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- The FGD does not guarantee securities or financial instruments entrusted to a credit institution to perform investment services and ancillary activities in territories qualifying as tax havens in accordance with applicable law and regulations, or in a country or territory that has no securities markets supervisory body, or where, if there is one, it refuses to exchange information with the Spanish National Securities Market Commission (CNMV).
- In the latter case, the relevant countries or territories will be as indicated by the Ministry of Economic Affairs and Digital Transformation on the recommendation of the CNMV.
Moreover, the FGD will not cover securities and financial instruments entrusted to branches of Spanish credit institutions located in non-EU countries that have national investor-compensation schemes equivalent to those operating in Spain. - The following securities are not eligible and therefore fall outside the protection offered by the FGD:
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Deposits made by the following institutions:
- Credit institutions;
- Securities brokers and broker-dealers;
- Insurance undertakings;
- Investment trust companies;
- Management companies of collective investment undertakings, as well as management companies of pension funds, securitisation funds and venture capital funds and the deposits of the entities they manage;
- Portfolio management companies and financial advisory firms;
- Venture capital companies and their management companies.
- Any other financial institution as defined in Article 4(1)(26) of Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013.
- Deposits held by the institution on behalf of public authorities, except for those held on behalf of local authorities with an annual budget of up to €500,000.
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- Likewise, the obligation to repay the amounts covered shall not include those deposits set up:
- in breach of applicable law and regulations, in particular deposits arising from transactions in connection with which there has been a criminal conviction for money laundering;
- by customers who have personally obtained financial conditions that have worsened the institution’s position, provided that this circumstance has been confirmed by a final judgment;
- by persons acting on behalf of any of the depositors excluded under the terms of the preceding section and this section or acting in concert with those persons mentioned in paragraphs a) and b) above.
- Notwithstanding the time limits provided for in Article 9(1) of Royal Decree 2606/1996, should the Management Committee decide that circumstances exist demonstrating, or suggestive of, any relationship or connection between a depositor and the causes giving rise to the obligation to indemnify, payment of the corresponding compensation may be suspended until such time as the non-existence of any such relationship or participation is judicially confirmed, at the request of a party. The FGD will have the same powers when a depositor or any other party with entitlement to or interest in a deposit has been indicted for or convicted of crimes relating to money laundering, should the summary procedure governed by Book IV, Title III of Spain’s Law on Criminal Procedure have commenced and until such procedure ends.
