Technical Standards for Individual Portfolio Administration

THE COMMITTEE OF NORMS OF THE CENTRAL RESERVE BANK OF EL SALVADOR,

CONSIDERING:

I. That Article 60-A of the Securities Market Law establishes that Brokerage Houses may carry out individual portfolio administration operations, and that to carry out said operations they will request prior authorization from the Superintendence of the Financial System, and must carry out these operations with the diligence of a good merchant in their own business.

II. That Article 3 literal b) of the Law on Supervision and Regulation of the Financial System establishes as a competence of the Superintendence of the Financial System to authorize the constitution, operation, start of operations, suspension of operations, modification, revocation of authorization, closure and other acts of the members of the financial system, in accordance with the legal, regulatory or technical normative provisions established regarding the matter.

III. That Article 5 literal a) of the Law on Supervision and Regulation of the Financial System establishes as a competence of the Superintendence of the Financial System to authorize, modify, suspend or cancel the entry in the Public Stock Register of Brokerage Houses.

IV. That Article 7 of the Law on Supervision and Regulation of the Financial System establishes that it corresponds to the Superintendence of the Financial System the supervision of Brokerage Houses, Specialized Societies in the Deposit and Custody of Securities and Broker Agents.

V. That Article 35 literal c) of the Law on Supervision and Regulation of the Financial System establishes as an obligation of the supervised the adoption and updating of policies on ethical standards of conduct, management of conflicts of interest, use of insider information, prevention of conduct that could imply manipulation or abuse of the market, as well as compliance with principles, rules or standards in the management of business that establish to achieve corporate objectives.

VI. That Article 11 of the Consumer Protection Law establishes that the economic and social interests of consumers will be protected in the terms established by the aforementioned Law, applying suppletorily what is provided by civil, commercial laws, those that regulate foreign trade and the authorization regime of each product or service.

VII. That Article 15 first paragraph of the Special Law for the Prevention, Control and Sanction of Money Laundering, Terrorism Financing and Financing of

the Proliferation of Weapons of Mass Destruction, establishes that obligated subjects, to achieve identifying their clients and users, including the controller, recipient or final beneficiary, managing the risks associated with them and obtaining appropriate information about the commercial relationships entered into or their continuity, must take reasonable measures to carry out due diligence procedures. (5)

THEREFORE,

in virtue of the normative powers conferred by Article 99 of the Law on Supervision and Regulation of the Financial System,

AGREES, to issue the following:

TECHNICAL STANDARDS FOR INDIVIDUAL PORTFOLIO ADMINISTRATION

CHAPTER I
OBJECT, SUBJECTS AND TERMS

Object
Art. 1.- These Standards have as their object to establish the guidelines that entities in charge of carrying out individual portfolio administration operations must comply with, in accordance with applicable laws and international standards in the matter, in such a way as to allow providing transparency, fairness and competitiveness to the securities market.

Subjects
Art. 2.- The subjects obliged to comply with the provisions established in these Standards are: (2) a) Brokerage Houses authorized to provide the individual portfolio administration service; and b) Specialized Societies in the Deposit and Custody of Securities.

Terms
Art. 3.- For the purposes of these Standards, the terms indicated below have the following meaning: (2) a) Individual portfolio administration: According to Article 60-A of the Securities Market Law, it is the set of investments that Brokerage Houses make with the resources of an investor, in their name and ownership, for which the House assumes responsibility in making investment decisions in accordance with what is established in the respective contract;

b) Agents: Broker Agent, understood as the representative of a Brokerage House, authorized to carry out operations on their behalf in a Stock Exchange; c) Central Bank: Central Reserve Bank of El Salvador; (4) d) House: Brokerage House, authorized and registered in the Superintendence of the Financial System; (4) e) Portfolio: The total of assets, instruments or operations in which the resources of a client are invested; (4) f) Custodian: Specialized society in the deposit and custody of securities; (4) g) Investor: Natural or legal person in whose name the House carries out the set of investments with the resources of this and its ownership, by virtue of a mandate contract for individual portfolio administration; (4) h) Security or Financial Instrument: It will be understood as any financial instrument, contract or financial title that is part of the portfolio investments, according to what is established in the International Financial Reporting Standards; (4) i) Fair value: Is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants, well-informed individuals who participate freely and independently, on the measurement date; and (4) j) Superintendence: Superintendence of the Financial System. (4)

CHAPTER II
AUTHORIZATION REQUIREMENTS TO PROVIDE THE INDIVIDUAL PORTFOLIO ADMINISTRATION SERVICE

Authorization Requirements
Art. 4.- The House that wishes to provide the individual portfolio administration service must request the corresponding authorization from the Superintendence. For such purposes, the Legal Representative or Attorney-in-fact of the House must present the application signed to the Superintendence accompanied by the following documentation:
a) Certification of the Minutes of the Board of Directors meeting in which it is agreed to request authorization to provide the individual portfolio administration service; b) List of the Agents whom the House has designated as responsible for administering matters related to this activity; c) Internal control procedures manual for the operational functioning of individual portfolio administration, in accordance with what is established in article 19 of these Standards; d) Policies on the management of conflicts of interest and the use of insider information relative to the individual portfolio administration service; this information may be considered in the House's Code of Ethics or Conduct, in case it already has such policies, only the corresponding updates must be attached to the application. Such policies must contain at least the following:

i. The subjects obliged to comply with them;
ii. The probable conflicts in which they might incur;
iii. The procedures that allow preventing potential conflicts of interest, considering for this the necessary actions to prevent and administer such conduct, in accordance with what is established in article 20 of these Standards;
iv. Stipulate the barriers that prevent the improper flow of insider information; and
v. Definition of control mechanisms for the follow-up of what is established in the preceding literals, as well as the applicable sanctions.
e) Procedures and mechanisms to carry out the valuation of investments, in accordance with what is established in article 18 of these Standards; f) The description of the electronic register of managed portfolios according to the characteristics established in article 22 of these Standards; and g) Update of the accounting system that allows keeping separate accounting for each client to whom the individual portfolio administration service is provided, in accordance with what is established in the accounting framework applicable to Houses.

In no case, the House may provide the individual portfolio administration service while it does not have the authorization of the Superintendence.

In the case of literals c), d) and e) they must have the approval of the Board of Directors of the Entity.

The application and documentation may be presented through the means made available by the Superintendence, which may be electronic. In any case, the period referred to in the first paragraph of article 5 of these Standards will begin to run from the next business day after the application has been presented. (2)

Authorization procedure to provide the individual portfolio administration service (2) Art. 5.- Upon receipt of the application for authorization to provide the individual portfolio administration service, in accordance with what is established in article 4 of these Standards, the Superintendence will proceed to verify compliance with the requirements defined in the Securities Market Law and in these Standards, having up to twenty business days for the authorization or denial of the application. (2)

If the application is not accompanied by the complete and duly formatted information detailed in article 4 of these Standards, the Superintendence, due to the lack of necessary requirements, may require the House to present the missing documents within a period of ten business days counted from the day following the notification, a period that may be extended at the request of the House, when there are reasons justifying it. (2)

The Superintendence in the same notice will indicate to the House that if it does not complete the information within the aforementioned period, it will proceed without further procedure to archive the application, leaving it free to present a new application. (2)

If after the analysis of the documentation presented according to article 4 of these Standards, the Superintendence has observations or when the documentation or information presented does not result sufficient to establish the facts or information intended to be accredited; the Superintendence will notify the respective House once to remedy the deficiencies communicated or present additional documentation or information requested. (2)

The House will have a maximum period of ten business days, counted from the day following the notification, to resolve the observations or present the information requested by the Superintendence. (2)

The Superintendence may by reasoned resolution, extend by another ten business days the period indicated in the previous paragraph, when the nature of the observations or deficiencies notified so requires. (2)

Extension Period (2)
Art. 5-A.- The House may present to the Superintendence an application for extension of the period indicated in the fifth paragraph of article 5 of these Standards, before the expiration of said period, expressing the grounds on which it is based and proposing, if applicable, the pertinent proof. (2)

The extension period may not exceed ten business days and will begin from the next business day after the expiration date of the original period. (2)

Suspension of the period (2)
Art. 5-B.- The period of twenty business days indicated in the first paragraph of article 5 of these Standards, will be suspended for the days that elapse between the notification of the requirement to complete information or documentation referred to in the second and fifth paragraphs of said article, until the interested parties remedy the observations required by the Superintendence. (2) (4)

Once the complete and duly formatted documentation is presented, the Superintendence will proceed to notify the resolution in which it authorizes or denies the application for authorization to provide the individual portfolio administration service, within a maximum period of three business days from the date the resolution is issued. (2)

Update of Information
Art. 6.- The House will communicate to the Superintendence any change made to the policies, manual and procedures detailed in article 4 of these Standards within a period

not greater than ten business days after its approval.

CHAPTER III
ON INDIVIDUAL PORTFOLIO ADMINISTRATION

Mandate Contract for Individual Portfolio Administration Art. 7.- To provide the individual portfolio administration service, the House must celebrate a mandate contract for individual portfolio administration with the investor. In the aforementioned contract, the investor will authorize the House for making investment decisions and administering the resources provided by the same, for this, it will indicate the investment policy, the parameters, the powers it grants to the House for the administration of the Portfolio, as well as, the rights and obligations of the contracting parties.

In said contract, the House must express that it accepts the management requested by the investor and the authorizations granted to carry it out. Likewise, the grounds for transfer and liquidation of portfolios must be recorded.

For the case of deposit of securities in administration, the investor must grant the House a mandate so that in their name and representation they carry out deposit operations of securities in the Custodian. For this, the client must celebrate a Mandate Contract for Deposit Operations of Securities in Administration, in accordance with what is established in the "Technical Standards on the Registration of Clients and Intermediation Contracts Used in the Securities Market by Brokerage Houses" (NDMC-23), approved by the Central Bank through its Committee of Norms.

Likewise, the House must comply with the registration of clients, whether natural or legal persons, in accordance with what is established in said Regulation. (4)

In no case will this contract be considered as a contract of adhesion, which must be adapted to the profile, requirements and needs of each of the investors. Without prejudice to what is established in applicable laws and these Standards, the contract will be freely discussed between the parties. In Annex No. 1 of these Standards, there is a standard contract that Houses may consider for the provision of this service.

The House must explain to the investor that the securities that make up the portfolio are subject to market fluctuation and other risks inherent to investment, therefore, the results obtained from the liquidation of the securities are subject to variations both up and down and there is the possibility that the initially invested amount is not recovered. The House must leave a record of the above in the respective contract. (2)

Art. 8.- The contract must be in legible characters, so the font size cannot be less than 10 points, and a copy of it and its annexes, when applicable, must be delivered to the investor at the moment of

subscription. The provisions of the Consumer Protection Law, other laws and applicable regulations apply to the contract. (2)

Investment Limits and Excesses
Art. 9.- The investor's resources may be invested, in accordance with what is established in the contract and in accordance with what is established in the policy and investment limit defined by it. For this, the procedures and deadlines to regularize non-compliance with the investment policy must be specified in accordance with what is established in the contract.

Modification to the Contract
Art. 10.- In case the investor wishes to modify what is established in the contract and its annexes, change the investment policy, the time horizon of the investments or the management powers granted to the House, it must request such modification in writing and the House may prepare an addendum to the original contract where the modifications are established and these will not enter into force until the corresponding documentation for the addendum has been signed.

The signing of the corresponding modifications will not affect the liquidation and cancellation of pending operations to be liquidated that had been carried out previously.

In the case of making modifications to the funds or amounts invested, they can be carried out through vouchers where the new amount in administration is detailed.

Powers of the House
Art. 11.- The powers of the Houses will be in function of those granted by the investor in the respective contract, according to the objectives and conditions established in it, the House being able to exercise, among others, the following:
a) Invest in securities and instruments, according to the modalities permitted by the contract and in accordance with what is established by applicable norms. In the case of execution of buy and sell orders for securities, these must be carried out in accordance with what is established in the "Technical Standards for the Process and Registration of Buy and Sell Orders for Securities of Brokerage Houses" (NDMC-01), likewise the signature of the order forms by the investor or prior acceptance by it will not be necessary; nevertheless, the orders must be signed by the executive responsible for the administration of the portfolio by the House; b) Exercise any economic charge or right that securities or financial instruments incorporate, such as: capitals, interests, dividends, as well as any type of economic rights generated by such assets; c) Exercise any social rights that securities or financial instruments maintained in the portfolio incorporate, such as: right of preference for

subscription of securities, conversion among other values offered by the issuer, in accordance with what is established by the client; d) Reinvest the product of the alienation of the sales of securities or financial instruments in accordance with what is established by applicable norms; e) Request the subscription and redemption of participation shares of investment funds; and f) Open bank and securities deposit accounts in institutions authorized by the Superintendence, for which it must have this power granted by the client in the respective contract, for such purposes the House must observe what is established in the Special Law for the Prevention, Control and Sanction of Money Laundering, Terrorism Financing and Financing of the Proliferation of Weapons of Mass Destruction, especially regarding the knowledge of the investor. (5)

Art. 12.- In case the investor authorizes the House to open bank accounts in their name and administered by the House, the following clause must be established in the contract: "The contracting parties agree by this means that the funds delivered by the investor to the House will be deposited in a bank account in the name of the investor and administered by the House, in an entity authorized by the Superintendence of the Financial System to carry out passive operations in the country. For this, the investor empowers the House to open, close or liquidate the bank account in the name of the investor administered by the House; to deposit and withdraw money, freely endorse checks; provide the bank entity with all the information required for the opening of the bank account; celebrate all kinds of contracts, sign forms and documents that are necessary to achieve its purpose."

Likewise, in case the investor authorizes the House to invest in bank deposits, the following clause must be included: "The investor empowers the House to open and close bank deposits in their name, in an entity authorized by the Superintendence of the Financial System to carry out passive operations in the country and in accordance with what is stipulated in article 60-A of the Securities Market Law. For this, the House may provide the bank entity, celebrate all kinds of contracts, sign forms and documents that are necessary to achieve its purpose."

Likewise, when the investor grants powers to the House to open accounts, bank deposits must establish in the respective contract the grounds for the closure of the accounts and bank deposits by the House. In this case, the House must explain to the investor the scope of the power granted.

Termination of the Contract
Art. 13.- The investor may terminate the contract in accordance with the procedures, grounds and deadlines for resolution contained in it. When the House decides to terminate the contract once the term has ended, provided that

if it does not comply with what is stipulated in Article 965 of the Commercial Code, it must notify the latter with a prior notice of no less than fifteen business days, justifying its decision. The House will proceed according to the instructions indicated by the client, who must stipulate the liquidation or transfer of the portfolio, which must be carried out in accordance with what is established in Chapters X and XI of these Standards. Likewise, the House may stipulate causes and procedures for early termination in contracts entered into with clients, in accordance with what is established in the current legal framework.

CHAPTER IV
HOUSE OBLIGATIONS AND PROHIBITIONS

House Obligations
Art. 14.- The House that administers individual portfolios must comply, at a minimum, with the following obligations:
a) Maintain the legal, accounting, and financial separation at all times of the securities, bank deposits, cash, and ongoing operations of each investor, separated from the rest and from those of its ownership; b) Comply with all obligations contained in the contract; c) Carry out operations with the diligence of a good merchant in its own business, taking into consideration the investor's risk profile, defending at all times the interests of the latter according to its best professional judgment with the objective of increasing the value of the portfolio, in accordance with what is established in the contract; d) Know the investor in accordance with Article 25 of these Standards; e) Open for exclusive use of the House, a bank account at an institution authorized by the Superintendence under the ownership of the investor, distinct from those that the House has for its own account, in accordance with Article 12 of these Standards. The foregoing, in order to carry out individual portfolio administration operations; f) Deposit the securities in a Depositary authorized by the Superintendence, under the ownership of the investor when applicable. In the case of securities accounts related to individual portfolio administration, the House must open the respective securities accounts at the Depositary, separated from the other securities accounts that the investor may have under its ownership at the Depositary; g) Keep identified at all times the securities, bank deposits, cash, and pending settlement operations of each investor; h) Charge commissions in accordance with what is established in the contract; i) Keep a record for each investor in accordance with Article 21 of these Standards; j) Inform the client prior to the negotiation of securities, when these present price, yield, or other extraordinary characteristics to those observed in the market for this type of security, in order for the client to be able to pronounce themselves regarding the execution of the order; and k) Comply with all those obligations stipulated in the laws, regulations, and applicable technical standards.

Securities Accounts
Art. 15.- With respect to the securities deposit accounts that the House opens in the name of the investor before the Depositary, according to the Mandate Contract for Securities Deposit Operations in Administration, in accordance with what is established in the “Technical Standards on Client Registration and Intermediation Contracts Used in the Securities Market by Brokerage Houses” (NDMC -23), approved by the Central Bank through its Standards Committee, the Depositary must specify in its securities account records that in said accounts the securities in individual portfolio administration are registered, differentiating them from other accounts that the investor may have at the Depositary. (4)

House Prohibitions
Art. 16.- The following are prohibitions of the House:
a) Multiply transactions unnecessarily and without benefit for the investor with the objective of generating commissions charged to the latter and to the detriment of the administered portfolio; b) Mix the investor's assets with those of the House or with those of another; c) Guarantee or assure any yield, nor the capital of the securities that make up the portfolio, nor assume losses, nor grant the investor a yield different from that obtained by the portfolio. In no case shall the House act differently from what is established in the contract and the instructions that have been received in a verifiable and prior manner from the latter; d) Transfer securities owned by the administered portfolio to other portfolios or in favor of the House, unless the operation is carried out in a stock exchange or when transfers are made between accounts owned by the same investor; e) Use the funds or financial instruments obtained by the investor or those obtained as products of the administration of the portfolio for purposes other than those entrusted. At no time may it use said resources to finance or guarantee its own operations or those of third parties; f) Guarantee or make contributions with its own resources to satisfy the investor's liquidity demand. In all cases, liquidity will be a function of the administered portfolio; g) Incorporate abusive clauses into the individual portfolio administration contract, in accordance with what is established in Article 17 of the Consumer Protection Law; h) Establish automatic extension in mandate contracts for individual portfolio administration; i) Others established by laws, regulations, and applicable regulations; and j) Disclose information to third parties regarding investments, amounts, and administered portfolios of its clients, unless such information is required by the competent authorities within the framework of their legal attributes.

Information Supply to the Client
Art. 17.- The House must send the client a statement of account, in physical or electronic version in accordance with what is established in the contract, with a monthly periodicity, indicating the management developed and considering the following:
a) Bank deposits; b) The composition of the portfolio, indicating the type of title, issuer, and maturity; c) Portfolio risk indicator, which determines the risk measure of the administered portfolio calculated through statistical tools, such as: value at risk (VaR) indicator or other risk indicators; d) Portfolio movement; e) Balances; f) Net profitability; g) Accrued commissions; h) Portfolio valuation, in accordance with what is established in Article 18 of these Standards; and i) Consign the following literal reason: “The value of the portfolio's investments are subject to market fluctuations and other risks inherent to investment in securities, so the value shown and the yields obtained may experience variations both upwards and downwards and there is a possibility that the initially invested amount will not be recovered.” The investor may request at any time a Statement of Account of their investment portfolio at the House's facilities. In the respective contract for individual portfolio administration, the investor may establish a lower periodicity for sending the statement of account according to their needs. The House must communicate to the latter any event that negatively affects the investments or affects the investment limits of the portfolio it administers within a period of 24 hours, from the time the House had knowledge of the fact. Likewise, the House must ensure that the information delivered to each client is sufficient, timely, and truthful.

In case electronic means are used for sending information, these must guarantee the fidelity, integrity, and confidentiality of the information referred to.

Valuation of Investments
Art. 18.- For the purposes of establishing the fair value of the investments that make up the portfolio, the House must obtain the respective prices through any of the following sources:
a) In the case of financial instruments from local issuers, the prices provided by a specialized agent in securities valuation authorized by the Superintendence; b) In the case of financial instruments from foreign issuers, the prices provided by a specialized agent in securities valuation or an international stock or financial information system such as Bloomberg, Reuters, or another recognized by the Superintendence in accordance with Article 10 of the Securities Market Law; or c) The prices resulting from the development of its own methodology in accordance with what is established in the “Technical Standards for Specialized Agents in Securities Valuation” (NDMC -09), approved by the Central Bank through its Standards Committee, which for such purposes the Central Bank issues. Said methodology must be previously approved by the Board of Directors. (4)

CHAPTER V
INTERNAL CONTROL

Internal Control
Art. 19.- The House must define internal control procedures related to individual portfolio administration service operations.
The House will have a manual containing the internal control procedures related to the management of the individual portfolio administration service, which must be approved by the Board of Directors of the House, said procedures must consider the following:
a) The definition of participants, functions, and responsibilities inherent to the individual portfolio administration service; b) Purchase and sale policies, transfers, and settlement of the assets that make up the portfolios in administration; and c) Segregation of functions policies. In case the House has Internal Control Manuals, it must only update them in accordance with what is established in this article.

Conflicts of Interest
Art. 20.- The House must establish policies and procedures that allow preventing potential conflicts of interest, considering for this purpose, what is established in the “Technical Standards of Conduct of Entities of the Stock Markets” (NDMC -15), approved by the Central Bank through its Standards Committee. (4)

CHAPTER VI
REGISTRATION AND ACCOUNTING

Electronic Registration of Administered Portfolios Art. 21.- For the purposes of facilitating the control of each of the administered portfolios, the House must keep an electronic record for each investor, which must be updated daily. The referred record must be reconciled with the statements of account sent to it and the records of the Depositary, in which the following information must be recorded:
a) Bank deposits in the name of the investor, noting the date and time they were made; b) Investments made by virtue of the contract; c) Movements of funds received or delivered, if applicable, noting the date and time they were made; d) Securities bought or sold, detailing the type of security traded, the quantity of securities, the price paid or received, order number and settlement number of the operation, as well as the date and time the operations were made, among others, that are relevant for the investor's knowledge; e) Payment of capital, interest, yields, and dividends received; f) Data of the Agent in charge of carrying out the operations; g) Commissions charged; h) Daily portfolio valuation in accordance with what is established in Article 18 of these Standards; and i) Others that are relevant for the administration of the portfolio. All movements must be accredited through the issuance of income and expense vouchers. For this purpose, the House will make available to the investor copies of the forms duly signed by the agent in charge of the administration of the portfolio of the buy and sell orders of the securities that make up the portfolio in administration, in accordance with what is established in the “Technical Standards for the Process and Registration of Buy and Sell Orders of Securities of Brokerage Houses” (NDMC -01).

Characteristics of the Electronic Record
Art. 22.- The electronic record used must meet the following minimum characteristics:
a) Allow the storage of information in media and formats that ensure its integrity, availability, and confidentiality over time; b) Contain the general information of the investor and the detailed information in Article 21 of these Standards; c) Contain fields containing the general information of the client, allowing the House to issue statements of account per client on a specific date; d) Have contingency mechanisms that allow the House the continuity of its operations; and e) Have regular and periodic backup procedures that guarantee an effective storage of the investor's information.

Separate Assets and Accounting
Art. 23.- The funds that make up the individual portfolios administered by a House constitute an independent and distinct patrimony from the patrimony of the House and the other patrimonies it administers. In this sense, the House must account for the individual portfolio separately from the other patrimonies, having an accounting detail for each investor with whom it signs the commission contract for individual portfolio administration. The securities that make up the administered portfolio are the property of the latter and must be registered with absolute independence from the assets owned by the House. The foregoing, in accordance with current accounting regulations. The House must reconcile the administered portfolio daily with the records of the Depositary. The House has no right of ownership over the goods that compose or that are generated by effect of the individual portfolios, being responsible only for their administration in accordance with the Securities Market Law and these Standards.

CHAPTER VII
COMMISSIONS

Administration Commission
Art. 24.- For the individual portfolio administration service, the commission established between the investor and the House will be charged, which must be recorded in the contract in accordance with what is established in Article 12-A of the Consumer Protection Law. Said commission may be composed or presented separately or detailed from other commissions to be charged by the House. Only the commissions established in the contract may be charged. The House must publish monthly the commission related to individual portfolio administration, in accordance with what is established in the “Technical Standards for the Publication of Commissions of Entities that Intervene in the Securities Market” (NCM -05), approved by the Central Bank through its Standards Committee. (3)

CHAPTER VIII
KNOWLEDGE AND REGISTRATION OF THE INVESTOR

Knowledge of the Investor
Art. 25.- The House must ensure that it has sufficient information about the investor, prior to the execution of the commission contract for individual portfolio administration, in accordance with what is established in the chapter regarding obligations with clients and knowledge of clients included in the “Technical Standards on the Process and Registration of Buy and Sell Orders of Securities of Brokerage Houses” (NDMC -01).

Risk Profile
Art. 26.- The House must determine the profile of the potential investor prior to the execution of the commission contract for individual portfolio administration. Based on the information provided by the investor, interviews conducted, and a systematic procedure applied by the House for the knowledge of the latter, a profile of the investor on the alternatives of the securities they wish to invest in must be determined, taking into consideration the risk they wish to assume in them, as well as the knowledge they may have about the securities market, level of studies, occupation or professional activity, investment volume, noting the profile in the form that the House must carry out for each of the investors, which must be signed by them. Art. 27.- To determine the risk profile, the House must apply the procedure established in the chapter regarding obligations with clients and knowledge of clients included in the “Technical Standards on the Process and Registration of Buy and Sell Orders of Securities of Brokerage Houses” (NDMC -01), attaching said profile to the respective contract.

CHAPTER IX
TRANSFER OF PORTFOLIOS

Art. 28.- The transfer of portfolio administration to another House will proceed by client instructions in the following cases:
a) By change of portfolio administrator at the request of the client; b) By revocation of authorization due to the withdrawal of the individual portfolio administration activity by the House; and c) By other causes specifically contemplated in the portfolio administration contract. In all cases, the House will proceed to the portfolio transfer according to the process established in Article 30 of these Standards. The Superintendence may revoke the authorization to provide the individual portfolio administration service, as a consequence of a sanctioning process carried out by it, it will proceed in accordance with what is stipulated by these Standards and in accordance with what is established in the applicable legal framework. As a result of said revocation, the House must activate the portfolio transfer processes, notifying the client so that they can pronounce themselves regarding the transfer or liquidation of their portfolio.

Art. 29.- The House that intends to cease providing the portfolio administration service must present a request for revocation of authorization to the Superintendence, signed by the Legal Representative or Attorney-in-fact of the House, attaching the following documentation:
a) Certification of the minutes point where the agreement of the Board of Directors is recorded, where it approves requesting the Superintendence the revocation of the authorization to provide the individual portfolio administration service; b) Action plan to cease providing the service; which establishes the process to follow, including notification to clients, the deadline to finalize obligations, and actions to follow in case client instructions are not received or the client cannot be contacted; and c) Report of the portfolios in administration detailing the following: Composition of the portfolios in administration, considering the types of financial instruments in the portfolio, invested amounts, and number of clients to whom the House provides the service. Once the action plan presented by the House is fulfilled, the Superintendence within a period of fifteen business days will proceed to revoke the corresponding authorization. Said Superintendence will verify compliance with what relates to the transfer process and the action plan. The Superintendence will verify compliance with what relates to the transfer and liquidation process with its respective action plan.

Transfer Process
Art. 30.- In the portfolio transfer processes, the following must be observed:
a) The investor must sign a mandate contract for individual portfolio administration with the receiving house, in accordance with what is established by these Standards; b) The investor must instruct the House that provides the service, the transfer instruction to the receiving House selected by it; said instruction must be elaborated in accordance with Annex No. 2 of these Standards; c) The transferring House must issue a closing statement of account for the receiving House on the date of transfer of the portfolio, detailing the assets that make up the portfolio, delivering a copy of said statement of account to the investor. In case the transfer process includes physical representative securities, the transferring House must deliver to the investor the titles and noting in writing the delivery, detailing: date, name of the investor, description of the titles: issuer, type of title (registered, bearer, order), certificate number, holder of the certificate, nominal value of the certificate, and number of titles delivered; d) The transferring House must remit to the Depositary where the

values, the transfer instruction issued by the investor, to the destination account that the receiving house has opened for the administration of the investor's portfolio; e) The Receiving House will verify the deposit of the values into the destination account; for this purpose, it will prepare an opening statement of the portfolio detailing the values that compose the portfolio on the date of the portfolio transfer, according to the destination account and reconciling it with the closing statement by the Ceding House; and f) The Transferring House will proceed with the settlement and closure of the bank account under administration by it; and deliver to the client the resulting balance from the settlement and closure of the bank account.

This procedure will be of a general nature for portfolio transfer procedures.
The House transferring the portfolios must communicate to the Superintendency the start of the process related to this article on the next business day after having knowledge of the cause that motivates it.

Art. 31.- In the case that the investor does not wish to continue with the service of individual portfolio administration provided by the House and wishes to continue with the brokerage services provided by the House, the values of the deposit accounts in individual portfolio administration will be transferred to a brokerage account opened by the House, specifying the respective change in the records of the Depository. The House must deliver to the investor a closing statement on the date of portfolio transfer, detailing the assets that compose the portfolio.

Once the change is made, the House will proceed with the settlement and closure of the bank account under administration by the House. Likewise, the House may not charge any commission for the individual portfolio administration service.

Cessation of Activities of the House
Art. 32.- The House transferring the portfolio will be responsible for complying with its obligations, until the House that acquires the administration has the values that constitute the portfolio in its accounts and has received the other values.

CHAPTER X
LIQUIDATION OF THE PORTFOLIO

Liquidation of the Portfolio
Art. 33.- The portfolio will be liquidated at the request of the investor and in accordance with the cases contemplated in the contract.

Art. 34.- During the liquidation process, the House must observe the following:
a) Communicate in writing to the investor or their beneficiaries, in the manner provided for in the contract, that the portfolio has entered the liquidation process; b) Prepare a closing statement detailing the assets that constitute the portfolio on the date of the start of the liquidation process; c) Cancel commitments with third parties that have committed the assets of the portfolio; d) Sell the values or assets of the portfolio under the best conditions for the client, taking into consideration the maturity periods of the investments; e) Settle and close the bank account under administration by the House; and f) Distribute the balances resulting from the liquidation of the values, depositing them in the account that the client established to receive balances according to the contract or in the manner that the client requires.

Clause a) will not apply when the portfolio liquidation instruction is at the request of the investor. This procedure will be of a general nature for the liquidation of portfolios.

CHAPTER XI
REQUEST FOR INFORMATION

Sending of Information
Art. 35.- The House must inform the Superintendency monthly of the total amounts of the portfolios administered in accordance with what is established in Annex No. 3 of these Standards. Likewise, the House must remit monthly to the Superintendency, within the first ten business days of the month, the liquidations carried out by it, detailing the composition of the liquidated portfolios considering the types of instruments that make up the portfolio. (4)

Linked Operations
Art. 36.- The House must inform monthly to the Superintendency in accordance with what is established in Annex No. 4 of these Standards, regarding the following investments:
a) Investments in values or financial instruments issued by entities that belong to the same financial conglomerate or business group to which the House belongs and that said values have become part of the investments of the portfolios under administration; b) The subscription or acquisition of values in which the House or any entity of the financial conglomerate or business group acts as the placing agent for the issuance and that said values have become part of the investments of the portfolios under administration;

CNBCR- 03/2016
NDMC-05
TECHNICAL STANDARDS FOR INDIVIDUAL PORTFOLIO ADMINISTRATION Approval: 16/03/2016 Validity: 11/04/2016 Alameda Juan Pablo II, between 15 and 17 Av. Norte, San Salvador, El Salvador. Tel. (503) 2281-8000 www.bcr.gob.sv c) The values or financial instruments resulting from the negotiation of the House or entities that belong to the same business group or financial conglomerate of the same, and that said values have become part of the investments of the portfolios under administration; and d) Operations between the client and other clients of the House.

Technical Details of the Sending of Information Art. 37.- The Superintendency will send to the entities subject to these Standards within a maximum term of one hundred twenty (120) calendar days after the entry into force of these Standards, with a copy to the Central Bank, the technical details related to the sending of the information required in articles 35 and 36 of the same. In no case, the aforementioned technical details may modify what is established in these Standards.

CHAPTER XII
OTHER PROVISIONS AND VALIDITY

Sanctions
Art. 38.- Non-compliance with the provisions contained in these Standards will be sanctioned in accordance with what is established in the Law of Supervision and Regulation of the Financial System. (2)

Unforeseen Aspects (2)
Art. 39.- Aspects not provided for in regulatory matters in these Standards will be resolved by the Central Bank through its Standards Committee. (2)

Validity
Art. 40.- These Standards will enter into force as of April 11, 2016.

MODIFICATIONS:
(1) Modification approved based on the generic procedure agreed upon by the Committee of Standards of the Central Reserve Bank in Session CN-01/2016, of February 24, 2016. Validity of modification from September 5, two thousand seventeen. (2) Modifications to articles 2, 3, 4, 5, 7, 8, 38, 39 and incorporation of articles 5-A and 5-B, approved by the Central Bank through its Standards Committee, in Session CN14/2021, dated October 4, two thousand twenty-one, with validity from October 21, two thousand twenty-one. (3) Modifications in article 24, approved by the Central Bank through its Standards Committee, in Session CN-09/2023 of September 26, two thousand twenty-three, with validity from October 11, two thousand twenty-three. (4) Modifications to articles 3, 5-B, 7, 15, 18, 20 and 35, approved by the Central Bank through its Standards Committee, in Session No. CN-05/2025 of June 30, two thousand twenty-five, with validity from July 15, two thousand twenty-five.

CNBCR- 03/2016
NDMC-05
TECHNICAL STANDARDS FOR INDIVIDUAL PORTFOLIO ADMINISTRATION Approval: 16/03/2016 Validity: 11/04/2016 Alameda Juan Pablo II, between 15 and 17 Av. Norte, San Salvador, El Salvador. Tel. (503) 2281-8000 www.bcr.gob.sv (5) Modifications in Consideration VII, in article 11 and in Annex No. 1, approved by the Central Bank through its Standards Committee, in Session No. CN-04/2026, of May 25, two thousand twenty-six, with validity from June 9, two thousand twenty-six.

Annex No. 1

STANDARD MANDATE CONTRACT FOR INDIVIDUAL PORTFOLIO ADMINISTRATION

We, (NAME OF LEGAL REPRESENTATIVE, ATTORNEY-IN-FACT OR MANAGER OF THE BROKERAGE HOUSE AUTHORIZED FOR THIS PURPOSE), of legal age, employee, of the domicile of (LEGAL REPRESENTATIVE'S DOMICILE OF THE BROKERAGE HOUSE), who acts in name and representation of ________________ in their capacity as (LEGAL REPRESENTATIVE, ATTORNEY-IN-FACT OR MANAGER) of ___, Brokerage House, of Salvadoran Nationality and of the domicile of San Salvador, duly authorized by the Superintendency of the Financial System to carry out Individual Portfolio Administration operations under the terms and scope set forth in the Securities Market Law, whom we will designate as "the House", with sufficient legal personality to appear in the name of the Society, as evidenced by (Credential, Notarized Copy of Public Deed of Constitution of the House or of Sufficient Power of Attorney), granted by , in their capacity as ___________________ and therefore, legal representative of the Society, in the city of , granted at _______________ hours on the day _________ of _______ , before the offices of the notary , registered in the Commerce Registry at Number _______ of Book ________ of the Registry of Other Commercial Contracts, on the day of \of , from which it is evidenced that I am authorized to act in the name and representation of the Society in contracts such as this one, in the aforementioned power the notary granting authority gave testimony of the legal personality of the legal representative of the society and of the legal existence of the House; and on the other hand (Name of "The Client") of legal age, Profession or Trade, of the domicile of (Client's Domicile), with Unique Identity Document number _______ (In the case of acting on behalf of a legal or natural person, the following data must be completed) with sufficient legal personality to appear in the name of: (indicate the name of the natural person or name of the Society), as evidenced by _________ (Credential, Notarized Copy of Public Deed of Constitution of the House or of Sufficient Power of Attorney), granted by, in their capacity as and therefore, legal representative of the Society, in the city of , granted at hours on the day of, before the offices of the notary, registered in the Commerce Registry at Number of the book ; whom we will designate as "The Client", by means of this document we agree to celebrate this MANDATE CONTRACT FOR INDIVIDUAL PORTFOLIO ADMINISTRATION, which will be governed by the following clauses:

I. The Client appoints the House as agent, in accordance with what is established in article
60-A of the Securities Market Law, therefore, the client authorizes the House for the taking of investment decisions and the management of resources provided by the client in accordance with the parameters established in this contract, as well as for the carrying out of the commercial activities referred to in this contract, attending to the legal provisions, regulatory and normative that govern the securities market.

The House may act on behalf of the client in the purchase, sale or other type of negotiation of all types of values in accordance with what is stipulated in this contract, whose negotiation will be carried out in accordance with what is established in the Securities Market Law and respective regulation.

The Brokerage House accepts the aforementioned appointment and the management requested by the Client, maintaining in strict confidentiality the identity of the person on whose behalf they contract, in accordance with the applicable legal framework; and is obliged to act with responsibility, care and diligence, being required to carry out these operations with the diligence of a good merchant in their own business, faithfully respecting the clauses stipulated here always under the best conditions for the benefit of the Client.

II. The client will deliver to the house for management an initial contribution of US$___________ dollars of the United States of America, being able to make other contributions at any time. (In case of delivery of financial instruments the House must describe the characteristics of said instruments such as: Issuer, type of value or type of title, series or tranche, number, nominal value, source account).

The contracting parties agree by this means that the funds delivered by the investor to the House will be deposited in a bank account in the name of the client and administered by the House, in an entity authorized by the Superintendency of the Financial System to carry out passive operations in the country. For this purpose, the client authorizes the House to open, close or liquidate the bank account in the name of the client administered by the House; to deposit and withdraw money, issue and endorse checks; provide the banking entity with all the information required for the opening of the bank account; enter into all kinds of contracts, sign forms and documents that are necessary to achieve its purpose.

The House undertakes to invest the contributions made by the client only in the investment options defined in this contract. All in accordance with their profile and their needs or investment objectives taking into account the risk that the Client wishes to assume. Likewise, the Client must also establish any special conditions or circumstances that require be taken into account by the House during the provision of the individual portfolio administration service (the client must establish the procedures and deadlines to regularize the non-compliance with the investment policy or diversification policies and conditions relative to the levels of tolerance regarding the loss levels established and the measures to implement, possibly stipulating the liquidation of the same).

The House, to determine the client's risk profile, must use the procedure established in the Chapter regarding obligations with clients and knowledge of clients established in the "Technical Standards on the Process and Recording of Buy and Sell Orders of Securities of Brokerage Houses" (NDMC -01), the House must attach said profile to this contract.

III. Investment policies agreed upon between the client and the House for Individual Portfolio
Administration:

Financial Instruments | Percentage allowed in portfolio (Ranges of percentages allowed in portfolio) --- | --- Fixed Income | National Market |

Stock Papers
CENELI
Treasury Bills
Investment Certificates
Securitization Values
Treasury Bonds
BC Bonds
Others |
International Market |
Treasury Bonds
Eurobonds
Corporate Bonds
Others |
Equity |
National Market |
Local Shares
Others |
International Market |
International Shares
Exchange Traded Funds (ETFs)
Deposit Receipts (ADRs)
Others |
Total | 100%

(This table must be prepared only with the investment options that the client establishes for the administration of the portfolio).

If excesses of the investment limits established in this clause occur, due to effects of market fluctuations, exchange rate, significant liquidations within the portfolio or for any other justified cause, the House must notify within _________ (the parties must establish the deadline to receive the notification) business days of the occurrence of the excess and inform its plan to reduce the excess to the Client, who may pronounce themselves regarding this reduction plan within three business days following receipt of the communication by the House. The House will have a term of _________ (the parties must establish the term) days, counted from the date on which the excess occurred, to regularize the percentages established. The House may not make new acquisitions of instruments from the entities or instruments involved in the excess, nor carry out financial operations having as counterparty these entities, until the situation is regularized.

In cases where the excesses do not correspond to the reasons mentioned in the preceding subsections, the House will be responsible for the damages that it might cause, being required in any case to regularize the portfolio situation within a term of thirty days counted from the date on which the excess occurred.

In the case that an investment excess occurs and while it lasts, the House must inform within a term of 24 hours of having known said situation to the client in accordance with the means of communication established in this contract.

IV. The client authorizes the House to:
a) Acquire or buy values and instruments in accordance with the parameters established by the client; b) In case the client authorizes the house to invest the funds in bank deposits, the following clause must be included: "The client authorizes the House to open and close bank deposits in the name of the client, in an entity authorized by the Superintendency of the Financial System to carry out passive operations in the country and in accordance with what is stipulated in article 60-A of the Securities Market Law. For this purpose, the House may provide the banking entity, enter into all kinds of contracts, sign forms and documents that are necessary to achieve its purpose"; c) Collect and exercise any rights or benefits that incorporate the values or financial instruments such as the payment of capital, interest, dividends, as well as any other type of yield, delivery of values or income generated by such assets; d) Alienate, sell, transfer totally or partially, values or financial instruments acquired and reinvest the proceeds of said alienation; e) Exercise the rights of preference for subscription of values (shares, bonds, among others) or conversion into other values offered by the issuer, f) Request early rescission, amortization, redemption, payment of the values or of the financial instruments; and g) (Other faculties may be suppressed or added that the parties agree).

V. Due to the volatility present in stock markets, the House can only be responsible
for damages to the client that arise from the non-compliance with professional duties that Houses must observe in the performance of their commercial activity, originated by negligence, malpractice or others. However, since the factors that can affect the performance of the values do not depend on the House, the investment risks will be borne by the client; and in view of possible events of future facts that can affect the results of the investments, which are subject to different degrees of uncertainty, the House and the client accept that even with the best effort of the first it may always happen that the result expected from the operations differs from the true result without this implying that there should be any compensation for the loss obtained, provided that they occurred under the circumstances and in the manner indicated and with the negotiation mechanisms established in attention to the Law of the Securities Market and the corresponding regulation.

CNBCR- 03/2016
NDMC-05
TECHNICAL STANDARDS FOR INDIVIDUAL PORTFOLIO ADMINISTRATION Approval: 16/03/2016 Validity: 11/04/2016 Alameda Juan Pablo II, between 15 and 17 Av. Norte, San Salvador, El Salvador. Tel. (503) 2281-8000 www.bcr.gob.sv
Annex No. 1
VI. The House undertakes to:
a) Carry out operations with the diligence of a good merchant in their own business, defending at all times the interests of the client; b) Open for the management of the respective funds, a bank account at an institution authorized by the Superintendence in the name of the client, distinct from those that the House holds on its own behalf; c) Deposit securities with a Depository authorized by the Superintendence, under the ownership of the client when it corresponds to dematerialized securities, or otherwise and regarding securities certificates, the House must establish security mechanisms to keep the securities safe from disaster, theft or other contingencies. In the case of securities accounts relating to Individual Portfolio Administration, the House must open the respective securities accounts at the Depository, separate from the other securities accounts that the client may hold under their ownership at the Depository; d) Keep identified at all times the securities, bank deposits, cash and operations in progress of each client; e) Maintain a record for each client; f) Accredit the movements made in the portfolio, through the issuance of income and expense vouchers; and g) Comply with all those obligations stipulated in the laws, regulations and technical norms applicable.
VII. Supply of information
The House must send with a periodicity of _________ a statement of account, indicating the management developed, the bank deposits, the assets in the portfolio, their movements, balances, valuation, profitability obtained, commissions accrued and the resulting balance, to __________ (The client must express the postal address or the email address or means that they wish for the sending of information). The House must communicate to the client any relevant fact that negatively affects the investments of the portfolio it administers within a period of 24 hours from the time the House has had knowledge of the fact.
VIII. Prohibitions of the House are the following:
a) The House may not mix the patrimony of the portfolio with that of itself or with that of another client; b) Guarantee or ensure any return, nor the capital of the securities that make up the portfolio; nor may it assume losses nor grant the client a return different from the one obtained by the portfolio; c) The House will not transfer securities owned by the administered portfolio to other portfolios administered or in favor of the House, unless the operation is carried out in a stock exchange or when transfers are made between accounts owned by the same client; d) Use the funds obtained by the client or those obtained as a product of the management of the portfolio for purposes other than those entrusted, at no time may use said resources to finance own operations or those of third parties; e) Reveal information to third parties relating to the investments, amounts and portfolios administered of its clients, unless such information is required by the authorities competent within the framework of their legal attributes; and (1)

CNBCR- 03/2016
NDMC-05
TECHNICAL STANDARDS FOR INDIVIDUAL PORTFOLIO ADMINISTRATION Approval: 16/03/2016 Validity: 11/04/2016 Alameda Juan Pablo II, between 15 and 17 Av. Norte, San Salvador, El Salvador. Tel. (503) 2281-8000 www.bcr.gob.sv
Annex No. 1
f) Others established by the laws, regulations and applicable regulation. (1)
IX. The House must incorporate into this contract the concepts of services for
individual portfolio administration, to be provided under this service, the agreed commissions plus the Tax on the Transfer of Movable Property and the Provision of Services, hereinafter "IVA", detailing in this contract or incorporating the table of detail of the commissions to be charged as an annex to it. This detail must consider the criteria under which the commissions are calculated, form and period in which they will be charged, which must be duly signed between the contracting parties, which may vary having the client as notification, according to the Securities Market Law and the respective regulation, through the publication made in two newspapers of national circulation before which, the commissions that are charged to the client may not be greater than those published. (In case of annex, it must contain a table with the detail of the information stipulated, incorporating in detail the precise data of each one of the commissions of the operations that take place, describing the base upon which the commissions will be applied, as well as the ranges that could generate differences in the charging of said commissions, if they exist)
X. Resolution of conflicts or arbitration
The parties expressly agree that any conflict, controversy, difference, divergence or dispute that arises between the parties, and in particular those derived from the application, execution, non-compliance, interpretation, liquidation, resolution, termination or validity of this contract, may be submitted to any of the alternative means of dispute resolution in accordance with the Mediation, Conciliation and Arbitration Law or to the courts of justice.
XI. Causes for liquidation and transfer of the portfolio (the parties may establish the causes
for the liquidation and transfer of the portfolio)
XII. Contract term
The contracting parties accept that this contract is entered into for a term of ________(month/year) counted from __________ (date of signing) to __________ (date of completion). This term may be automatically extended for equal periods, provided that none of the parties expresses otherwise. In the event that the client wishes to leave it without effect before its end date, they must manifest in writing to the other party their intention to leave it without effect, with at least fifteen days' notice (the parties may indicate causes and terms for the termination of the contract). Non-compliance by one of the parties with its obligations undertaken under this contract gives the other party the right to terminate it or resolve it without the need for judicial intervention, being able to claim against the defaulting party the damages and losses caused. Operations pending conclusion on the date this contract ceases to have effect for any cause, must be brought to term by the parties. (Additionally, the parties may stipulate other causes for resolution of the contract) The early termination of the contract will not affect the processing, liquidation and cancellation of the operations in progress that had been arranged prior to the written communication, which will continue to be governed by the conditions applicable to them, according to the stipulations of this contract.

CNBCR- 03/2016
NDMC-05
TECHNICAL STANDARDS FOR INDIVIDUAL PORTFOLIO ADMINISTRATION Approval: 16/03/2016 Validity: 11/04/2016 Alameda Juan Pablo II, between 15 and 17 Av. Norte, San Salvador, El Salvador. Tel. (503) 2281-8000 www.bcr.gob.sv
Annex No. 1
The House will only have the right to receive commissions for operations performed pending liquidation at the moment of the resolution of the contract and the proportional part accrued of the commissions corresponding to the period started at the moment of finalization of the contract.
XIII. Compliance with Law
The parties declare that it is understood that this contract must be executed by the House subject to the applicable Salvadoran legislation, especially the Securities Market Law, Consumer Protection Law and the Commercial Code, Special Law for Prevention, Control and Sanction of Money Laundering, Terrorism Financing and Financing of the Proliferation of Weapons of Mass Destruction, as well as the Standards issued by the Central Bank and the other applicable norms. (5)
XIV. Annexes
If the House incorporates Annexes to this contract, it must declare that: “Are integral parts of this Contract, the following Annexes….” (The House must detail the annexes and deliver a copy of them to the client, at the time of signing the contracts).
XV. Domicile of the contract
“For the legal effects of this contract, the parties accept and agree to designate as special domicile the: ___, to whose authorities they expressly submit”
XVI. Clause to define procedure for presentation of complaints, in which it must
specify the procedure to be followed by the client for the presentation of complaints, which must be simple, brief and free; detailing the administrative bodies that will attend the complaint, the executive responsible and reasonable response times, in addition it must include the delivery to the client of a receipt of receipt of the complaint.
XVII. Clause to define Account for the deposit of balances
The client expressly authorizes the House so that, in the event that it proceeds to deliver him the corresponding balances in concept of yield, liquidation of positions, etc., when it is applicable, said payment is made by deposit in his account (savings or current) ______ number, opened at the Bank _______, Institution that is authorized by the Superintendence of the Financial System to perform passive operations in the country.
XVIII. Acceptance of the contract
The client expressly declares that the House has read and explained to him clearly, truthfully, timely and satisfactorily the obligations and conditions of this contract and therefore accepts them.
XIX. This contract is signed in two copies, keeping one each of the parties, in
the city of _________, at the __________ hours of the day _______ of ________ of the year 201.

Formulario de transferencias de carteras entre cuentas

No.
I Deliver
I Receive
Name of the House that Transfers

Name of the House receiving the transfer of securities

Date

Client Name

Description of the Composition of the portfolio

Issuer Type of value
Series or tranche
Number from - to
Nominal
Value

Account of
Origin
Account of
Destination

Signature of the agent in charge of administration Signature of the Investor of the portfolio

Seal of the House

Annex No. 4
Information relative to Related Operations.
No. Name Description
1 Date of Information Corresponds to the date of realization of the related operation.
2 Concept Establish the name of the entity with which the related operation has been carried out, exactly as it appears in its minutes or deed of incorporation and in accordance with what is established in article 36 of these Standards. 3 Portfolio Client Name. 4 Value Value of the operation as of the report date (current balance of the investment). 5 Percentage Value of the relationship investment amount between the total value of the portfolio (Establishing the percentage %).

Technical Standards for Individual Portfolio Administration

Similar documents from other regulators