Company: BCDRF
Filing Date: 2025-01-16
Form Type: 6-K
Source: 0000950103-25-000553
Chunk: 10

Company: Banco Santander, S.A.
Filing Date: 2025-01-16
Form: 6-K
Chunk 10
---
 MiFID II is responsible for undertaking its own target market assessment
in respect of the New Notes (by either adopting or refining the manufacturers’ target market assessment) and determining appropriate
distribution channels

EU PRIIPs Regulation / PROHIBITION OF SALES TO EEA RETAIL INVESTORS– The New Notes are not intended to be offered, sold or otherwise made available to and should not be
offered, sold or otherwise made available to any retail investor in the European Economic Area (“EEA”). For these purposes,
a retail investor means a person who is one (or more) of: (i) a retail client as defined in point (11) of Article 4(1) of MiFID II; (ii)
a customer within the meaning of Directive (EU) 2016/97, as amended, where that customer would not qualify as a professional client as
defined in point (10) of Article 4(1) of MiFID II; or (iii) not a qualified investor as defined in Regulation (EU) 2017/1129 (as amended,
the “Prospectus Regulation”). Consequently, no key information document required by Regulation (EU) No 1286/2014 (the
“EU PRIIPs Regulation”) for offering or selling the New Notes or otherwise making them available to retail investors
in the EEA has been prepared and therefore offering or selling the New Notes or otherwise making them available to any retail investor
in the EEA may be unlawful under the EU PRIIPs Regulation.

UK MiFIR product governance / Professional investors and ECPs only target market – Solely for the purposes of each manufacturer’s product approval process, the target market
assessment in respect of the New Notes has led to the conclusion that: (i) the target market for the New Notes is only eligible counterparties,
as defined in the FCA Handbook Conduct of Business Sourcebook (“COBS”), and professional clients, as defined in Regulation
(EU) No. 600/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (“UK MiFIR”);
and (ii) all channels for distribution of the New Notes to eligible counterparties and professional clients are appropriate. Any person
subsequently offering, selling or recommending the New Notes (a “distributor”) should take into consideration the manufacturers’
target market assessment; however, a distributor subject to the FCA Handbook Product Intervention