Customer Disclosures Europe

CSDR Disclosure

Privacy

ABN AMRO Clearing and your personal data

Date: August 30th, 2018

This privacy statement sets out how ABN AMRO Clearing Bank N.V. (hereafter: AACB) processes your personal data. It also informs you on the rights that you have as a data subject. ABN AMRO Clearing Bank N.V. is the “Data Controller” and can be contacted at: 

ABN AMRO Clearing Bank N.V. Gustav Mahlerlaan 101082PP Amsterdam The Netherlands Email: aacb-privacy@nl.abnamro.com

Data Protection Officer:ABN AMRO Bank N.V.Privacy Office Gustav Mahlerlaan 10 1082PP Amsterdam The Netherlands Email: privacy.office@nl.abnamro.com

1. Personal data we collect

AACB collects and processes personal data in order to carry out the business we have with you. We only collect your personal data on the grounds permitted by regulations and laws. Examples of the personal data we may collect include: 

• personal details (names, nationality, place and date of birth, gender, photograph, IP address)

• identification details (passport, ID card, photo ID, national identification number, social security number)

• tax information (tax ID and tax status)

• banking account details (bank account number, bank transfer information, credit history)

• contact information (phone number, email address, postal address)

• information about your employment (name of your employer)

• data which relates to your use of our products and services (transaction and financial data)

• other information from contact you have with AACB via social media such as LinkedIn and Twitter. We use social media channels to publicise our organisation, products and/or services

• records of contact you have with us via phone calls, video calls, video conference calls and email

• information in order to comply with our regulatory obligations (Know Your Client information, due diligence checks, anti-money laundering checks, transaction information, criminal record data)

• video surveillance for the security of our buildings and systems, for example, if you visit us, we may capture images of you on camera and video

• we make use of cookies and similar technologies on our websites and/or in client portals. For more details, see our Cookie Statement.

   

2. How do we collect your personal data?

The personal data we collect and process is directly provided by you or obtained from other third party sources. We may use personal data collected from third party sources, such as: 

• regulatory authorities that contain your personal data 

• public sources such as newspapers and the internet 

• data files from other parties that have collected personal data about you, such as intermediaries and Trade Registers and businesses who contact us regarding products or services who may provide us with information that relates to you

3. Why do we process your personal data and on what legal basis?

AACB only processes your personal data where permitted by law. We process your personal data: 

3.1 In order to perform a contract

We need certain personal data to enter into contracts and to provide our services. The type of personal data we need will depend on the type of service we offer and our relationship to you. For example, you may be a new or existing client or a contact person, shareholder, authorised signatory or beneficial owner of a client. We process personal data for assessing and accepting clients, carrying out risk assessments, risk management, reporting, carrying out our financial services and for execution, clearing and settlement on global markets. If you are unable to provide us with the personal data that is needed, we may not be able to enter into these contracts or provide our services.

3.2 In order to comply with our legal and regulatory obligations

The financial sector is one of the most regulated industries around. This means we have to comply with many rules. If the law, regulation or supervisory authority requirements stipulate that we must record or use your personal data, we are required to do this. Besides European rules, these rules also include the laws of countries outside the European Economic Area and the rules of self-regulatory organizations such as exchanges. Many of those laws require us to process personal data. For example, we are required to take steps to prevent and combat fraud, tax evasion, terrorist financing and money laundering. These steps include asking you to provide proof of identity so that we know who you are - this is why we keep a copy of identity documents.

3.3 For the purpose of the legitimate interests of AACB or others

We may also process your personal data where necessary for our legitimate interests or those of a third party. We only do this where our interest in using your personal data outweighs your rights to data protection. We must balance all interests. Here are a few examples of when this might happen: 

• to undertake financial risk assessments in order to protect your and our financial position 

• to protect property and personal data belonging to you, to us and to others

• for reasons of security and integrity of the financial sector, clients and their employees and AACB. For example, we carry out detection activities to prevent or combat attempted or actual criminal acts such as fraud or terrorism

• to collect proof of transactions

• for your interests and the interests of other clients (for example, in the event of an insolvency) 

• to record telephone calls for the purpose of improving our services or because of a legal obligation and for the prevention and detection of crime

• to send you information on new products, service changes, market developments, technical issues and other relevant news for your business by means of direct marketing

• for improvement of the products and services we offer you

• for reasons of efficiency. For example, we may centralise our customer and business management systems, make use of other service providers, conduct statistical and scientific research, study possible trends, problems, root causes of errors and risks

3.4 Where you have given consent

We may also process your personal data based on consent you have given. Before you give consent, we recommend that you carefully read the information we provide concerning the use of your personal data. If you have given consent and you want to withdraw this consent, you can do that very simply and at any time by contacting aacb-privacy@nl.abnamro.com.

3.5 Other purposes

We may use your personal data for other purposes than for which you or your business supplied the personal data to us. In that case, the new purpose must be in accordance with the law and in line with the purpose for which you or your business initially provided your personal data to us.

4. Who do we share personal data with?

There are situations in which we are required to provide your personal data to other parties. Privacy law specifies how and when we are are able to transfer your personal data. We may share your personal data with: Service providers and network parties. As part of our business we may disclose your personal data to various service providers and network parties that help us in our day-to-day operations and that help us to provide services to our clients. This includes: companies that provide outsourced services to us; network parties such as brokers, central counterparties, exchanges, central depositories and custodians; and professional advisors such as lawyers, accountants and auditors.  Competent public authorities. In certain cases, we are required to provide your personal data to competent public authorities. For example, these include law enforcement agencies, government entities, tax authorities and regulatory bodies globally. 

4.1 Personal data transfers to AACB's entities outside of the European Economic Area

Your personal data may be transferred to and processed by AACB’s branches, subsidiaries and operations outside the European Economic Area (EEA) for the purposes outlined in this document. Personal data transfers to Non-EEA countries are governed by ABN AMRO Bank’s Binding Corporate Rules (see link below), as safeguard to ensure data transfers are carried out accordingly. The Binding Corporate Rules are approved by the Dutch Data Protection Authority (Autoriteit Persoonsgegevens) Personal data transfers are also carried out in compliance with applicable local laws. For the privacy statements of our Non-EEA entities, please click on the following link:  

4.2 Personal data transfers to other parties outside the European Economic Area

We may share personal data with other companies or organisations outside Europe, for instance, with network parties for tax reclaim purposes or in the context of an outsourcing agreement. Where the level of data protection in those countries has not been deemed as adequate by the European Commission, we ensure that we have separate European standard agreements with those parties in place.

5. Profiling

We make use of profiling. Below we explain why we do this and when.  Fraud prevention We have a great deal of knowledge and experience in the area of fraud prevention. Unfortunately, we are faced with increasingly sophisticated forms of fraud. To the extent possible, we may take measures in order to prevent fraud, which may include profiling.  Unusual transactions. We have to comply with anti-money laundering and counter terrorist financing laws. We therefore pay particular attention to unusual transactions and to transactions that, by their nature, result in a relatively high risk of money laundering. To do this, we need to create and maintain a risk profile of clients and of individuals who operate on behalf of the client or may provide guarantees or other securities in support of the client. 

6. Warning system used by banks

Financial institutions in the Netherlands have developed a warning system to protect the safety and security of AACB and the financial sector. This system allows the banks to check whether a person:

• has ever committed fraud 

• has tried to commit fraud

• or somehow forms a threat to the safety and security of the banking sector. 

For more information about this warning system and its workings, please visit the website of the Dutch Banking Association.

7. How do we determine the period for which your personal data is stored

The General Data Protection Regulation  does not stipulate specific storage periods for personal data. Other applicable laws and regulations may specify minimum storage periods. We are under the obligation to comply with such storage periods. If we become involved in a lawsuit or other legal proceedings in the Netherlands or in another country, we keep personal data so that we can make a case for our position. We may store this personal data in an archive until any claims have expired and legal proceedings can no longer be brought against us.

8. What rights do you have and how can you exercise them?

In the event that ABN AMRO Clearing Bank N.V. as an entity within the EEA controls your data or one of our entities outside the EEA where the General Data Protection Regulation applies, you have a number of rights. If you want to exercise the rights as listed below, please submit a request to us by contacting AACB via aacb-privacy@nl.abnamro.com.

Right to rectification If the personal data we hold of you is incorrect, you have the right to request rectification. You also have the right to have incomplete personal data that we hold of you completed. Right to erasure You have the right to obtain from AACB the erasure of your personal data. However, we may not be able to do so in certain situations, such as if the company you work(ed) for is still client of AACB or if we are required by law to keep your personal data. Right to object to processing for direct marketing purposes If you no longer want to receive marketing from AACB, you can unsubscribe at any time. All marketing messages include this possibility and you can exercise this right easily. Right to object to profiling It may be the case that you do not want us to use your personal data for profiling. Sometimes, however, we are allowed to do this, for instance to prevent fraud, manage risks or investigate unusual transactions, even if you object to the processing of your data. In such situations, we will of course comply with the law. Right to data portability Individuals with a contract with AACB have the right to receive their personal data in structured, commonly used and machine-readable format and to have that transmitted to another controller. However, this right only applies when your personal data is used to carry out a contract where you and not the business you represent is party to that contract, or when processing is based on your consent. Right to restriction You have the right to request that AACB restricts the processing of your personal data if the following applies: • You have claimed that the personal data we hold of you is incorrect • The processing of your personal data is unlawful. Instead of the erasure of your personal data, you can request AACB to restrict the use of it • AACB no longer needs to process your personal data but still requires it for defence or legal purposes • In case you object to the processing of your data by AACB based on legitimate grounds Right to complain Please contact us in case you consider that the processing of your personal data by AACB infringes data protection laws as set out in this privacy statement. You also have the right to lodge a complaint with the Dutch Data Protection Authority (Autoriteit Persoonsgegevens).

9. Updates to the Privacy Statement

Changes to the law or our services and products may affect the way in which we use your personal data. For this reason, we may need to amend this privacy statement. AACB shall notify you of any changes made to this privacy statement. The latest version of the privacy statement can also be found on AACB’s website. To download and save this privacy statement please click below.

10. Our contact person for your questions about data protection

If you have questions, the AACB Privacy Officers can be contacted at aacb-privacy@nl.abnamro.com

CRS: international exchange of tax information

Common Reporting Standard (CRS) legislation took effect on 1 January 2016. Under this legislation, countries will exchange tax information about account holders who hold balances with financial institutions in other jurisdictions. The legislation is intended to prevent international tax evasion.

ABN AMRO Clearing as a Financial Institution and integral part of ABN AMRO Bank is complying with this CRS legislation and will perform all obligations set forth in this legislation, including Client Due Diligence - and Reporting requirements.

CRS Statement ABN AMRO Clearing Bank N.V.

More information on CRS

• Visit the ABN AMRO website

• Visit The Organisation for Economic Co-operation and Development (OECD)

EMIR

Based on article 39(5) of the European Markets Infrastructure Regulation, Regulation (EU) No. 648/2012 on OTC derivatives, central counterparties and trade repositories (EMIR) ABN AMRO Clearing Bank N.V. (AACB) is required to inform you about (“disclose”) the level of legal protection and costs associated with the different account structures. This section contains the following information:

• General information about EMIR

• Account Segregation

• Pricing

• Portability & Legal Protection per CCP

• Disclaimer

This section only applies to clients of ABN AMRO Clearing Bank N.V.

General Information about EMIR

EMIR is a set of standards for the regulation of derivatives, central counterparties (CCPs) and trade repositories (TR). EMIR is a European regulation that applies to any entity established in the European Union/European Economic Area (EU/EEA) that transacts in derivatives (listed as well as OTC). Various national as well as European regulatory and governmental bodies have published information about EMIR. They can be consulted for additional information.

• www.esma.europa.eu

• www.afm.nl/emir

• www.dnb.nl/betalingsverkeer/effectenverkeer/emir-en-ccps/

The Legal Entity Identifier (LEI) from ABN AMRO Clearing Bank N.V. is: G8ZTNESVNKW4NN761W05

Account Segregation

CCPs based in the EU/EEA are currently seeking authorisation from their national competent authority (“NCA”) to clear derivative products under EMIR. When a CCP is authorised to clear the relevant class of derivatives pursuant to EMIR, AACB is under the obligation to offer the clients for which it acts as General Clearing Member (GCM) the choice between at least two types of account setups at CCP level. This minimum required offering includes (i) individual segregated accounts (”ISA”) and (ii) omnibus segregated accounts (”OSA”).

New account structures offered pursuant EMIR (Segregation)

AACB offers you the choice between an ISA and OSA account per CCP. Such accounts have different structures, levels of protection and come at a different cost. The key elements of an ISA and OSA are described in more detail below. In both setups, AACB will offer you a client account at CCP level which enables AACB to distinguish client collateral and positions (“the client account”) from AACB’s own collateral and positions (“the house account”).

Article 39(10) of EMIR provides that assets (in respect of segregation and portability) refers to collateral held to cover positions and includes the right to transfer assets equivalent to that collateral or the proceeds of the realisation of any collateral.

Omnibus Segregated Account (OSA) 

An OSA offers you omnibus account segregation as set out in article 39(2) of EMIR. This account setup is similar to your current account setup with AACB.  In an OSA account, multiple derivative positions and collateral of clients are being combined. In this setup, you will keep on  benefitting from the netting opportunities which will reduce your overall costs and charges. The OSA is the minimum level of segregation required under EMIR. It has the following features: The CCP keeps separate records and accounts that distinguish the collateral and positions of the clients in the omnibus account from AACB’s house account and/or other client accounts:

• The CCP keeps separate records and accounts that distinguish the collateral and positions of the clients in the omnibus account from AACB’s house account and/or other client accounts;

• Depending on the account setup at CCP level (gross or net), collateral in the OSA may be netted;

• Netting of collateral and positions across house and client accounts is not allowed;

• Collateral held at CCP level that covers derivative positions within the OSA is not exposed to potential losses in AACB’s house account and/or other client accounts;

• Client collateral in the OSA may be used to cover other client’s positions within the OSA;

• Excess collateral may be held by AACB.

Individual Segregated Account (ISA)

The ISA is a new type of account setup aimed at achieving individual account segregation as described in article 39(3) of EMIR. As a client, your derivative positions and collateral are distinguished from other clients positions and collateral as well as AACB’s own positions, enabling you to achieve the most optimal form of segregation. Therefore, the ISA offers you the highest level of legal protection for your derivative positions and collateral. The key features of the ISA are:

• Derivative positions and collateral are placed in separate individual accounts at the CCP and are distinguished from other client accounts and AACB’s house account;

• Derivative positions from the client within the ISA are netted, but netting is not allowed across accounts of different clients;

• Collateral covering the positions in the ISA is not exposed to losses outside the ISA;

• Excess margin cannot be held by AACB: all collateral called by the Clearing Member (CM) must be passed on to the CCP, including collateral called in excess.  

Portability & Legal Protection per CCP

Portability 

Under the EMIR rules, AACB is required to comply with the portability requirement. Portability can be defined as the transfer of clients positions and assets to another clearing member designated by the client if AACB as GCM defaults. Article 48 of EMIR describes the circumstances and parameters under which (i) a CCP must transfer the positions and assets of the clients of a defaulting clearing member to (a) designated back-up clearing member(s), or (ii) may liquidate such positions and assets. Porting positions and assets to another clearing member in a “business-as-usual” situation is possible at all times. The portability requirement is applicable to both ISA and OSA accounts. The main exception is that in an OSA account the back-up clearing member must be designated by all clients in the account.

For ISA accounts, note that if the client has not designated a back-up clearing member prior to the default of the client’s primary clearing member and has not agreed that the CCP may choose a back-up clearing member, porting may be less likely to occur.

Unless explicitly agreed otherwise, AACB provides its clearing services under the Dutch law concept of a mandate agreement (lastgeving). A mandate agreement is a service provision agreement under which one of the parties, (the "mandatory") has engaged itself towards the other party (the "mandator") to perform one or more juridical acts for account of the mandator (article 7:414(1) Dutch Civil Code). When AACB as mandatory enters into transactions pursuant to the clearing agreement, it does so as an intermediary for the client, but in its own name as an independent principal market participant, holding all positions in its own name.  However, AACB will act for the account and risk of the client, meaning that all profits, costs and losses that are related to such transactions and positions are for the account and risk of the client.

Per 1 April 2016 the Dutch Giro Securities Act (Wet giraal effectenverkeer) provides that derivatives contracts or positions that AACB enters into as an intermediary (tussenpersoon) for the risk and account of a client, pursuant to the clearing agreement between AACB and the client, will be legally segregated from AACB's bankrupt estate (boedel). The segregation will include collateral provided in connection with such derivative contracts or positions; excess collateral provided to AACB will not be included. Only clients that have rights and obligations towards AACB ("client-positions") corresponding with those of AACB under the cleared transactions ("corresponding positions") are entitled to the segregated pool in AACB's bankruptcy. As set out in the explanatory notes to the Dutch Giro Securities Act, the "client-positions" do not need to be documented as a separate derivative transaction matching the terms of the "corresponding position" (that AACB has towards a CCP); also economic positions created via a mandate agreement qualify as client-positions.

As a result, derivatives contracts and positions entered into by AACB as intermediary for the risk and account of a client may in case of AACB's bankruptcy be ported to a back-up clearing member or, when porting is not possible, liquidated. In case of liquidation the proceeds of such liquidation will in principle not become part of AACB's bankrupt estate.

Legal Protection per CCP

CCPs are required to disclose their respective levels of legal protection and the applicability with the different insolvency regimes within the EU/EEA. AACB has reached out to the CCPs listed below to obtain such information. We have not yet received opinions from all CCPs. This section will be regularly updated as soon as more information becomes available.

Disclaimer

This document (the “website”) has been prepared by ABN AMRO Clearing Bank N.V. and is solely intended to provide general information about the European Markets Infrastructure Regulation (EMIR). For purposes of this notice, the website shall include any document that follows oral briefings by ABN AMRO Clearing that accompanies it and any question-and-answer session that follows such briefings. The information in the website is strictly proprietary, unless otherwise stated and is being supplied to you solely for your information. The website is informative in nature and does not constitute legal, regulatory or other advice nor does it express any recommendations and may not be used for such purposes. Everyone using this website should acquaint themselves with and adhere to the applicable legislation. No reliance may be placed for any purposes whatsoever on the information, opinions, forecasts and assumptions contained on the website or on its completeness, accuracy or fairness. No representation or warranty, express or implied, is given by or on behalf of ABN AMRO Clearing, or any of its directors, officers, affiliates or employees as to the accuracy or completeness of the information contained in this document and no liability is accepted for any loss, arising, directly or indirectly, from any use of such information. Nothing contained herein shall form the basis of any contract or commitment whatsoever

FATCA

REMIT

Terms of business

MiFID I & II Disclosures

The Markets in Financial Instruments Directive is the EU legislation that regulates firms who provide services to clients linked to ‘financial instruments’ (shares, bonds, units in collective investment schemes and derivatives), and the venues where those instruments are traded.

Mandatory disclosure under Delegated Regulation (EU) 2017/565, article 50

To be compliant with new MiFID II regulations for client fee disclosures, ABN AMRO Clearing Bank N.V. needs to inform its clients about how the fee that is charged for executing trades on an exchange affects the holding period return of the instruments bought or sold. Find detailed information as well as examples in the document below.

Authorisation and LEI

ABN AMRO Clearing Bank N.V. (AACB) is authorised and subject to regulation by the Dutch Central Bank (De Nederlandsche Bank N.V.). AACB is also subject to regulation by the Netherlands Authority for the Financial Markets (Stichting Autoriteit Financiële Markten). AACB's registered address is Gustav Mahlerlaan 10, 1082 PP Amsterdam, The Netherlands, and its website address is: http://www.abnamroclearing.com. AACB is registered with the trade register of the Amsterdam Chamber of Commerce under number: 33170459    

• NACE (sub-)classification: K64 

• ABN AMRO Clearing Bank NV LEI: G8ZTNESVNKW4NN761W05

• ABN AMRO Global Custody Services N.V. LEI: 724500JIDBSKCWSPU246

Services

AACB NV engages in a broad range of financial services, including accepting deposits, making loans and providing finance, dealing in foreign exchange, providing execution and dealing services related to financial instruments, the reception, transmission or processing of orders in relation to those instruments and the provision of ancillary service of safekeeping and administration of financial instruments of clients, including custodianship and related services such as cash/collateral management services. 

AACB NV does not operate an organised trading facility (OTF) or multilateral trading facility (MTF) as defined under Directive 2014/65/EU on markets in financial instruments (MIFID2).  

ABN AMRO Clearing Order Execution Policy

ABN AMRO Clearing RTS28 Best Execution disclosures

ABN AMRO Clearing Complaint Handling Procedure

Requirements for clients offering indirect clearing

ABN AMRO Clearing Risk Disclosure on Financial Instruments for Professional Clients