1 BBVA GROUP POLICY ON CONDUCT IN THE SECURITIES MARKETS
2 CONTENTS PART I INTRODUCTION 1. INTRODUCTION SCOPE OF APPLICATION... 5 PART II PREVENTION OF MARKET ABUSE 3. PRIVILEGED INFORMATION I. Definition of Privileged Information... 7 II. Restrictions on the use of Privileged Information... 8 III. Obligations... 9 IV. Special activities PRICE MANIPULATION I. Generic Obligation II. Restricted practice III. Special activities PART III CONFLICT OF INTERESTS 5. CONFLICT OF INTERESTS I. Definition of Conflicts of Interest II. Obligations III. Prevention and management of Conflict of Interests IV. Disclosure of Conflict of Interests... 13
3 PART IV RULES GOVERNING OWN ACCOUNT TRADING 6. DEFINITION OF OWN ACCOUNT TRADING OWN ACCOUNT TRADING OF INVOLVED PERSONS AND THEIR EQUIVALENT PERSONS OWN ACCOUNT TRADING FOR CERTAIN INVOLVED PERSONS SPECIFICALLY SUBJECT TO INTERNAL STANDARDS OF CONDUCT ON THE SECURITIES MARKETS PART V CONTROL OF INFORMATION: OBJECTIVES AND INFORMATION BARRIERS 9. CONTROL OF INFORMATION I. Objectives for control of information and Information Barriers II. Separate Areas and other areas of the Group III. General measures for the protection of information IV. Additional measures to control the information... 20
4 3 1. INTRODUCTION 1.1 The BBVA Group is an international bank operating in several countries and encompassing a broad spectrum of cultures and regulations. 1.2 A range of objectives and values must be accommodated within this spectrum that are common to the entire economic society. The BBVA Group has adopted these as its own, deeming them to comprise a minimum base on which to maintain the professional ethics of a financial institution. 1.3 Integrity in business is one of the values that inform the BBVA Group s corporate culture. The practical expression of its commitment to integrity is found in the BBVA Group Code of Conduct, which contains the principles and guidelines that every employee and manager of the Group must apply in their activity for BBVA. Among those principles are general guidelines to ensure behaviour preserves Integrity in the Markets. They include standards for preventing market abuse and for ensuring transparency and competition in Markets. 1.4 This Policy develops the principles of Conduct in Securities Markets more specifically as they apply to every BBVA Group employee and manager, setting minimum standards in respect of Privileged Information, Price Manipulation, Conflict of Interests and Own Account Trading. Its scope is, therefore, comprehensive and independent from the specific jurisdiction where the institution is operating on Markets. 1.5 In each jurisdiction where BBVA has a presence and engages in activities related to the Securities Markets, this Policy should be supplemented with Internal Standards of Conduct, drawing on its principles, which are set forth as minimums. The Standards shall ramify their details, adapting them to the legal requirements in each jurisdiction as necessary. Under no circumstances may the content of the Policy ensue in any breach of applicable legal provisions. 1.6 Chapters 3 to 7 and chapter 9 in the Policy contain general guidelines applicable to the conduct of all persons professionally linked to BBVA. Chapter 8 also includes more specific principles and criteria that will only apply under the terms and conditions specified in the local Internal Standards of Conduct and exclusively to those persons whose role or position in the BBVA Group makes them formally subject to said principles and conditions.
5 1 Introduction The content of this Policy shall prevail over any internal standards that may contradict it, except when said standards establish more stringent requirements. 1.8 Any query about how to interpret the Policy contents or which how to resolve situations not specifically described therein, should be clarified by the relevant Legal Affairs or Compliance department. 1.9 This Policy continues along the lines initiated in 2000 when the BANCO BILBAO VIZCAYA ARGENTARIA, S.A. Board of Directors approved the Code of Conduct for Securities Markets, which was subsequently updated and approved by the entities comprising the BBVA Group worldwide. It reinforces the BBVA Group s commitment to ensure its actions and those of its professionals reflect the soundest ethical principles and standards.
6 5 2. SCOPE OF APPLICATION 2.1 This Policy applies to all employees, managers and directors of the entities of the BBVA Group (hereinafter referred to as Involved Persons). 2.2 The scope of this Policy may be extended to entities (and consequently, its relevant persons) that do not belong to the BBVA Group but are providing investment services or engaging in activities on Securities Markets for and on behalf of the Group (eg, agents or outsourced-service providers). 2.3 The provisions contained in this Policy shall also apply to those securities and financial instruments that at any time fall within the scope of the applicable legislation on Securities Markets (hereinafter referred to as Securities Affected). At a minimum, the following securities or financial instruments are covered: Negotiable securities issued by private or public entities or persons, and grouped in issues, eg: Company shares and negotiable securities equivalent to shares Bonds, debentures and other similar securities, partially representing debt, including convertible or exchangeable securities Mortgage-backed securities, bonds and warrants Securitised bonds Shares and units of undertakings for collective investment in transferable securities Preferred securities Warrants and other negotiable securities derivatives which confer call or put options over any other negotiable security Money-market instruments, ie, those categories of instruments that are normally traded on the money market such as treasury bonds, certificates of deposit and promissory notes, except in singular issues, excluding payment instruments deriving from previous commercial transactions that do not entail raising repayable finance.
7 2 Scope of Application Options, futures, swaps, contracts, forward rate agreements and other derivative financial instrument contracts related to: Securities, currencies and interest rates or yields, and other derivative financial instruments, financial indices or financial measures that may be settled in kind or in cash Commodities that may be settled in cash, in kind or by physical delivery Climate variables, transport costs, emission allowances or inflation rates or other official economic statistics that may be settled in cash, as well as any other derivative financial instruments contract related to assets, rights, obligations, indices and measures not mentioned in the preceding paragraphs, which may include features of other derivative financial instruments, taking into account whether they are traded on a regulated market or through a multilateral trading system, which are settled via recognised clearing houses or whose guarantee margins are subject to regular adjustments Derivative financial instruments for the transfer of credit risk Financial contracts for differences.
8 7 3. PRIVILEGED INFORMATION I. DEFINITION OF PRIVILEGED INFORMATION 3.1 For the purposes of this Policy any information that meets the following requirements is considered to be Privileged Information, except where the applicable legislation establishes more stringent requirements: Is of a specific nature Is directly or indirectly related to: One or more securities or financial instruments admitted for trading on a market or an organised trading system, or becoming so Derivative financial instruments that have underlying securities or financial instruments as described in paragraph To one or more issuers of the aforementioned securities or instruments That has not been made public That upon becoming public or made public, could influence or may have influenced in an appreciable fashion its listing in a market or an organised trading system. 3.2 Information on financial instruments deriving from commodities is considered Privileged Information when it meets the following requirements: Is of a specific nature Has not been made public Relates directly or indirectly to one or more derivative financial instruments Is the type of information that users of the Markets in which these products are traded would expect to receive according to accepted market practices in said markets.
9 3 Privileged Information Notwithstanding the above paragraphs, the aspects below are indicative of but not limited to the kind of information that may be Privileged Information: A company s income statement Extraordinary changes in a company s income statement or changes to public earnings guidance Potential transactions in the company, eg, capital enlargement or securities issues Significant mergers or acquisitions Events that may give rise to litigation, disputes or sanctions that may significantly affect foreseeable earnings Decisions by authorities prior to their public disclosure Information on significant orders to purchase or sell specific securities Other similar situations or events. 3.4 With respect to persons in charge of the execution of orders related to negotiable securities or financial instruments, Privileged Information shall also be considered as any information supplied by customers in connection with their own pending orders in compliance with the requirements of paragraph Information shall cease to be considered as Privileged Information once it is made public or when it loses relevance and, therefore, the possibility of influencing the listed price of Securities Affected. II. RESTRICTIONS ON THE USE OF PRIVILEGED INFORMATION 3.6 In order to foster integrity and transparency on Markets, any person who has Privileged Information and knows, or should know, that it was Privileged, may not engage in the following: Prepare or perform own-account or third-party trades on those securities or financial instruments to which the Privileged Information directly or indirectly refers or any other security, financial instrument or contract of any kind, whether or not negotiable on any secondary market, underlying negotiable securities or financial instruments, to which the information is related.
10 3 Privileged Information Disclose Privileged Information to third parties, except in the normal course of their work, profession or position Recommend to a third party that they acquire or assign securities or make others purchase such securities on the basis of the Privileged Information. III. OBLIGATIONS 3.7 Any person becoming aware of any Privileged Information due to their functions in the Group shall be subject to the following duties to prevent it being used abusively or unfairly: Duty to communicate the knowledge of Privileged Information to the Compliance Department as soon as possible Duty to use Privileged Information only under the framework of the transaction or functions for whose operation or development it has been transmitted Duty to safeguard Privileged Information adopting the appropriate measures to prevent its abusive or unfair use, without detriment to the duty to communicate and collaborate with the administrative or judicial authorities envisaged in the applicable regulations. IV. SPECIAL ACTIVITIES 3.8 Involved Persons who engage in or are in any way involved in activities such as the stabilization of securities in public bids, the execution of liquidity contracts on the issuer's own shares, financial analysis, buyback or trading of own shares and securities lending, must take into account that additional regulations may apply to them. 3.9 In these cases, the Compliance Department, or another appointed to do so, shall directly notify said persons of the specific rules that are applicable.
11 10 4. PRICE MANIPULATION I. GENERIC OBLIGATION 4.1 Price manipulation undermines the confidence of participants in the Markets and its smooth functioning. 4.2 Avoiding price manipulation is an indispensable requirement in the BBVA Group, as part of its commitment to foster integrity and transparency on the Markets in which it operates. All Involved Persons are bound to refrain from engaging in such practices. II. RESTRICTED PRACTICES 4.3 Although the definition of Price Manipulation differs in each jurisdiction, all Involved Persons should refrain from, at a minimum, the following practices: With respect to price manipulation based on actions (issuing orders and executing transactions) that change the current perceived value of the securities, the following are unacceptable practices: The issue of orders or execution of transaction that provide or are likely to give false or misleading information about the supply, demand or price of the securities or financial instruments or that are carried out using fictitious mechanisms or any other form of deceit Concerted action on the market to ensure the price of one or more financial instruments hits an abnormal or artificial level The issue of orders or execution of transactions that are performed by the use of fictitious mechanisms or any other form of deceit or scheming Acting individually or in concert to ensure a dominant position in the supply or demand of a security resulting in fixing of purchase or sale prices or fixing of other inequitable trading conditions Selling or buying a financial instrument or security at the close of the session in order to mislead investors who acted on the basis of the closing prices Any other practices established by applicable legislation.
12 4 Price Manipulation With respect to price manipulation based on disclosure of the information or false or misleading rumours, the following practices cannot be allowed: The disclosure of information providing or likely to provide false or misleading indications regarding financial instruments, including spreading rumours and false or misleading news The dissemination of opinions about a security in relation to which the issuer of the opinion is pre-positioned, without simultaneously disclosing the conflict of interests that arises from this pre-positioning to public opinion Any other practices established by the applicable legislation. III. SPECIAL ACTIVITIES 4.4 As defined in section 3.8 above, persons who engage in or are in any way involved in activities such as the stabilization of securities in public offers, the execution of liquidity contracts on an issuer s own shares, financial analysis, buyback or trading of own shares and lending securities, must take into account that additional rules may thereby come into effect. 4.5 In such cases, the Compliance Department, or another appointed to do so, shall directly communicate the specific rules that are applicable to the Involved Persons.
13 12 5. CONFLICT OF INTERESTS I. DEFINITION OF CONFLICTS OF INTEREST 5.1 There is a Conflict of Interest when a minimum two contradictory interests coincide with respect to a person or a scope of decision that influence the impartial or objective rendering of a service or operation. 5.2 Possible Conflicts of Interests: BBVA s wide range of simultaneous activities in the field of Securities Markets, as well as the different family, economic and professional or other connections of Involved Persons make it possible that, at certain times, the following Conflict of Interests may occur: Between customers of the BBVA Group Between customers and the BBVA Group Between different areas of the BBVA Group. 5.3 Specific cases of Conflict of Interests: Identifying a Conflict of Interests entails at a minimum, determining whether the BBVA Group or its Involved Persons fall within one of the following situations: The entity or the person in question may obtain a financial benefit, or avoid a financial loss, at the expense of the customer Has a interest in the outcome of the service provided or transaction carried out to the customer s account other than the interest the customer has in said outcome Has financial or any other type of incentives that favour the interests of customers other than those of the customer in question The professional activity is identical to that of the customer Receives or will receive, from a third person an incentive in connection with the serviced rendered to the customer, in cash, goods or services, other than the usual commission or fee for the service in question.
14 5 Conflict of Interests 13 II. OBLIGATIONS 5.4 Duty to identify Conflict of Interests: All Involved Persons must disclose to their immediate superior any situation or circumstance that would or could involve the occurrence of a potential Conflict of Interests that may compromise their professional objectivity, as soon as it is known and prior to the performance of the transaction or completion of the business. III. PREVENTION AND MANAGEMENT OF CONFLICT OF INTERESTS 5.5 Prevention of Conflict of Interests: Whenever necessary, to ensure that decisions are adopted autonomously within each Area and to prevent the occurrence of potential Conflict of Interests, specific measures called Information Barriers shall be adopted. These barriers are aimed at preventing improper exchange of information between persons/areas engaging in activities that could involve a significant risk of Conflict of Interests. 5.6 Managing Conflicts of Interests: Should it be impossible to prevent a Conflict in accordance with the foregoing measures, the Conflict must be resolved by taking into account the following principles: In the event of a Conflict of Interests between customers, equal treatment must be guaranteed to avoid favouring some over others In the event of a Conflict of Interests between customers and the BBVA Group, diligence and transparency must be displayed at all times in the interest of the customer, looking out for such interests as if they were their own and always giving priority to customers interests. IV. DISCLOSURE OF CONFLICT OF INTERESTS 5.7 When Conflict of Interests cannot be avoided or managed, the customer must be informed in an impartial, clear and non-misleading fashion, of the general nature or origin of the conflict before acting on their behalf. In this manner, the customer can make an informed decision about the investment or transaction.
15 14 6. DEFINITION OF OWN-ACCOUNT TRADING 6.1 Own-Account Trading refers to transactions over Securities Affected undertaken by or on behalf of Involved Persons or by Equivalent Persons, outside the scope of their activities by virtue of their tasks within the BBVA Group. 6.2 The transactions of Equivalent Persons will have the same consideration and are subject to the same limitations as if they had been performed by the Involved Person himself. Equivalent Persons are: Persons within and outside the family circle, over whose assets the Involved Person has powers of management, either by virtue of a legal regulation or a contract Legal entitites controlled by the person themself or their Equivalent Persons. 6.3 Consequently, without detriment to local legislation, Equivalent Persons shall be considered, at a minimum as: spouse, children or adults who are dependents of the Involved Person, companies that are effectively controlled by the Involved Person and/or any Equivalent Persons and any other person or entity for whom the Involved Person undertakes operations involving the Securities Affected.
16 15 7. OWN-ACCOUNT TRADING BY INVOLVED PERSONS AND THEIR EQUIVALENT PERSONS 7.1 To ensure the personal actions of BBVA Group professionals are in accordance with applicable legal regulations and to promote transparency in the Markets and to preserve, at all times, the interests of investors, the following performance principles are set out which must be followed by all Involved Persons when purchasing and/or selling securities to their own account. 7.2 Involved Persons and their Equivalent Persons must refrain from engaging in operations: That involve improper use of Privileged Information under the provisions stipulated in of this Policy That involve preparation or execution of practices that distort free formation of prices (Price Manipulation) That involve improper use or disclosure of confidential information That enter or may enter into conflict with an obligation of the entity under prevailing Securities Market legislation. 7.3 They must also refrain from advising or assisting another person, outside the normal course of their job, to carry out a transaction that would be prohibited under the provisions in the paragraph 7.2 above were it traded to their own account. 7.4 Except in the normal course of their work, they must refrain from reporting any information or opinion to third persons where it is suspected that, as a result of such information, the third person in question could perform or advise or assist another person to perform any of the actions described in the foregoing paragraph.
17 16 8. OWN-ACCOUNT TRADING FOR CERTAIN INVOLVED PERSONS SPECIFICALLY SUBJECT TO INTERNAL STANDARDS OF CONDUCT ON THE SECURITIES MARKETS 8.1 Within the Group s entities, the group of Involved Persons who, because of their position or role, carry out activities related to the Securities Market shall be specifically subject to Internal Standards of Conduct approved by each jurisdiction (hereinafter Persons Subject). 8.2 Said group of Persons Subject and their corresponding Equivalent Persons, shall be subject, at a minimum, to the additional restrictions that are listed below, as well as any other restrictions contained in the Internal Standards of Conduct on the Securities Markets that are applicable or manuals and/or rules for their implementation. 8.3 The following are general restrictions that all Internal Standards of Conduct on the Securities Markets in the BBVA Group should contain: Continuously maintain their respective Compliance Department informed of any Own-account Trading made on those Securities Affected that have been identified Maintain in their portfolio, prior to disposal or cancellation, the BBVA securities or derivative instruments whose underlying security is BBVA for a minimum period of twenty stock-exchange trading sessions In the rest of Securities Affected, no long-short or short-long trades may be performed during the same trading session, without detriment to any longer holding period that may be established as a special restriction under the provisions of paragraph 8.4 below Refrain from performing any Own Account Trading on BBVA securities, or financial instruments that have BBVA as underlying security, as from fifteen working days before the close of each quarter until the second working day following the publication date of the quarterly, half-yearly or annual financial statements of BBVA or, where applicable, from the moment that they became aware of such information, should this be before said deadline.
18 8 Own-Account Trading for certain Involved Persons 17 Sepecifically subject to Internal Standards of Conduct on Securities Markets Refrain from engaging in any Own-Account Trading on any other Security Affected from the moment that the Person Subject becomes aware of the issuer s unpublished economic results until the second working day following their publication. 8.4 The Internal Standards of Conduct on the Securities Market shall describe the special additional restrictions (communication or prior authorisation of operations, extended minimum-holding periods, etc.) that may be imposed.
19 18 9. CONTROL OF INFORMATION I. OBJECTIVES FOR CONTROL OF INFORMATION AND INFORMATION BARRIERS 9.1 Every BBVA Group entity must establish the necessary measures in order to: Prevent uncontrolled flow of Privileged Information between different Areas of the BBVA Group Ensure that decisions related to the Securities Markets are made autonomously within each Area Control occurrence and existence of potential Conflict of Interests. 9.2 In order to achieve the above objectives, where applicable, a series of measures and procedures called Information Barriers shall be established and whose description is as follows: II. SEPARATE AREAS AND OTHER AREAS OF THE GROUP 9.3 Separate Area: Separate Areas of activity shall be defined as each department or area of the BBVA Group engaged in activities managing their own or third-party portfolios or performing financial analysis, investment banking, brokerage of negotiable instruments and any other area that may have Privileged Information from time to time The status of a Separate Area implies the establishment of stricter Information Barriers between each Separate Area and the rest of the organisation and between each of the Separate Areas, which shall in all cases include measures of physical separation and/or procedural controls specifically designed to ensure the compliance of the objectives indicated in paragraph 9.1 above.
20 9 Control of Information 19 III. GENERAL MEASURES FOR THE PROTECTION OF INFORMATION 9.4 In addition to the general duty of confidentiality applicable to non public information that Involved Persons access in pursuit of their duties or position, any Involved Person who has access to Privileged Information must proceed to safeguard it, ensuring its correct protection and avoiding inappropriate accessibility to persons who, although belonging to the same Area, should not access it. 9.5 In this regard, at least the following measures shall be established at area or unit level: A location and identification procedure of the Securities Affected by Privileged Information and all persons in possession of such information. Corresponding Compliance Department shall use these to maintain Lists of Prohibited Securities and Insiders Security measures to ensure that the hardware containing the information (papers, files, diskettes, etc) is not open to uncontrolled access by outsiders Measures aimed at limiting the knowledge of projects and operations containing Privileged Information strictly to those persons, internal or external to the organisation, which is indispensable for proper implementation of the project, denying access to any person that should not know such information in the pursuit of their duties In this area, Involved Persons shall take into account the following special measures: No aspect of the projects or transactions that contain Privileged Information may be commented upon in public places or in those areas where there is a risk of being overheard by persons who should not know this information Conference rooms must be checked and any confidential material removed after a meeting finishes and before the space is used again Caution must be taken when using unprotected media, eg, mobile phones, faxes or . In particular, information must not be sent to terminals that are unmanned at time of sending or to which outsiders could have access Insofar as possible, temporary staff should not have access to Privileged Information.
21 9 Control of Information 20 IV. ADDITIONAL MEASURES TO CONTROL INFORMATION 9.6 The Codes or Internal Standards of Conduct on the Securities Markets in each jurisdiction shall outline specific measures to follow at all times for the purposes of ensuring a controlled flow of Privileged Information and independent decision making related to listed securities.
INTERNAL STANDARDS OF CONDUCT ON THE SECURITIES MARKETS 3 Contents PART PERSON SUBJECT 7. OWN-ACCOUNT TRADING OF I. Definition of Own-Account Trading... 26 II. Obligations regarding other relatives living
Internal Code of Conduct on Matters Relating to the Stock Market and Policy on the Use of Relevant Information 1. Objective This "Internal Code of Conduct on Matters Relating to the Stock Market and Policy
Lar España Real Estate SOCIMI, S.A. Internal Code of Conduct in the Securities Markets Madrid, 06 February 2014 CONTENTS 1. PURPOSE 3 2. DEFINITIONS 3 3. SCOPE OF APPLICATION 6 4. HANDLING OF INSIDE INFORMATION
NOAH CAPITAL MARKETS (PTY) LTD NOAH CAPITAL MARKETS (EMEA) LTD ( NOAH ) Personal Account Dealing Policy INTRODUCTION This document sets out the policy and related procedures of the Noah Capital Markets
Attachment B PRINCIPLES SECTION I. CODE OF ETHICS FOR POINT CAPITAL, INC. STATEMENT OF GENERAL FIDUCIARY This Code of Ethics (the "Code") has been adopted by Point Capital, Inc. (the Corporation ) in compliance
GUIDELINES ON COMPLIANCE FUNCTION FOR FUND MANAGEMENT COMPANIES Issued: 15 March 2005 Revised: 25 April 2014 1 P a g e List of Revision Revision Effective Date 1 st Revision 23 May 2011 2 nd Revision 16
1. Introduction and Purpose ALMONTY INDUSTRIES INC. INSIDER TRADING POLICY Almonty Industries Inc. (the Corporation ) is a Canadian company, it is a reporting issuer in Canada and its securities are listed
INSOLVENCY PRACTITIONERS (PART D) Effective from 1 January 2009. Code of Ethics for insolvency practitioners. On 1 January 2014 a minor change was made to paragraph 400.3 of the code. The change clarifies
LIST OF CONTENTS INSOLVENCY CODE OF ETHICS Paragraphs Page No. Definitions 2 PART 1 GENERAL APPLICATION OF THE CODE 1-3 Introduction 3 4 Fundamental Principles 3 5-6 Framework Approach 3 7-16 Identification
www.complianceriskmanagement.intranet ING Groep N.V., 2010 This document may not be distributed outside ING in any way without prior written consent of the ING Corporate Compliance Risk Management department.
CODE OF ETHICS FOR THE MANAGEMENT OF COLLECTIVE INVESTMENT SCHEMES Table of Contents I Objectives 2 II Scope, binding force 2 III Code of Ethics for the Asset Manager of Collective Investment Schemes 2
THE INVESTMENT FUNDS AND MANAGEMENT COMPANIES ACT - 1 (published in the Official Gazette of the Republic of Slovenia - no. 110 on December 2002) Ljubljana, 2003 The original text of this act is written
Entry into force: 29. April 2015 Version: 1.1 Published 27. April 2015 VPO NOK Rules Rules for the Central Securities Settlement in Norwegian Kroner This document is a translation from the original Norwegian
4374 The Mauritius Government Gazette General Notice No. 2260 of 2012 THE INSOLVENCY ACT Notice is hereby given that the following Rules governing the performance and conduct of Insolvency Practitioners
Rules of Alternative Trading System organised by the BondSpot S.A. text according to legal condition at 1 January 2013 Only the Polish version of these documents is legally binding. This translation is
A Guide to the Financial Services Regulations Contents Chapter 1 2 Introduction to the Financial Services Regulations Legislative Background Chapter 2 3 Overview of FSR Regulated Activities Authorisation
INSIDER TRADING POLICY NOVEMBER 2014 2 INSIDER TRADING POLICY NOVEMBER 2014 This Policy provides guidelines for directors, officers, executives, employees and consultants (collectively, WSP Team Members
Rules of Alternative Trading System organised by the BondSpot S.A. The Rules adopted by the Management Board by Resolution No. 103/2009 dated 4 November 2009, as amended by the Management Board: by Resolution
One Managed Investment Funds Limited Policy Name: Securities Trading Policy Adopted by the Board on 22 August 2014 1. Introduction The One Investment Group and its controlled entities, hereafter OIG, including
Securities Trading and Insider Reporting Policy Securities law generally prohibits trading or dealing in the securities of a company on the basis of undisclosed material information. Anyone violating these
AMENDMENTS TO THE LISTINGS RULES Legend: additions are underlined. Rule Making History 1. The draft rules were presented to the Rules and Adjudication Committee of Council (RAC) on 22 May 2013 for consideration;
Policy No.: COMMUNICATION POLICY Date: October 2012 Supersedes: December 2010 Current : Authorised: M-Group Policy Yes COMMUNICATION POLICY MultiChoice South Africa Holdings (Pty) Limited (MCSAH) and MultiChoice
Axway Code of Conduct 1. Preamble The purpose of this Code of Conduct is to describe regulations relating to insider trading applicable to Axway Software S.A. and its subsidiaries ( Axway or the Company
FINANSTILSYNET Norway This translation is for information purposes only. Legal authenticity remains with the official Norwegian version as published in Norsk Lovtidend. --------------------------------------------------------------------------------------------
Current versions of approved documents are maintained online. Printed copies are uncontrolled. Page 1 of 5 POLICY GUIDANCE & STANDARDS TRADING BLACKOUTS FOR RESTRICTED PERSONS Number : CO-059 Date Developed:
(text consolidated at 20 June 2012)* * 1) The Rules adopted by the Supervisory Board by Resolution No. 1/1110/2006 dated 4 January 2006, as amended by the Exchange Supervisory Board: - by Resolution No.
77 The Investment Services Directive a New Basis for Securities Trading in Europe Birgitte Bundgaard and Anne Reinhold Pedersen, Financial Markets INTRODUCTION On 7 October 2003 the Council of Ministers
PACIFIC EXPLORATION & PRODUCTION CORPORATION INSIDER TRADING POLICY Introduction: Pacific Exploration & Production Corporation (the Corporation ) encourages all employees to become shareholders on a long-term
F R E Q U E N T L Y A S K E D Q U E S T I O N S A B O U T E U R O P E A N S E C U R I T I E S L E G I S L A T I ON Who is affected by European securities legislation? European securities legislation applies
Code of Ethics Old North State Trust, LLC (the Company ) has adopted this Code of Ethics in recognition of the principle that all Supervised Persons (as defined below) of the Company have a fiduciary duty
COMMUNICATION POLICY Media24 is a subsidiary of Naspers Limited, a company that is listed on the JSE Limited and the London Stock Exchange. From a corporate governance perspective, Media24 uses the Naspers
Circular 08/38 of the Swiss Financial Market Supervisory Authority Regulatory Aspects Governing the Market Behaviour in Securities Trading (Code of Conduct for Securities Markets) Unofficial translation
1. PURPOSE In accordance with CSSF Circular 2004/155, the board of directors of [NAME OF COMPANY] (hereafter the Company ) has adopted the following Compliance Policy. The Company s Compliance function
9 August 2015 ALTICE N.V. SHARE TRADING POLICY ALTICE SHARE TRADING POLICY Altice N.V. (the Company) is a Dutch public limited liability company whose shares are admitted to trading on Euronext Amsterdam.
New Zealand Institute of Chartered Accountants FAES Issued 11/09 Amended 07/13 ENGAGEMENT STANDARD FINANCIAL ADVISORY ENGAGEMENTS Issued by the Board of the New Zealand Institute of Chartered Accountants
1.0 INTRODUCTION An underlying principle of securities legislation is that the public should have the opportunity to decide whether to buy or sell securities on the basis of information equally available
TRADING POLICY FOR SECURITIES ISSUED BY BRASCAN RESIDENTIAL PROPERTIES S.A. I. PURPOSE The following Policy aims to consolidate the rules and procedures that must be observed by: i. the Company s Controlling
Inca One Gold Corp. Insider Trading Policy 1.0 Introduction The Board of Directors (the Board ) of Inca One Gold Corp. ( Inca One ) 1 has determined that Inca One should formalize its policy on securities
Kingdom of Saudi Arabia Capital Market Law Capital Market Law Chapter One Definitions Article One Unless the context otherwise indicates, the following words and phrases, wherever they appear in this Law,
Annex 1: Detailed outline Key issues Possible text for proposal for a directive/regulation Comments/Explanations on ongoing and periodic transparency requirements for issuers, and holders, of securities
Share trading policy Mortgage Choice Limited ABN 57 009 161 979 2 Share trading policy 1. Introduction 1.1 The shares of Mortgage Choice Limited ABN 57 009 161 979 (the Company) are quoted on the Australian
Share Trading Policy Dealing Rules for Directors and Senior Executives Summary The Board encourages directors and senior executives (key management personnel (KMP s)) to own shares in the Company to further
Internal Code of Conduct for Treasury Shares Transactions of CaixaBank, S.A. and Group Companies TITLE 1. SCOPE OF APPLICATION OF INTERNAL CODE AND TREASURY SHARE TRANSACTIONS 3 Article 1. Scope of application
SECURITIES TRADING AND INSIDER REPORTING POLICY Securities law generally prohibits trading or dealing in the securities of a company on the basis of undisclosed material information. Anyone violating these
SHARE TRADING POLICY Dealing Rules for Directors and Senior Executives Summary The Board encourages director and senior executives (collectively Key Management Personnel (KMP s)) to own shares in the Company
GSK Policy Title: Code for Dealing in Securities Official Short Title: Code for Dealing in Securities Key Points No employee may deal in GlaxoSmithKline plc securities ( GSK securities ) if he or she is
SEAFIELD RESOURCES LTD. (the Corporation ) Insider Trading Policy 1. Introduction The Board of Directors of the Corporation 1 has determined that the Corporation should formalize its policy on securities
Eclipx Group Limited Securities Trading Date approved: 26 March 2015 SECURITIES TRADING ECLIPX GROUP LIMITED (THE COMPANY) 1. Introduction and Purpose 1.1 Background This Securities Trading Policy (Policy)
Dear Stock Brokers and Brokerage Firms, Circular # 3531 INVESTOR S PROTECTION CODE Buenos Aires. April 16, 2009 This is to inform you that on April 15, 2009 the Board of Directors of The Buenos Aires Securities
Trading In Securities Policy Approved Date: 28th May 2015 POLICY STATEMENT This policy relates to dealings in securities and other financial products, including Meridian shares and other companies shares.
QBE INSURANCE GROUP LIMITED Trading Policy for dealing in securities of QBE Insurance Group Limited or other entities April 2015 QBE Trading Policy.docx Page 1 Contents 1. Definitions 2. Statutory prohibitions
POLICY ON SECURITIES TRADING Custodian and Allied Plc has issued this Policy made pursuant to the various laws relating to trading of securities by an Issuer in Nigeria. TABLE OF CONTENTS 1. BACKGROUND...2
PURPOSE NOVAGOLD RESOURCES INC. (THE COMPANY ) INSIDER TRADING POLICY The Company is a publicly traded company listed on the Toronto Stock Exchange (the TSX ) and the NYSE MKT LLC (the NYSE MKT, and together
QUESTERRE ENERGY CORPORATION (the Corporation ) INSIDER TRADING AND REPORTING POLICY The purpose of this insider policy is to summarize the insider trading restrictions to which directors, officers, consultants
Corporate Governance Code for Shareholding Companies Listed on the Amman Stock Exchange CONTENTS Topic Page Preamble 3 Chapter One: Definitions 5 Chapter Two: The Board of Directors of the Shareholding
Ryanair Holdings PLC Code of Business Conduct & Ethics 2012 1 TABLE OF CONTENTS 1. INTRODUCTION 3 2. WORK ENVIRONMENT 3 2.1 Discrimination & Harassment 3 2.2 Privacy of Personal Information 3 2.3 Internet
Challenger Limited This version: Version 9 Jurisdiction: All Date of Version: May 2015 Review of Policy Due by: Policy Owners: Prepared By: Authorised By: May 2016 General Counsel General Manager, Compliance
HUMAN RESOURCES POLICY Policy Number RH-GEN.10 Date issued 2005-09-08 Date updated Approved at July 30, 2014 meeting of the Board of Directors Issued by Human Resources Department Approved by Management
(28 February 2014 to date) [This is the current version and applies as from 28 February 2014, i.e. the date of commencement of the Financial Services Laws General Amendment Act 45 of 2013 to date] NATIONAL
The following standard terms of business apply to all engagements accepted by Thompson Jenner LLP. All work carried out is subject to these terms except where changes are expressly agreed in writing. 1
MARKET ANNOUNCEMENT Computershare Limited ABN 71 005 485 825 Yarra Falls, 452 Johnston Street Abbotsford Victoria 3067 Australia PO Box 103 Abbotsford Victoria 3067 Australia Telephone 61 3 9415 5000 Facsimile
Sequa Petroleum N.V. Group Insider Trading Policy 1. Definitions 1.1 The following terms apply: AFM Management Board Company means the Dutch Authority for the Financial Markets (Autoriteit Financiële Markten)
Code of Conduct for Credit Rating Agencies 1 TABLE OF CONTENTS Preamble 1 Interpretation 2 Section A: Quality and Integrity of the Rating Process 4 Quality of the Rating Process 4 Monitoring and Updating
G3 Group Limited Financial Products Trading Policy and Guidelines Date adopted: 1 April 2015 Version: 1 1 P a g e G3 Group Limited Securities Trading Policy and Guidelines Scope of Policy This G3 Group
Purpose U.S. federal and state and Canadian provincial securities laws prohibit buying, selling, or making other transfers of securities by persons who have material information that is not generally known
1 June 2015 REVISED SECURITIES TRADING POLICY In accordance with ASX Listing Rule 12.10, Echo Entertainment Group Limited (Echo) advises that it has amended its Securities Trading Policy. The revised policy
Code of Ethics Effective June 1, 2015 APPLICABLE RULES AND REGULATIONS Rule 17j-1 of the Investment Company Act of 1940, as amended Rule 204A-1 of the Investment Advisers Act of 1940, as amended I. POLICY
Lion One Metals Ltd. Insider Trading Policy 1.0 Introduction The Board of Directors of Lion One Metals Ltd. ( Lion One ) 1 has determined that Lion One should formalize its policy on securities trading
2010 Portfolio Management Guidelines Preamble The Board of Directors of the Swiss Bankers Association has adopted these Guidelines in order to maintain and enhance the reputation and high quality of Swiss
Rules for the admission and listing of bonds on ABM, (Alternative Bond Market) including the continuing obligations of issuers Version 3.0 Amended 01.07.06 This document is a translation from the original
DMA Trading Manual DMA Trading Manual Contents Contents 01 An Introduction to DMA trading within What is DMA? Benefits of DMA 02 Getting Started Activating DMA Permissions & Data Feeds Your DMA Deal Ticket
Insider Trading Policy and Guidelines Company Policy This policy applies to all Directors, officers and employees of Auckland International Airport Limited ("Auckland Airport") and its subsidiaries who
Approved by the board on: 26 June 2015 NASPERS GROUP Communication policy (This policy must be read in conjunction with the investor relations policy) 1. PURPOSE The purpose of this policy is to record
PRINCIPLES OF CORPORATE GOVERNANCE FOR SUPERVISED INSTITUTIONS Content of principles I. ORGANISATION AND ORGANISATIONAL STRUCTURE 1. 1 The organisation of a supervised institution should enable meeting