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Principles which guide the activities of the Ombudsman

The main principles which guide the activities of the Ombudsman are:

SELF-REGULATION: The actions of the Ombudsman are founded on the principle of institutional autonomy which requires recognition of the necessary self-regulation capacity in order to tend to stock market traffic and the best fulfilment of its purposes.

CONFIDENCE VERSUS COERCION: Underlying this procedure is the desire to replace coercion instruments by institutional coexistence and confidence so that complaints can be settled. An ethical and professional response from the entities the subject of complaints is required, recognising that there could have been correct and incorrect decisions and that they should not ignore them but be the first to know about them and take the right steps.

CONFLICT, BAD INVESTMENT: The basic criterion that inspires the institution is that "from the financial standpoint, conflict is a bad investment". And not from the strict angle of the handling of the resources committed, which in many cases are not important but because of the upset it can cause to client-broker relations. All of this makes an urgent solution advisable, which prevents an erosion of confidence. There is an attitude in these situations which aims first of all to avoid it and if this is not possible, examine the factors behind the complaint, reduce the margins of discrepancy and move towards a rapprochement and eventual agreement.

INDEPENDENT SPACE: The procedure offered by the Ombudsman constitutes an independent space for formulating challenges against operations and an audience for the entity concerned which tries to quickly bring the sides closer together and restore the broker-client relation, either through agreement or a Final Report. We do not propose the agreement.

SPEED: The object of the stock market trading - the securities - does not have a stable valuation, but is subject to price changes. Only a procedure which handles the changes in share prices can hope to provide fair solutions.

DISSEMINATION AND TRANSPARENCY: The dissemination of reports has built up a core of doctrines for resolving conflicts which have a preventative value, making broker-client relations more transparent and avoiding the presentation of complaints.

FAIRNESS: The reports of the Ombudsman follow common legislation, the specific regulations of the stock market and stock market rules and uses. In addition, the implementation of stock market rules and the interpretation of the market's usual uses and practices introduce criteria of fairness in order to be able to appreciate and evaluate the damage and the harm done to the rights and interests of investors. The special nature of stock market conflicts and the transformations that have taken place in the code of commerce makes this obligatory.

SEPARATION OF FUNCTIONS: The Ombudsman works on the basis of the separation of the functions assigned to the supervision, inspection and monitoring institutions. His function is limited to defending the rights and interests of investors that have been supposedly violated and he cannot become involved in disciplinary matters, such as supervision or inspection of market members. He is excluded from other adjacent issues that have their own channels of information and resolution



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