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Regulatory and Clients Reporting Policy
REGULATORY AND CLIENTS REPORTING POLICY
I. GENERAL
United Bulgarian Bank (hereinafter “The Bank”), in order to ensure the sound disclosure of clients’ transactions, has developed the following reporting policy which aims to the proper information of Regulatory Authorities and its clients.
II. DEFINITIONS
For the purposes of this policy, the following definitions apply:
Financial instruments: those instruments specified in article 3 of The Markets in Financial Instruments Act. In this specific policy the term “financial instruments” refers to financial instruments admitted to trading on a regulated market.
Regulated market: is a multilateral system which:
(a) is operated or managed by a market operator,
(b) brings together or facilitates the bringing together of multiple third-party buying and selling interests in financial instruments, in the system and in accordance with its non-discretionary rules, in a way that results in a contract, in respect of the financial instruments admitted to trading under its rules and systems, and
(c) is authorized and functions regularly and in accordance with the provisions of The Markets in Financial Instruments Act.
Multilateral Trading Facility (MTF): a multilateral system, operated by an investment firm or a market operator, which brings together multiple third-party buying and selling interests in financial instruments, in the system and in accordance with non-discretionary rules, in a way that results in a contract in accordance with the provisions of The Markets in Financial Instruments Act.
Transactions Reporting System (TRS): an electronic system by which the reports of transactions on financial instruments are made to the Financial Supervision Commission (FSC).
Durable medium: any instrument which enables a client to store information addressed personally to this client in a way accessible for future reference for a period of time adequate for the purposes of the information and which allows the accurate reproduction of the information stored.
III. SCOPE
This policy covers all transactions in financial instruments admitted to trading on a regulated market within the European Economic Area (EEA) that are directly carried out by the Bank, whether or not these transactions are carried out on a regulated market or a MTF.
IV. AUTHORIZATION & GOVERNANCE
The Senior Management of the Bank is responsible for setting written rules and for establishing the appropriate procedures and systems to ensure that transactions are accurately and timely disclosed.
The development of this policy is a responsibility of the competent Divisions. The policy is reviewed by the Compliance Division and approved by the Senior Management.
This policy is reviewed annually or more frequently if necessary, in order to incorporate the changes in the current regulatory and statutory requirements, as well as the changes in the Banks’ and Group’s strategic goals or in its internal (operational – business) and external (market) environment.
The directors, the chief Executives and the Bank’s Personnel are responsible for the sound implementation of this policy. They should immediately report to the responsible bodies of the Bank any case of non-implementation, which was either brought to their attention or was reported to them by clients, and act jointly with the authorized divisions, as stated in this policy and in accordance with the Banks’ Code of Conduct.
The Bank possesses Compliance mechanisms and integrated systems of Internal Control, to ensure adherence to this policy.
V. TRANSACTION DISCLOSURE
In regard to markets’ transparency and integrity, the Bank discloses transactions on financial instruments admitted to trading on European Economic Areas’ regulated market to the Financial Supervision Commission. Specifically:
1. For transactions carried out on a regulated market or a MTF operated by the Bulgarian Stock Exchange – Sofia, the Bank ensures that all necessary actions have been taken in order to electronically communicate the aforementioned transactions to the Financial Supervision Commission, through TRS. The Bank ensures accurate communication of the aforementioned transactions on an ongoing basis.
2. For transactions carried out directly on financial instruments admitted to trading on EEA regulated markets or MTF, the Bank ensures that all necessary actions have been taken in order to electronically communicate the aforementioned transactions to the Financial Supervision Commission, through TRS.
3. For transactions not carried out on a regulated market (Overthecounter - OTC), the Bank has taken all necessary actions in order to electronically communicate the aforementioned transactions to the Financial Supervision Commission, through TRS.
Transaction disclosure is made as quickly as possible and:
- no later than the close of the following working day - for transactions on financial instruments, admitted to trading on a regulated market, carried out on the territory of the Republic of Bulgaria;
- within three business days – for transactions and activities on financial instruments executed in a third country during the previous week.
In order to obtain timely electronic disclosure of transactions through the TRS, the Bank has made the necessary modifications to its systems and/ or its reporting files in order to be in accordance with the Financial Supervision Commission’s prerequisites. The Bank has assigned competent staff, in every Division that carries out or settles transactions, to submit these disclosures.
The Bank discloses transactions to the Financial Supervision Commission electronically through the Commission’s TRS.
The Bank has developed a relevant reporting procedure that describes the necessary processes regarding the disclosure of transactions.
VI. REPORTING TO CLIENTS
The Bank informs its clients on their transactions in financial instruments and portfolio management services provided. Specifically:
1. For transactions on financial instruments carried out by the Bank, other than portfolio management services, the Bank:
a) provides promptly the client, in a durable medium, with all essential information concerning the execution of an order,
b) sends to the retail client a notice, in a durable medium, confirming execution of his order as soon as possible and in all cases no later than the first business day following execution or following the receipt of the confirmation from a third party (if the Bank receives the confirmation from a third party); and
c) provides the client, on written request, with further information about the status of his order.
2. For transactions carried out by third parties, the Bank sends the relevant confirmation to its clients, no later than the first business day following receipt of the confirmation from the third party.
3. For portfolio management transactions, clients receive a periodic statement every six months or more frequently if necessary, in a durable medium or any other medium which allows accessibility for future reference and reproduction of information, unless the client has requested otherwise.
4. The Bank ought to provide its clients with specific information on their transactions or portfolio status, after having received a request in written form by the client. In cases where the information to the client is provided directly by a third party, the Bank ensures that the third party adheres to the relevant procedures for outsourcing.
The Bank has developed a relevant reporting procedure that describes the necessary processes regarding the reporting to its clients and the content of these reports in line with the statutory and regulatory requirements.
This Policy is approved by UBB Executive Directors on 26.09.2009 and approved by UBB BoD on 10.03.2010.