RGPD application and repeal of INTERBOLSA circular 1/2001, relating to the Issuer Agent

In accordance with the legislation and regulations in force, INTERBOLSA provides to the issuers, with registered securities, the service related to the identification of securities holders.

As a service provided by law to the issuers, that request the service, the entities involved in the process of collecting, processing, storing and forwarding of personal data (such as shareholders, banks and INTERBOLSA) cannot refuse to provide this service or to provide the necessary information.

However, without prejudice to the above, and taking into account the application of the General Data Protection Regulation (GDPR), which entered into force on May 25, 2018, INTERBOLSA considered to be relevant to include in INTERBOLSA Regulation 1/2016 a specific provision concerning the protection of personal data in order to make transparent and reinforce the transmission to INTERBOLSA of the personal data collected by the financial intermediaries and the treatment of such data by INTERBOLSA in compliance with the applicable legal provisions.

In order to properly accommodate this change, INTERBOLSA added article 17-A to INTERBOLSA Regulation 1/2016, related to the Participants in the systems managed by INTERBOLSA.

The opportunity is also taken to eliminate article 1 (4) of INTERBOLSA Regulation 1/2016, as well as INTERBOLSA Circular 1/2001, related to the Issuer Agent.

Interbolsa amended its price list for Financial Intermediaries following the European Central Bank’s decision to increase prices charged for the settlement and account movement through the TARGET2-Securities platform, effective January 1, 2019.

In the strategy defined by Interbolsa, for the prices to be charged in 2019, it was decided to pass on its prices the cost increase with the T2S platform, updating the prices related to settlement and account movement.

Following the project of links between Interbolsa and other European CSDs, which allow cross-border transfers of debt securities between the participants of these CSDs and Interbolsa participants, the link between INTERBOLSA and Clearstream Banking AG (CBF) is in the test phase. Therefore, the prices to be charged for the maintenance of the securities registered in the CBF in the Interbolsa participants’ accounts have already been defined. The following changes were made to Financial Intermediaries’ Fee Books:

Addition of a new paragraph to point 5.1, defining the rules for the application of maintenance fees for debt securities registered in CBF;

Inclusion of Table 6 to point 5.1, establishing the annual percentages to be applied for the purpose of calculating the monthly maintenance fee.

With regard to the prices charged to Issuer Entities, Interbolsa’s Board of Directors decided to reduce the prices charged for the registration and cancellation of issues of warrants and certificates with the purpose of increasing the registration of this type of financial instrument in Interbolsa’s systems.

The fees applied to the manual corrections to the exercise of rights in process or already processed have been changed in order to reflect the risk assumed by Interbolsa.

Interbolsa decided to charge the costs of disclosure information to the market, requested by several entities (issuers entities, paying agents, law firms …). The points 8.7 and 6.10 was added in the price lists of Financial Intermediaries and of the Issuers Entities, respectively.

These amendements shall take effect on 1st of january 2019.

Please find the new Fee Books at Fee Books.

Since August 6, 2018, INTERBOLSA allows its participants to hold in their securities accounts debt instruments originally registered at NBB-SSS (Issuer-CSD), through the link with Euroclear France.

In the context of the implementation of Regulation (EU) No. 909/2014 of July 23 (shortly CSDR), Interbolsa amended its regulations to cover:

• The new deadlines adopted for the admission of new participants, through the amendment of Article 8 of the Interbolsa Regulation 1/2016 (see Interbolsa Regulation 2/2018);
• Ao novo regime de segregação de contas contido no artigo 38.º da CSDR, através da alteração do artigo 13.º do Interbolsa Regulation 2/2016 (see Interbolsa Regulation 3/2018).

INTERBOLSA has been informed by the CMVM – Comissão do Mercado de Valores Mobiliários that, with effect from 12 July 2018, INTERBOLSA has been granted a license to operate according to the new European CSD Regulation (CSDR). INTERBOLSA is among the very first CSDs in the EU to be re-authorised under CSDR.

INTERBOLSA submitted its CSDR application in September 2017, and the application was considered complete in January 2018.The approval process was conducted in close cooperation with the CMVM, as well as the Banco de Portugal (the Portuguese Central Bank) and the European Central Bank.