Euronext Securities Porto has decided to change the fee book to be applied to the services provided to Financial Intermediaries and to the Issuers, assuming as main objective the promotion and development of the Portuguese capital market, while aligning the quality of some specific services to the price charged.
Euronext Securities Porto intends with the amendment of its price lists:
Issuer Entities:
- Encourage the growth and development of the stock market, by reducing share maintenance fees by 6%;
- Support the growth and new trends in the distribution of Funds through a 6% reduction in maintenance fees applied to fund units. It was also decided, with the same purpose, to reduce the fee for registration and cancellation of fund units registered in the Centralised System, from a decreasing scale with discounts based on the number of registration and cancellation requests processed each year, to a single fee, regardless of the number of registrations and cancellations made in the year;
- Defend and protect the Warrants and Certificates market by reducing the registration and cancellation fee for the first 2,000 of these financial instruments registered;
- To bring the prices charged to Issuers for holders’ identification into line with the expenses incurred for updating this service in September 2020 and September 2021, as well as with international practices regarding the structure of charges for this type of service. Thus, the fee based on the Issuer’s share capital was changed to a structure intended to cover the charges and costs of this service, based on a fixed price per request for identification of holders, plus a charge per holder identified, with a maximum limit for the holders identified per request;
- Encouraging the automation of the notification of General Meetings, a service provided to the market since September 2020, charging a lower price if the notification is sent by the issuer through Interbolsa’s portal;
- To encourage subscription and redemption operations of funds units and ETFs using the order routing facility, the commission per subscription and redemption operation requested from Euronext Securities Porto carried out by means other than order routing, which require manual procedures from the operational team, was increased. The possibility of charging this commission to the depositary entity involved in the operation was also excluded, thus limiting the collection of the commission due to Euronext Securities Porto to the fund itself and to the fund or ETF management entity.
The following commissions were also adjusted:
- Commission for the cancellation of subscription transactions before the payment date, and the cancellation of subscription transactions after the payment date;
- Commission applied to settlement of primary market and other operations;
- Respond to the market’s request to charge the fees applied to some corporate events directly to the Issuer Entities and not to the Paying Agent of the event in question, as occurs in the pricing model currently in force.
Issuers Entities and Financial Intermediaries:
- Maintenance fees will be charged to Issuer Entities and Financial Intermediaries, for conversion rights assigned to the State, constituted pursuant to Law no. 61/2014 of 26 August (Special regime applicable to deferred tax assets), which are exempt from maintenance fees in the Price List in force. The exemption of maintenance commission was maintained for rights resulting from the exercise of corporate events processed through the centralised securities system.
- Update all fee collection procedures from the 8th of the month following the provision of the service to the 15th of the following month. With this amendment, the intention is to give shape, as of now, to compliance with the “AMI-SeCo Standards for Billing Processes” which are part of the “Single Collateral Management Rulebook for Europe (SCoRE)”.
Financial Intermediaries:
- Following the information received from the supplier of the communication lines that allow the connection to the Euronext Securities Porto systems, that it no longer provides ADSL lines, the price of optic fibre backup lines was updated.
- Interbolsa made the General Meetings notification service available to the market in September 2020 (and, since September 2021, the respective SWIFT 20022 messages), having subsequently set the price of this service.
- The fee to be charged, to the Financial Intermediaries participating in the systems of this management entity, per SWIFT FIN PLUS message sent by Euronext Securities Porto for identification of holders and notification of General Meetings was established. Euronext Securities Porto made available to its participants a Closed User Group (CUG) opened at SWIFT for this purpose, which allows participants that join this group to be invoiced directly by SWIFT, thus obtaining the prices SWIFT charges to each participant, which in most cases are more advantageous. However, some customers decided not to join the CUG and requested Euronext Securities Porto to receive SWIFT FIN PLUS messages.
The fee Books were updated to reflect the new brand of Interbolsa – Sociedade Gestora de Sistemas de Liquidação e de Sistemas Centralizados de Valores Mobiliários, S.A. – Euronext Securities Porto.
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