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Funtions of the Ombudsman

Tend to and examine complaints, claims and challenges by investors regarding transactions on the Bolsa de Madrid and in relation to them analyse the actions of market members, institutions receiving orders, entities issuing securities and other parties involved in contested operations. A FINAL REPORT is drawn up which contains a proposed solution to the conflict and also suggestions and recommendations.

In short, the Ombudsman's functions are:

  1. Take preventative steps, endowing broker-investor relations with greater transparency which clarifies positions in conflicts when they arise and tries to avoid complaints and challenges.

  2. Reconcile the parties concerned, creating the conditions and having the resources (the procedure) to clarify issues and bring the sides closer together and the scope to reach an eventual agreement. Disseminate the annual report of the Ombudsman with the criteria and core doctrine, helping to bring about an end to the conflict and avoiding a Final Report.

  3. Act as arbiter and provide a channel for the issues and allegations that lead to the drawing up of a Final Report, which contains a proposed solution.

  4. Information, in all directions. Prior to the presentation of the complaint, or subsequently, in order to show the investor how to proceed if the Ombudsman rules that he is not able to deal with the issue.

The Ombudsman's functions and responsibilities do not include the following:

  • Complaints whose handling and resolution could damage third parties.

  • Issues that are pending a court decision or which, after being raised, may be submitted to a court.

  • Issues that are subject to an arbitration procedure.

  • Complaints being handled by the customer defender or an equivalent body of any entity.

  • Claims that are pending or being submitted to the National Securities Market Commission and the Bank of Spain's Complaints Department.

 

 

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