• Creditor:

    The Creditor initiates the direct debit payment process by virtue of a Direct Debit Order issued by the debtor that the creditor must receive and keep.

  • SEPA Direct Debit:

    A SEPA direct debit is the means of payment regulated by the SEPA direct debit rules for making direct debits in euros from one bank account to another in the SEPA zone.

  • SEPA Core Basic Direct Debits:

    This is the means of payment regulated by the rules of the basic SEPA direct debit instrument for making direct debit payments in euros in the SEPA from one bank account to another (consumer and non-consumer accounts).

  • SEPA Business-to-Business Direct Debits - B2B:

    This is the payment scheme under which non-consumer customers make SEPA direct debits. Exclusive product for non-consumer creditors and debtors.

  • The payee of a SEPA transfer:

    This is the field identified in the transfer order as the recipient of the funds that will be received through a payment into the account indicated for payments in the order.

  • BIC (Bank Identifier Code):

    This is the code used to identify a financial institution for payments and other financial operations. This is an ISO standard (ISO 9362) assigned to SWIFT consisting of 8 or 11 characters.

  • CAC:

    Client Account Code, a twenty-position account identification field. It is made up of the Bank (4 positions), Branch (4 positions) DC (2 positions) and Account (10 positions).

  • CSB:

    Consejo Superior Bancario (High Banking Council). The banking Notebooks AEB Standards, Spanish Association of the Banking, are a series of standards and common protocols to all the banking organisations that they operate in our country and that they fix the characteristics of computer files issued or received by a financial institution.

  • Notebook 19.14:

    Standards for SEPA Core Basic Direct Debits.

  • Notebook 19.44:

    Standards for Business-to-Business Direct Debits - B2B.

  • Notebook 34.14:

    Standards for SEPA transfers. (SCT - SEPA Credit Transfer).

  • Refusals of SEPA direct debits:

    These are claims initiated by the debtor prior to the settlement, for whatever reason, in which the debtor's entity is requested not to pay a direct debit.

  • Debtor:

    The payer of the debt who signs the order for direct payment to the creditor in order to give their consent and allow said creditor to initiate the charging process.

  • Refunds of SEPA direct debits:

    These are charges that diverge from normal execution after having been paid to the payee client and are initiated by the debtor entity either on its own account or at the request of its client.

  • Refunds of SEPA transfers:

    These are payments that diverge from the normal procedure after funds have arrived at the payee entity that the payee entity resends to the payer entity so that the transfer can be processed normally.

  • Business day:

    Commercial opening day of the parties involved in the execution of a payment for the purposes necessary for the execution of a payment operation. To interbank effects the calendar TARGET is followed.

  • Calendar day:

    Any day of the year.

  • Directive on Payment Services:

    Directive 2007/64/EC on payment services in the internal market.

  • EEA:

    European Economic Area.

  • Receiving entity:

    The entity that receives the funds from the payer entity for payment into the account of the payee, in accordance with the information provided in the order and according to characteristics of the SEPA transfer instrument.

  • Creditor's entity:

    The entity that carries out the charge of the bill and with which the creditor has signed an agreement on the regulations and conditions applicable to the provision of the SEPA debit service. Based on this agreement, this entity receives and executes orders from the creditor by means of sending charging instructions to the debtor's entity.

  • Debtor's entity:

    The entity in which the debtor of a SEPA direct debit operation maintains the account on which the charge will be made.

  • Payer entity:

    The entity that transfers the funds to the payee's entity to be paid into said payee's account.

  • EPC:

    European Payments Council.

  • SEPA Scheme:

    The SEPA payment scheme is a common set of rules, practices and commercial norms for the provision and operation of a SEPA payment instrument agreed on an interbank level in a competitive environment.

  • Statement of position:

    This is a part of the public documentation which informs the unit holder of movements due to subscriptions or reimbursements in the fund.

  • Euribor:

    (Euro Interbank Offered Rate). Interest rate of reference for the Euro area.

  • Date of registry of the fund in the CNMV (Spansih National Securities Market Commission):

    It is the moment from which the marketing of an investment fund is authorised, given that it has been registered in the records of the CNMV.

  • SEPA direct debit maturity date:

    This is the day on which the debtor's payment will be made in favour of the creditor. It corresponds to the date on which the debtor's account will be debited.

  • FIAMM:

    FIAMM (Money Market Investment Fund) A type of fund that, by law, must make its investments in fixed-yield securities of short-term maturity (up to 18 months) and high liquidity.

  • FIM:

    Mutual Funds whose exclusive object is the purchase, holding, use and sale of securities and other financial assets. FIMs invest more than 90% of their assets in market-quoted securities: public debt, private fixed income, stock and derivative instruments. The term and percentage of investment in these assets depend on the investment policy of the fund.

  • Explanatory brochure of the fund:

    A document that explains the features of an investment fund and all its relevant aspects. It contains details of the management company, its Board of Directors, the fund investment policy, the fees etc. Both the fund's first brochure and its successive updates are approved by the CNMV and are registered with it.

  • Fund simplified brochure:

    This contains a summary of the information about the fund, its objectives, risk profile, the profile of the investor at whom it is targeted, and the financial and economic information about it. It is part of the complete brochure that is used as a marketing tool for it.

  • Fondandalucia:

    An nvestment fund that invests a percentage of its portfolio in Regional Government of Andalusia debt.

  • Fund of Funds:

    Investment funds that invest their capital mainly in shares of other funds.

  • Investment Fund:

    Capital belonging to multiple investors whose right to ownership is represented in the form of shares, the sole object of which is the acquisition, holding, use, administration and transfer of negotiable securities and other financial assets to compensate the risks, with a suitable diversification of assets, without taking on an economic or political majority holding in another company.

  • Foreign Fund:

    A product domiciled in a foreign country but registered with the National Securities Market Commission (CNMV) for its marketing in Spain.

  • Guaranteed Fund:

    An investment fund guaranteed by a third party that ensures a good fixed yield or an amount linked to equity instruments.

  • Accumulation Funds:

    Also known as Capitalisation Funds. Investment funds that reinvest the yields that they obtain accumulated in the capital of the fund, producing an increase in the net asset value of the shares.

  • Money Market Funds:

    The name given to Investment Funds in Money Market (FIAMM) Assets. The name is derived from the fact that, as it has a high liquidity, it can be considered as a substitute for money.

  • Multicurrency Funds:

    Investment funds that invest in fixed income, equities or a mixture of various markets, which is why their capital assets are designated in a basket of currencies. This involves an additional exchange rate risk.

  • Alternative Management Funds:

    Investment funds that they try obtain retornos in absolute terms instead of relative yields based on certain reference rates as happens with the traditional funds, which is why its retornos are not influenced by the address of the markets.

  • Property Investment Funds:

    (FII) Non-financial Investment Funds that allow the shareholder to invest in real property beginning with relatively small amounts. It is the property fund itself that purchases, rents, maintains and sells the properties. This type of fund cannot undertake different activities such as property development, construction or others specified in the fund regulations.

  • Asset Allocation Funds:

    Investment Funds that periodically distribute dividends among their shareholders. The are complemented by Capitalisation Investment Funds.

  • Global Funds:

    Investment funds without an exactly defined investment policy that invest in any market, currency or asset type.

  • Index Funds:

    The objective of these investment funds is to achieve a return equal to that of an index used as a reference by constituting a portfolio with a similar structure to that of the reference index.

  • Sector Funds:

    Investment Funds whose portfolio consists mainly of equities in businesses in a particular sector or sectors.

  • Solidarity Funds:

    Investment funds in which a part of the commissions generated by the fund are ceded for a social purpose, for example to an NGO.

  • Treasury Funds:

    Investment funds promoted by the government that invest mainly in Public Debt.

  • Financial Futures:

    Contract for derivatives that guarantee the purchase or sale of an asset at a specific price and on a specific date.

  • IBAN:

    International Bank Account Number. An unique international code to identify bank accounts in any financial institution in any country. This standard (ISO 13616, EBS 204) is an expanded version of the basic bank account number (BBAN), the CAC in the case of Spain.

  • Information of the payment:

    Payment information transmitted to the payee/debtor at the request of the payer/creditor to allow for conciliation.

  • ISO 20022 XML:

    Format used for transfers and SEPA debits. Compulsory from 01/02/2016. See XML.

  • Mandate:

    SEPA Direct Debit Order. See Direct Debit Order.

  • Prior notification of SEPA direct debits:

    Notification that the Creditor gives with sufficient notice to the Debtor regarding the amount and other basic characteristics of the direct debit operation. You can generate this notification as separate information or include it in a regular statement, receipt or invoice.

  • Transfer Operation:

    An order made by a payer entity to transfer the transaction to the payee's entity.

  • R-Transactions:

    Direct debit transactions that differ from the normal execution and give rise to exceptional processes are known as "R-transactions".

  • Direct payment order/mandate:

    Also known as the "mandate", this constitutes the authorisation and expression of consent given by the debtor to the creditor in order to allow said creditor to initiate the process of debiting the debtor's account and allowing the debtor's entity to attend to those orders.

  • Transfer order:

    An instruction give by a payer to a payer entity in which they request the execution of a transfer.

  • Payer of SEPA transfers:

    This is the customer who initiates the transfer by giving an order to the payer entity.

  • Participant:

    Payer Entity/Payee Entity/Creditor Entity/Debtor Entity. Part of the SEPA scheme fully accepted in accordance with the Rulebooks.

  • R²:

    The coefficient that in a regression measures the percentage of the variance of the dependent variable that is explained by independent variables. It is a measure of the merit of the adjustment and the predictions that can be made through it.

  • Ranking:

    This is the classification of a family of investment funds, organised according to the yield, risk, capital or any other criterion. Standard and Poor's has developed its star ranking (Standard and Poor's Micropal Star Ranking (TM)) based on the relative yield of the fund.

  • Rating:

    The rating of an investment fund under a series of parameters, such as the yield and the risk. In this way, the investment is not analysed just for the yield obtained. There are rating agencies that specialise in the analysis of funds, such as Standard&Poor's.

  • Credit rating:

    The rating of the liabilities of an issuing agent based on their ability to meet their obligations.

  • Information Ratio:

    Is an indicator of return and risk relative with respect to the reference rate of the fund. Specifically, measures the obtained differential return for the fund when dealing with the reference rate for unit of relative risk in which has incurred. This ratio is measured as: (return of the fund - return of the reference rate) / tracking error. Is calculated in year-on-year terms. If the ratio is positive and higher than one means that every differential risk unit assumed is being seen compensating with more than an unit of return of surplus when dealing with the index.

  • Yield-risk ratio:

    Calculated as the quotient between the yield and the volatility in year-on-year terms. This constitutes an indicator of how the fund is managed in absolute terms. In a context of return positive, this ratio represents the return of the fund for unit of assumed risk. If the ratio is positive, how much elder is its value better results will have hurled the style of management representing the fund.

  • Rejections of SEPA direct debits:

    Charges that diverge from the normal execution before the interbank settlement.

  • Rejections of SEPA transfers:

    This occurs when a transfer is not accepted for its normal procedure before the interbank settlement.

  • Reimbursement:

    Redemption or liquidation, total or partial, of the shares of a fund.

  • Reimbursement of a SEPA direct debit:

    Claims made by the debtor in which they request the reimbursement of a direct debit. A reimbursement must be requested both in the case of authorised and unauthorised payments of direct debits, in accordance with the norms and procedures provided for in the Payment Services Act 16/2009 of 13 November. The application for reimbursement should be sent to the debtor's entity after the settlement and within the regulated period.

  • Transaction reference:

    A unique code assigned to transactions to uniquely identify each payment order.

  • Temporary arrangement:

    Shares of acquired investment funds before 31/12/1994 will reduce the patrimonial gain, where applicable, for the application of the proofreader coefficient of 14.28% and this will be done for every year that it exceeds of two, rounding for excess the number of years that they go from the purchase date until 31/12/1996. These gains of more than a year are integrated in the special basis of assessment paying taxes to the fixed rate of 15%.

  • Management Regulations:

    A set of standards that, fulfilling the requirements established in the current legislation, regulates and governs the characteristics of an Investment Fund and its operation.

  • Fixed income:

    Set of financial assets that bring a periodic return (bonds, promissory notes, etc.). The fixed income does not imply security of payment, which depends on the solvency of the issuer.

  • Equities:

    Generic expression that is applied to the share market. Thus called because the yield depends on the variable payment of the dividends, which in turn depends on the profits of the company and its dividend policy.

  • Profitability:

    Calculation of the percentage of profit or loss obtained by the investor, from the time they purchase the participations to the calculation reference day.

  • Year-on-year return:

    Calculation of the percentage of profit or loss obtained by the investor, considering the last 12 months as a time horizon.

  • Repos:

    Very short-term debt buyback operations. They are usually part of the portfolio of the funds to place part of their liquidity in exchange for an attractive return. They are especially common in money market funds.

  • Resident:

    Spanish regulations determine that a person is a fiscal resident in Spain when they remain for more than 183 days a year in Spanish territory, or when they have their main nucleus or the base of their economic interests or their business or professional activities in it.

  • Remuneration:

    Reward or payment for a service or condition.

  • Retrocession of a SEPA debit:

    When the creditor reaches the conclusion that a charge should not have been processed, they can use a retrocession after the compensation and settlement by the creditor to refund to the debtor the complete amount of the improper charge.

  • Retrocessions of SEPA transfers:

    This occurs when the payer entity requests the cancellation of a SEPA transfer.

  • Revocation of a SEPA debit:

    Applications by the creditor to withdraw the charge order until the date agreed with the creditor's entity.

  • Risk:

    The probability of suffering a loss on the investment . The greater the risk assumed, the larger the return you should expect on the investment.

  • Credit risk:

    Impossibility on the part of the issuer of the title to pay the interest or the amount initially invested. This risk is measured by the credit quality (rating) issued by the Rating Agencies, that allows the various issues negotiated on the market to be compared in equal terms.

  • Market risk:

    The risk of market is the potential loss before adverse movements in the variables of the market that affect the asset prices.

  • Exchange risk

    The risk of unfavourable variations in the exchange rate. This risk is incurred if the return earned on foreign assets is reduced on obtaining its value in euros.

  • Interest rate risk:

    The risk of that interest rates may vary and, therefore, the price of fixed income asset prices.

  • Basic SEPA Direct Debit Rulebook:

    A set of regulations and commercial standards agreed by the European banking community that regulates the process of operations undertaken using this instrument.

  • SEPA Direct Debit Business-to-Business Scheme Rulebook:

    The Rulebook established the regulations and commercial standards for the SEPA Direct Debit Business-to-Business Scheme.

  • SEPA Transfer Scheme Rulebook:

    The Rulebook that establishes the regulations and commercial standards for the SEPA Transfer Scheme.

  • SCT:

    SEPA Credit Transfer. See SEPA Transfer.

  • SEPA:

    Acronym for the Single Euro Payments Area. SEPA is the area in which citizens, businesses and other economic actors can send and receive payments in euros in the member states of the EEE under the same basic conditions, rights and obligations, regardless of their place of origin.

  • Share or SHA:

    The share of costs principle applicable to an operation means that the payer and the payee will pay the corresponding fees, if applicable, separately and individually, to their respective entities. The basis and level of the fees applicable to customers are entirely at the discretion of the individual credit institutions.

  • Sharpe:

    A ratio very used to assess a fund with respect to the rest of products in its category and that results from the quotient of its yield and volatility over a certain period of time, usually three years. The higher the ratio, the better the quality of the fund management, as it offers a higher return per risk unit.

  • SICAV:

    A variable capital investment trust, the object of which is the investment of the assets in portfolio. When there are more investors who wish to participate in the society, new shares are issued. In the same way, when there are disinvestments, the capital is reduced.

  • Management Company:

    A company that manages the fund and decides on the investment policy to follow and selects the shares and financial instruments they are going to buy and to sell.

  • Application for the cancellation of a SEPA direct debit:

    These are applications by the creditor entity to withdraw the charge order prior to settlement.

  • Swap:

    A financial instrument that consists of the exchange of future financial flows between two parties, at a predetermined price and in a predetermined period.

  • Holder:

    The rightful owner of an investment title or security.

  • Terms and Conditions:

    These are clauses applied by the entities to their customers (and may include provisions regarding their rights and obligations with respect to SEPA payment instruments. These provisions can also be included in a specific agreement, according to the criterion of the entity).

  • Interest rate:

    This is the expression that indicates the temporary value of the money. The money has a temporary value, or price; who loans/invests them, require an incentive that allows them to maintain their purchasing power over time or to obtain a profit for doing so.

  • Tracking error:

    This is calculated as the standard deviation of the differences in yields between fund and index. Constitutes an indicator of the risk of the fund in relative terms, that is, when dealing with its reference rate. A tracking error close to zero represents a similar behaviour to the one of that one of its reference rate. The greater the ratio, the greater the deviation of its yields with respect to those of its reference index.

  • SEPA Direct Debit Transaction:

    A Direct Debit Transaction is the complete process for the execution of a payment through the use of a direct debit, initiated with the charge made by the Creditor until its completion, which is either its normal execution or the Rejection, Refund, or Reimbursement of the charge. This is the process from the beginning to the end of a direct debit payment procedure.

  • Unauthorised transaction:

    A charge made without the consent of the debtor.

  • SEPA transfer:

    A payment instrument regulated by the norms of the SEPA Transfer Scheme to make payments in euros via SEPA transfers.

  • TXT:

    Computer file consisting solely of plain text, without format, only characters.

  • Liquidation value of shares:

    Reimbursement price of each share.

  • Cash value:

    The result of dividing the capital of the fund between the number of existing shares. The Management Company determines and publishes the net asset value of the fund daily, according to the daily valuation of the capital.

  • Negotiable security:

    Straight ahead of patrimonial content, anyone that it is the denomination that gives him to him, that, for its legal set-up own and regime of transmission, be subject to generalised and impersonal traffic in a financial market.

  • VAR:

    Value at Risk. Maximum potential return daily of the fund estimated with 99% of probability. It is calculated as the average of the daily VARs recorded in the three previous months.

  • Maturity:

    Date on which an investment title, guarantee, etc. expires.

  • Volatility:

    The fluctuation in the value of an asset (fixed income, equities, investment fund, etc.) in a certain time period.

  • XML:

    eXtensible Markup Language. Computer file used to store data in a legible format. Allows compatibility between systems for sharing information securely, reliably and easily. See ISO 20022 XML.