628/2010, of 14 May, Royal Decree-Law 16/2011, of 14 October, Cecabank, S.A. clients are informed of the of the following:

Cecabank, S.A. is a member of the Spanish Deposit Guarantee Fund of Credit Institutions

whose contact details are below:

Registered address: C/. José Ortega y Gasset 22, 5th floor, 28006 Madrid
Telephone: +34 91 431 66 45 – Fax: +34 91 575 57 28
Websitewww.fgd.es
Emailfogade@fgd.es

To meet consumer protection objectives outlined by the applicable regulations relating to the provision of investment services, Cecabank has developed a series of policies (internal standards) which aim to meet the necessary obligations with our clients' best interests in mind.

Download documents to see our policies in detail.

Best execution policy

Execution policy

Asset safeguard policy

Conflicts of interest management policy

Standard contracts

The company's standard contract has been fully adapted to that stated in CNMV Circular 7/2011, of 12 December, on informative fees leaflets and the content of standard contracts.

Standard contract for securities custody and administration

Notice to Cecabank S.A. clients with international securities.

Cecabank, S.A. operates in international markets that demand the use of global accounts. The attached file contains all the relevant information relating to such operations.

Notice to Cecabank clients with international securities

Sub-custodian rating

Requirements applicable to the provision of indirect clearing services by customers, in accordance with Delegated Regulation (EU) 2017/2154 of the Commission, which supplements EU Regulation No. 600/2014 of the European Parliament and the Council, as regards the general conditions applied to the provision of these services

Interest rates

Official interest reference rates are established in Article 27 of Order EHA/2899/2011, of 28 October, and outlined in Regulation 14 and Annex 8 of the Banco de España Circular 5/2012.

In accordance with that stipulated by the above Order and Circular the official interest reference rates are:

1. Annual interbank reference rate (euribor).

2. Annual interbank interest rate (mibor).

3. Internal yield rate on secondary bond market.

4. Rate of mortgages at more than three years granted by all credit institutions.

5. Average rate of mortgages between one and five years, for purchase of property, granted by all credit institutions in the Eurozone.

6. Five year Interest Rate Swap (IRS).

These rates are published in the Official State Gazette and on the Banco de España website.

Other previous official reference rates for the mortgage market

Three interest rates are not included in the official rates of Article 27 of Order EHA/2899/2011, and are therefore no longer official for new transactions carried out since this Article came into effect (29 April 2012), but they continue to be considered for variable interest rate loans which used them as reference rates when the loan was formalised before this date.

In accordance with the provisions of the sole transitional provision of that Order, and the second transitional provision of Circular 5/2012, they are:

1. Rate of mortgages at more than three years granted by banks.

2. Rate of mortgages at more than three years granted by savings banks.

3. Asset reference rate of savings banks (CECA indicator, asset rate).

With effect from 1 November 2013 the Banco de España stopped publishing these official rates, applicable to loans or mortgages compliant with the fifteenth additional provision ("Transitional arrangement for the phasing out of indicators or interest reference rates") of Act 14/2013, of 27 September, on support for entrepreneurs and internationalisation support.

FATCA (Foreign Account Tax Compliance Act) is a U.S. regulation that seeks to obtain fiscal information on nationals with the objective of subjecting them to the tax regime they should be operating under with any earnings gained internationally. With that goal in mind, the United States of America has signed various inter-governmental agreements (IGA) with several European Union countries. In Spain, it has a Model 1 IGA agreement, obliging Spanish credit institutions to identify all customers of US nationality and send information relating to them to the AEAT (Spanish Tax Agency) who will in turn send information to the IRS in the USA. Cecabank, S.A. has committed to meet all FATCA requirements and has duly registered on the IRS website with the following status details: SINGLE REGISTERED DEEMED-COMPLIANT FFI (REPORTING FFI UNDER A MODEL 1 IGA). Our GIIN is: HRQNYM.99999.SL.724 Cecabank requests that the above-mentioned status be considered in all dealings. See W-8BEN-E - April 2018 and the W-8IMY Cecabank - April 2018 (status certificate) duly completed by Cecabank.

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ISO 9001 Charges and Payments - ISO 27001 SEPA Transfers and Debit entries

ISO Securities and depositary

 

       

ISO Financial reporting (Pyramid)

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ISO Quality Management Banking Training School

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CMMI in Design and Development

CMMI Institue Mark CMMI Institue Mark    

Best Custodian Bank Spain 2018 - Global Banking & Finance Review

   

Best Custodian Bank Spain 2017 - Global Banking & Finance Review