CACEIS Bank Spain SAU (“CBS”) is able to offer an extensive range of products and services tailored to the needs and requirements of each customer.
CACEIS Bank Spain SAU. (hereinafter “CBS”) is a Spanish credit institution supervised by the Bank of Spain, specialized in post-trade services for institutional customers.
The main services for customers are settlement and custody of financial assets, receiving and transmitting orders to take up stakes in international funds, depositary and management(*) of harmonised and non-harmonised Collective Investment Institutions (CISs) (governed by UCITS or AIFMD regulations) and Pension Funds.
It is listed in the Bank of Spain’s official register of credit institutions as number 0038, in the CNMV Spanish Securities Market Regulator’s Register of Collective Investment Institution Depositaries Register as number 238, and in the Pension Funds Depositaries Register as number D-0196.
CBS has been offering settlement and custody services since 1986, and is an active participant in bringing about major changes in the securities market on several committees and forums such as the following: European Central Bank TARGET2-Securities (ECB T2S), IBERCLEAR Technical Committee, CNMV Reform Coordination Committee, Securities Market Practice Group (SMPG), Spanish Group of Collective Investment Institution and Pension Fund Depositaries (ADEPO), Spanish Banking Association (AEB), Association for Financial Markets in Europe (AFME), etc.
CBS team has a wide experience in financial markets, handling front-to-back management of over 200 institutional customers (credit institutions, securities companies and agencies, insurance firms, fund management companies and corporations) with added-value solutions.
CBS is the ideal partner for securities companies, investment and pension companies, insurance companies and other corporations to safeguard their own investments and the funds of their customers, in an increasingly complex financial sector.
(*) Funds are administered separately and independently through SFA.
What makes us different
Commitment to Securities Services business
Expertise and Influence
Settlement, clearing and custodian services in relation to domestic equities and fixed income securities for both resident and non-resident clients in Spain. CBS offers direct access to the national market and is a member of Iberclear and BME Clearing.
- Management of corporate events.Our systems are fully capable of processing all manner of corporate events announced on the domestic market:
- In relation to equities, the most frequent corporate events in the Spanish market are equity offerings with pre-emptive subscription rights, bonus issues, scrip dividends, splits, mergers, swaps, takeover bids, and payment of dividends and share premiums.
- In relation to fixed income, the most common corporate events are coupon payments, convertible bond issues and bond redemptions both before and at maturity.
We have a specialized team dedicated to gathering and sending goof the different events to our clients with the purpose of obtaining and processing their instructions.
- Claims for withholding taxes in fixed income securities and equities.CBS handles claims for the return of taxes paid in excess based on the difference between the generally applicable rate and the maximum set out in the relevant Double Taxation Treaty.
- Daily reconciliations of Spanish Securities.
- Certificates of positions upon client request.
- ADR (American Depositary Receipt) custody services in Spain.
- Services for general shareholders’ meetings.
- Management Information System Reporting (MIS Reporting): monthly reports sent out to customers outlining their operations for the last month (such as number of transactions settled, assets under custody, STP and Non-STP statistics, etc.)
- Physical shares custody.
- Splits of stock market transactions.CBS provides international brokers with automatic management services in relation to transaction splits. This facility also allows brokers to arrange and manage higher volumes and minimizes their risk, while also giving them greater control over their positions, reducing the likelihood of registration errors and swiftly identifying registration changes.
- Newsletters are delivered to customers to provide the latest information on the Spanish market, project status and recent legislative developments (such as Target 2 Securities, FATCA, CRS, MiFID II, SHRD, etc.).
Settlement and Custody services in relation to international equities and fixed income securities for resident and non-resident customers in Spain through our network of subcustodians.
- • Presence through Santander and CACEIS Group entities: Brazil, México, Argentina, Chile, Portugal and Poland are the countries in which the Santander and CACEIS Group have custodian units, providing direct access to the domestic markets.
- • Extensive network of subcustodians for easy access to other markets: All our service providers must undergo prior approval by the Executive Risks Committee and meet the stringent requirements set out in the Santander and CACEIS Group Internal Custody Provider Selection Procedure.
- Accounts are segregated based on the customer’s needs(subject to local regulations and the supplier’s technical requirements).
- Management of corporate events. Our systems are fully capable to process all type of corporate events announced on each market. We have a dedicated team that gathers information on the different events and sends this out to our clients.
- Tax reclaim for both fixed income securities and equities. CBS handles claims for the return of taxes paid in excess based on the difference between the generally applicable rate and the maximum set out in the relevant Double Taxation Treaty.
- Daily reconciliations of international securities.
- Physical shares custody through subcustodians.
- Position certificates upon client request.
- Customers are informed via newsletters with relevant market information that might affect the custodian and settlement processes of those markets in which they have investments.
- Custody and settlement of financial assets.
- Record keeping for assets that cannot be held in custody.
- Legal limits controls, ratios and supervising investment policies.
- Cash flows controls.
- Supervising transactions carried out on arm’s length terms.
- Verifying asset valuations.
- Management and depository fees control
- Net asset value checking.
- Supervisory Financial statements signature.
- Reporting to the Spanish regulators (CNMV and DGS)
- Simultaneous transactions execution ordered by fund manager’s in which CBS acts as depositary.
- Cash accounts in euros and other currencies.
- Payment orders and issuance and payment of cheques (related to the Custody services).
- Control of liquidity needs for cash accounts.
- Currency purchase and sell: foreign exchange spot transactions for securities settlement not issued in euros and financial transactions.
The Global Network Management team at CACEIS Bank Spain SAU, leads the process of assessing, selecting, contracting and re-assessment of custodian providers either for the Group clients or proprietary assets, according to the guidelines of the Custody Procedure of Santander and CACEIS Group.
Santander and CACEIS Group also offers fund administration services through its subsidiary company Santander Fund Administration, SAU.