CITYPRIVE P.F.P., S.L.
The purpose of these Regulations is to govern, subject to the framework of definitions included in the last article herein, the requirements and procedures of the Client Support Service in ” CITYPRIVE P.F.P, S.L.”. (hereinafter “CITYPRIVE”), in order to address and resolve Client Complaints, -indirectly, through CITYPRIVE’s external legal advisors-, and to determine a procedure that guarantees the effectiveness of the right of Clients to claim against CITYPRIVE, when the circumstances so allow
Application Scope2. Ámbito de aplicación
The obligations contained in this Regulation shall refer to the Complaints and Claims submitted, directly or through representation, by all natural individuals or legal entities, Spanish or foreign, that qualify, under Law 5/2015 of 27 April on the Promotion of Business Financing, as Client or user of the services provided by CITYPRIVE as long as such Complaints and Claims relate to their interests and legally recognized rights, whether derived from contracts, current regulations regarding transparency and customer protection or good practices and financial uses, or any other rule that addresses the protection of any interests and rights that may be relevant thereto.
The Client Support Service will handle with utmost confidentiality any data received as a result of a Complaint or Claim
3. Client Support Service
3.1. CITYPRIVE will have a specialized Client support service (the ” Client Service “) responsible for protecting the rights and legitimate interests of Clients in their interaction with CITYPRIVE.
3.2. Specifically, the Client Service will perform the following functions:
3.2.1. Address and solve the Complaints and Claims that may be filed by Clients.
3.2.2. Promote and ensure CITYPRIVE’s compliance with Law 5/2015 of 27 April on the Promotion of Business Financing, with the principles governing, in particular, Participatory Funding Platforms (neutrality, diligence and transparency), and any other rules that may be applicable in relation to the protection of customers, and good practices and financial practices, preparing and conducting, on its own initiative or at CITYPRIVE’s request, reports, recommendations and proposals in relation to these issues.
3.2.3. Ensure that the following information is included in CITYPRIVE’s address (and on its website):
3.2.3.a The existence of the Client Service, along with its post and email address.
3.2.3.b CITYPRIVE’s obligation to address and solve any complaints filed by Clients within two months from their submission to the Service, either at the registered office or at the email address or postal address provided for this purpose.
3.2.3.c An updated and consolidated version of this Regulation.
3.2.4. Prepare annual reports explaining the fulfilment of its duties, under the terms of section 13.
3.3. The following matters, however, are excluded from the Client Support Service’s authority:
3.3.1. Relations between CITYPRIVE and its employees, except when they act solely in their capacity as Clients.
3.3.2. Relations between CITYPRIVE and any of the entities in the Group of Companies in which, where appropriate, it may be integrated, except when they act solely in their capacity as Clients.
3.4. The head of the Client Service will be CITYPRIVE’s Manager, or, in case of temporary impediment, the person appointed by CITYPRIVE’s Administrative Body, who will forward the Complaints and Claims to CITYPRIVE’s legal advisors to manage their assessment and resolution under the terms set out in this Regulation.
The Company shall adopt the necessary measures to separate the Manager from the other commercial or operational services of the organisation, in order to ensure that he/she makes independent decisions regarding the handling of complaints and claims from the Platform’s Clients and to avoid conflicts of interest.
In any of these cases, the following are necessary conditions in order to be appointed as the head of the Client Support Service:
3.4.1 To be commercially and professionally trustworthy; for these purposes, commercial and professional trustworthiness shall be understood to exist in those who have had a personal history of respect for commercial and other laws that regulate economic activity and business life, as well as good commercial and financial practices.
3.4.2 To be in possession of adequate knowledge and experience to perform the functions that they are required to perform in accordance with this Regulation; for these purposes, those who have performed functions related to Crowdfunding operations that a Crowdfunding Platform may execute in accordance with the applicable legislation for this type of company, will be considered to possess adequate knowledge and experience to hold the position of Client Service Head.
3.4.3 Not be subject to any of the incompatibilities set out in section 3.5 below.
3.4.4 To be an employee of CITYPRIVE or, where appropriate, of an entity in the Group of Companies in which it can be integrated.
3.5. The following shall be considered as causes of incompatibility for the purposes of section 3.4:
3.5.1 Providing professional services to companies in competition with CITYPRIVE, as well as accepting positions as an employee, manager or director in them;
3.5.2 Holding positions with executive functions in any credit institution, investment services company, management company for collective investment institutions, insurance company, pension fund management company or insurance brokerage company not belonging to the Group of Companies in which it may be integrated.
3.5.3 Holding political positions or carrying out any other activities that could be of public relevance or that could in any way affect the image of the Client Support Service.
3.5.4 Any others that may be specifically established by applicable regulations at any given time.
3.6. The appointment of the Client Support Service representative shall be for a period of five years, and may be renewed for further five-year periods. There is no limitation on the number of times the appointment of the Client Service representative may be renewed.
3.7. The Client Service representative shall cease to hold office for any of the following reasons:
3.7.1. Expiration of the term for which he was appointed without CITYPRIVE having proceeded to its renewal.
3.7.3. Death or incapacity to perform the duties inherent to the position.
3.7.4. Loss of the conditions for eligibility mentioned in the previous sections.
3.7.5. Having been convicted of a criminal offence in a final judgement.
3.7.6. Having reached 75 years of age.
3.7.7. Serious breach of the obligations or obvious negligence in the exercise thereof.
Serious breach of the obligations or gross negligence in the exercise thereof.
In case of termination, CITYPRIVE shall immediately proceed to the appointment of a new officer who meets the eligibility criteria set out in the preceding paragraphs. In any event, the actions carried out by the previous Service officer will remain valid.
The termination and subsequent appointment of a new Customer Service representative shall not interrupt the time limit for resolving a Complaint provided for in section five of this Regulation.
3.8. Neither CITYPRIVE nor its administrators, or its directors, under any circumstances may take any sort of retaliation, sanctions, threats or pressure measures on the holder of the Client Service in order to influence, directly or indirectly, in the direction of the decisions made by the Service in the exercise of their duties.
3.9. The Client Service representative, as well as the employees assigned to said Service, shall keep secret all the information to which they have had access in the exercise of their position, which they shall use exclusively in the performance of the same and which they shall safeguard with due diligence. He/she shall not take direct or indirect advantage for his/her own benefit, or for the benefit of people related to him/her, of any business opportunities or advantages in terms of assets of which he/she has become aware as a result of his/her activity.
3.10. The Client Service will refer to CITYPRIVE external legal advisors to resolve queries and issues that the Service deems necessary for the proper performance of its functions.
3.11. All departments and services in CITYPRIVE must support the Client Service (and, indirectly, CITYPRIVE external legal advisors) and collaborate in everything that favors the best exercise of its functions, and, in particular, must provide the Service with any information it requests in relation to the exercise of its functions in accordance with the principles of speed, safety, efficiency and coordination.
3.12. The Sole Administrator or, where appropriate, the CEO of CITYPRIVE, will hold regular meetings with the Client Service officer, as often as they deem appropriate, and at least once a year, to assess the operation of the Service and take any measures they deem necessary, if any, to ensure the proper performance of its functions and promote and ensure compliance in CITYPRIVE with regulations on client protection and good practices and uses to which it is subject as a Crowdfunding Platform.
4. Procedure initiation: filing of complaints or claims
The procedure shall be initiated with the submission of a written complaint or claim, which may be made in person or by duly accredited representation, by electronic, digital or telematic means, provided that they allow the documents to be read, printed and stored. The document shall contain the following information:
I. Identification of the Client (National Identity Card/Tax Id. number/Foreigner Id. number/Passport/Certification of the competent Trade Register, name or surnames or company name, and address) or, where appropriate, of the client’s representative (duly accrediting such representation).
II. Reason for the Complaint or Claim, indicating the department or service of CITYPRIVE from which the complaint or claim arises and providing any available evidence (particularly documents).
III. Indication of the email address at which the Client wishes to be contacted with the resolution of the Complaint or Claim. If nothing is specified, the resolution will be sent to the e-mail address from which the Complaint or Claim was submitted.
IV. Statement declaring that the Client is not aware that the subject matter object of the Complaint or Claim is being addressed through an administrative, arbitration or litigation procedure in court.
V. Place, date and signature of the Client, or, if applicable, of the Client’s representative.
Clients must provide, together with the aforementioned document, -by electronic, digital or telematic means, provided that they allow the documents to be read, printed and preserved-, the documentary evidence in their possession, on which their Complaint or Claim is based.
Clients must submit their Complaints or Claims to the Client Support Service, subject to the present Regulation, via the following e-mail address: email@example.com
5. Deadline for the resolution of complaints or claims
a. Clients shall have , a period of two years to submit their Complaints or Claims from the date on which the Client becomes aware of the facts giving rise to said Complaint or Claim.
b. Clients should only submit the Complaint or Claim once, without requiring its repetition to different bodies in CITYPRIVE.
Any Complaint or Claim that is received by the Client Service after the deadline set out in the preceding paragraph, will not be admitted by it for processing and so will be communicated to the client by email in due course.
6. Filing of complaints or claims to the National Securities Market Commission (CNMV)
Under no circumstances the submission of a Complaint or Claim to CITYPRIVE through the procedures provided herein implies a waiver of the Client’s right to file such complaint or claim to the National Securities Market Commission(C.N.M.V.).
Clients may only appeal to said supervisory body in the event that CITYPRIVE does not resolve their complaint within the time limit set for this purpose in the following section, or resolving it, do so against them.
7. Deadline for the resolution of complaints or claims
Complaints and claims received by the Client Service Department must be settled by said Department within a maximum period of two months, from the moment the written Complaint or Claim is received together, where appropriate, with the corresponding evidence supporting documents, at the Client Support Service
8. Acceptance for processing
The period foreseen in the previous section shall begin running, in any case, upon receipt of the written Complaint or Claim together, where appropriate, with the corresponding documentary evidence at the Client Support Service.
Once the Complaint or Claim has been received by the Customer Care Service, a file will be created. Receipt will in turn be acknowledged in writing, leaving a record of the date of presentation for the purposes of calculating the deadline for resolution.
If the identity of the Client is not sufficiently accredited or the facts object of the Complaint or Claim cannot be clearly established, the signatory will be required to complete the documentation sent within ten calendar days, with the warning that failure to do so will result in the Complaint or Claim being dismissed without further processing. The period used by the Client to amend the deficiencies referred to in this paragraph shall not be included when calculating the two-month time limit provided for in the preceding paragraph
Complaints or Claims may only be rejected for processing in the following cases:
a. When essential data are omitted and cannot be completed for processing, including cases in which the reason for the Complaint or Claim is not specified.
b. When different appeals or actions are intended to be processed as a Complaint or Claim, which are within the competence of administrative, arbitration or judicial bodies or if resolution or litigation is pending or the matter has already been resolved by those authorities.
c. When the facts, reasons and request that specify the issues subject to the complaint or claim do not refer to specific operations or do not fall within the application scope provided for in section 2.
d. When the Complaints or Claims submitted are repetitive of other previously resolved Complaints or Claims submitted by the same Client.
e. When the period for the submission of Complaints or Claims established in section 5 has elapsed.
When there is knowledge of the simultaneous processing of a Complaint or Claim and an administrative, arbitration or judicial proceeding on the same matter, the Client Support Service shall refrain from processing the former.
When the complaint or claim is deemed ineligible for processing, due to any of the aforementioned reasons, it shall be notified to the Client by means of a reasoned decision, giving him/her a period of ten calendar days in which to present his/her allegations.
When the Client has replied and the causes for rejection are maintained, the final decision adopted shall be communicated to the Client.
The Client Support Service may request in the course of processing the files, both from the Client and the various departments and areas of CITYPRIVE, as many data, clarifications, reports or evidence they deem relevant to their decision.
11. Settlement and withdrawal
If, in view of the Complaint or Claim, CITYPRIVE rectified its situation with the Client to the satisfaction of the latter, it must notify so in writing to the Client Service. In this case, it will proceed to close the complaint or claim without further processing.
Interested parties may withdraw their Complaints and Claims at any time.
Withdrawal shall result in the immediate termination of the procedure.
12. Completion of the procedure and notification
The file must be finalised within a maximum period of two months from the date on which the Complaint or Claim was submitted to the Client Support Service.
The decision of the Client Support Service shall always be reasoned and contain clear conclusions on the request made in each Complaint or Claim, based on the contractual provisions, the applicable regulations in force regarding transparency and customer protection, the principles laid down for the operation of Participatory Finance Platforms (neutrality, diligence and transparency), as well as on good financial practices and uses.
In the event that the decision deviates from the criteria expressed in similar cases, reasons must be provided.
The decision shall be notified to the interested parties by e-mail within ten calendar days from the date thereof. This notification must allow the interested parties to read the decision themselves as well as to print out and preserve the documents.
13. Annual Report
Annually, the Client Service will submit to CITYPRIVE Administrative Body a report explaining the course of its performance during the previous year, which must contain at least the following minimum information:
1. Statistical summary of all Complaints and Claims handled, with information on their number, admission for processing and reasons for rejection, reasons and issues raised in the Complaints and Claims and quantities and amounts affected.
2. Summary of all the decisions adopted, indicating whether they are favourable or unfavourable to the interested party.
3. General criteria contained in the decisions.
4. Recommendations or suggestions derived from experience, with the aim of better achieving the objectives that inform each action.
14. Approval and verification of the Regulation for Clients Protection
This Regulation for Clients Protection has been approved and verified by CITYPRIVE’s Board of Directors on 08 May 2019.
15. Modification of the Regulation for Clients Protection
Any amendment to this Regulation for Clients Protection must be made in writing and be submitted for approval and verification by CITYPRIVE’s Administrative Body
under Article 60.2 of Law 5/2015 of 27 April, on the Promotion of Business Financing, both Developers and Investors shall be considered Clients for the purposes of application of this Regulation. A Client is, therefore, any person or entity that, within the limits set by the aforementioned Law, qualifies as a user of any of the services provided by CITYPRIVE. For the purposes of this Regulation, it is understood that this requirement is met by any person or entity that maintains a contractual relationship with CITYPRIVE under which CITYPRIVE provides them with any of the aforementioned services, as well as by the beneficiaries of such services, even if they do not maintain a contractual relationship with CITYPRIVE, and those individuals or entities that have maintained pre-contractual relationships with CITYPRIVE for the purpose of contracting such services, although in the latter case only for the purposes of the Claims that may arise in relation to the performance of CITYPRIVE in such negotiation under current legislation.
a statement of disagreement or dissatisfaction submitted by Clients, regarding delays, negligence or any type of deficient performance that they observe in CITYPRIVE’s operation.
statement of disagreement or dissatisfaction made by Clients, with the aim of obtaining the restitution of an interest or right, in relation to specific facts that involve, for whoever raises the claim, a damage to their interests or rights and arising from alleged breaches of the rules that protect them at all times in the course of the activities mentioned in the definition of ” Client “.
shall refer to this Regulation for Clients Protection in force at the time, as well as any future amendments thereto.
“Client Support Service” or “Service”
shall refer to the specialized client support service established by CITYPRIVE in order to address and resolve Customer Complaints.
“CITYPRIVE”: “CITYPRIVE, P.F.P., S.L., with registered office at calle Goya 15, 1ª planta, C.P. 28001, Madrid, inscribed in the Mercantile Register of Madrid in volume 39.191, folio 63, Section 8ª, page M-696.208, holder of C.I.F./N.I.F. nº B-88317003.