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Investor Ombudsman - Annual Reports

The Final Report is issued at the end of the claim procedure and contains a proposal for a solution to the conflict that has arisen and also the general suggestions and recommendations regarding the matter raised that are deemed pertinent.

The final report consists of three parts: background, foundations and conclusions. In the antecedents, the facts and statements of the parties are related, and in the fundamentals, these data are qualified for the elaboration of the conclusions.

The Report takes into account, first of all, the written stock management contract, if any, (a form of the commercial commission), which constitutes the legal basis for the claims. This relationship has been called stock market order management, when the investor reserves the decision and drafting of the order and it is only about its execution. It is different from the portfolio management contract, obviously, when the interested party grants a generic mandate and the manager makes the decisions.

The common legislation, the special legislation of the securities market and the specific regulation constituted by Circulars and Operating Instructions of the Sociedad de Bolsas, by the Governing Society of the Madrid Stock Exchange, the Compensation and Settlement Service, and the C.N.M.V. Codes and Regulations of Conduct occupy a preferential place in this group of regulations.

Finally, the Report also takes into account, when they exist, stock market usage, customary practices and rules of reciprocal behavior observed by the parties as a way of placing orders, communication system for operations carried out, accounting relationships, overdrafts, etc.

In the conclusions, a fully encrypted solution is proposed, down to its ultimate consequences.