Information on and classification of financial products
Ministerial Order ECC/2316/2015, concerning information obligations and the classification of financial products establishes a new system of product classification, based on three variables that must be clearly and visibly indicated on all of the financial products that are subject to this Order and commercialised by Banco Sabadell.
The purpose of the new classification is to provide clients with a standardised, visual tool that comprehensibly sets out basic information about each product, maintaining a homogeneous format that is, as a result, comparable with other financial entities.
Products that fall under the scope of the MINISTERIAL ORDER
- Financial instruments included in Article 2.1 of the Consolidated Text of Security Markets Law, approved by Royal Legislative Decree 4/2015, of 23 October.
- Bank deposits, including, among others, savings and term deposits.
- Life insurance products with a saving element, including assured savings plans.
- Individual and group pension plans.
In the MINISTERIAL ORDER you can consult the financial products that are excluded.
The information that is incorporated
| Risk indicator(1) | Liquidity alert | Complexity alert |
| Depending on the characteristics of each product risk is classified on the basis of a 6-level risk indicator. | Should the product present limitations with regard to liquidity or early sale, then one or more of the 8 anticipated alerts will be added. | Should the product be defined as complex, according to the MIFID guideline, then an alert will be added indicating that this is the case. |
(1) In the case of pension plans, this indicator will be replaced by the 7-level synthetic risk indicator that is applicable to this type of product.
Graphic example of information incorporated to all affected financial products(1)
(1) In the case of pension plans, this indicator will be replaced by the 7-level synthetic risk indicator that is applicable to this type of product.
Graphic example of information incorporated to pension plans