Disclosure Requirements - Investment Funds - Spain
Disclosure Category: 2
Clearstream Banking S.A. (“CBL”), is under an obligation, on demand, to disclose the identity and holdings of customers and/or ultimate beneficial owners holding Spanish funds.
Consent
In order to comply with the local regulatory disclosure requirements, customers with holdings in Spanish investment funds must consent and are hereby deemed to consent to the required legal disclosure. Such consent includes the appointment of the requestor (for example, the Fund Manager, Transfer Agent, Regulator) as their attorney-in-fact, under power of attorney, to collect from CBL the required information to be disclosed. Customers who do not grant such authority cannot hold such investment funds or financial instruments in their accounts with CBL.
Disclosure requirements
The Spanish asset managers, Spanish undertakings for collective investment in corporate form, and/or the Registrars are entitled to request disclosure of CBL customers and /or ultimate beneficial owners of the fund units/shares to comply with their KYC obligations.
Background and legal basis
The legal basis for disclosure requirements may arise from the following:
- Law 10/2010 of 28 April 2010 on the prevention of money laundering and terrorist financing (“Ley 10/2010, de 28 de abril, de prevención del blanqueo de capitales y de la financiación del terrorismo”) (“Law 10/2010”).
- Royal Decree 304/2014 of 5 May, approving the Regulation of Law 10/2010, of 28 April, on the prevention of money laundering and terrorist financing (Real Decreto 304/2014, de 5 de mayo, por el que se aprueba el Reglamento de la Ley 10/2010, de 28 de abril, de prevención del blanqueo de capitales y de la financiación del terrorismo) ("RD 304/2014")
Sanctions
Non-compliance with the disclosure requirements by CBL, CBL’s customer and/or the ultimate beneficial owner may result in the fund manager or its agent refusing acceptance of CBL as an investor and/or refusing acceptance of the proposed investment. Each subscription of funds will be subject to KYC obligations.
Disclaimer
The information contained in the Disclosure Requirements is based on a legal questionnaire obtained by CBL that was issued on 28 April 2022. CBL believes the information to be correct as of that date but disclaims any responsibility as to the accuracy and completeness of the information. If there is any discrepancy between the information provided by CBL and the local laws and regulations, the latter shall prevail. The Disclosure Requirements do not constitute legal advice and customers should seek advice from independent professional counsel.
Customers are responsible for ensuring compliance with the disclosure requirements and agree to indemnify and hold harmless CBL, for any loss, expense, liability, damage, or claims, whether direct or indirect, against or incurred by CBL arising out of or resulting from such non-compliance.