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SAN share (Madrid) Positivo_GB 5.902 | 0.14% | 18:00

CFTC Swap Disclosures and Notices

Banco Santander S.A. (“Santander”) is provisionally registered with the U.S. Commodity Futures Trading Commission (“CFTC”) as a non-U.S. swap dealer (LEI number: 5493006QMFDDMYWIAM13) pursuant to the Commodity Exchange Act (“CEA”), as amended by Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (the “Dodd-Frank Act”). The CEA and the CFTC rules promulgated thereunder impose regulatory requirements on swap dealers, including business conduct standards with respect to the execution of swaps with certain counterparties.

These business conduct standards mandate that Santander provide certain disclosures of material information at a reasonably sufficient time prior to entering into a swap transaction with its swap counterparties (other than counterparties that are swap dealers, major swap participants, security-based swap dealers or major security-based swap participants) to allow the counterparty to assess the material risks and material characteristics of the swap and the material incentives and conflicts of interest that Santander may have in connection with the swap.

If you are a swap dealer, major swap participant, security-based swap dealer or major security-based swap participant or if you are a non-U.S. person to which Santander is not required by the CFTC to provide these disclosures, the disclosures outlined below are not intended nor provided for your use.


Pursuant to CFTC Rule 23.431(a), Santander is hereby providing you with the ISDA General Disclosure Statement and Disclosure Annex relating to particular swap transaction types, which describing the following:

• Material characteristics and risks of swaps transactions
• Material characteristics of swaps transactions related to certain underlying reference assets
• Material incentives and conflicts of interests that might exist when entering into a swap transaction with Santander.

These disclosures documents, including certain asset-class-specific disclosures relating to interest rate, credit, asset-backed security, commodity, and foreign exchange swaps, may be found here

If you have any difficulties linking to this URL or otherwise accessing these documents, please contact clientservice@gruposantander.com immediately so that we may assist you.

These disclosures shall be deemed to be supplemented by any such additional information and disclosures included in any transaction-specific documentation exchanged between us, including any derivatives master agreement or amendment thereto, swap transaction term sheet, pre-trade confirmation or master confirmation agreement, or such other communications exchanged between us incorporating such additional information with respect to a swap or proposed swap (“Transaction Disclosures”). In the event of any conflict between such Transaction Disclosures and other (more generic) disclosures, the Transaction Disclosures shall prevail.

You should not construe the content of any of the materials herein or disclosures provided as legal, financial, tax, accounting or other advice, and you should consult your own attorney, financial advisor, tax advisor or accountant as to legal, financial, tax, accounting and related matters concerning the materials and disclosures provided.


In the context of discussing, proposing or entering into a swap with Santander, you should refer to any transaction-specific disclosures, material economic terms and any other documentation provided to you by Santander, as well as to the disclosures provided in this communication. Any reference in the materials and disclosures provided herein to any websites should be considered to mean any successor website, as applicable.

Copyright for ISDA disclosures

ISDA (or its affiliates) holds copyrights to certain of the documents to which hyperlinks are provided herein.  Those documents may not be reproduced or distributed without ISDA’s written permission, as applicable; provided, however, that the ISDA Master Agreements, ISDA Credit Support Documents and standardized general and product-specific risk disclosures published by ISDA and other documents expressly excepted on ISDA’s website, as applicable, may be reproduced and distributed solely for use in documenting specific commercial transactions. ISDA provides certain disclaimers to the documents to which hyperlinks are provided herein that you are hereby deemed to have read and are incorporated into this website, as applicable. Additionally, the transaction documentation may contain disclaimers of liabilities that you should review and alert your contact at Santander in the event of any questions or concerns.

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