Company: BCDRF
Filing Date: 2025-02-28
Form Type: 20-F
Source: 0000891478-25-000054
Chunk: 580

Company: Banco Santander, S.A.
Filing Date: 2025-02-28
Form: 20-F
Chunk 580
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| For more details on Canal Abierto, see section'4.3 Ethical channels'of the 'Sustainability statement' chapter. |

B. Privacy

At Santander, we have a specialist office that enforces our corporate policy on personal data protection and sets out guidelines for all our subsidiaries. In 2024, we increased data protection awareness following the 14th of May incident related to the unauthorized access to a Santander database hosted by a third-party provider. We adopted coordinated and reinforced measures to strengthen our data protection culture and foster collective consciousness about the value and protection of personal data.

C. Market regulation

The Markets Conduct team within Corporate Compliance oversees enforcement of the Code of Conduct in Securities Markets (CCSM). It is also responsible for the control environment applicable to treasury shares transactions and Santander's buy back programmes and for monitoring the use and contribution of benchmarks.

In addition to the application of the CCSM, the risk of market abuse is primarily managed by the relevant business line, with support from CIB Compliance, as outlined below:

• The global control room function is responsible for preventing unlawful disclosures of inside information and transactional conflicts of interest.

• The surveillance function is responsible for: (i) monitoring the bank's activity in financial markets; (ii) deterring and detecting market abuse and other types of misconduct; and (iii) establishing monitoring systems for both the bank's orders and transactions in financial markets and for the communications of employees carrying out this activity.

• The CIB compliance function also oversees compliance with core international market regulations, including, but not limited to:

• EU laws and regulations: monitoring of compliance with EU Regulations (for example, MiFID II and EMIR), with the focus in 2024 on regulatory reporting, inducements and Algorithmic Trading requirements.

• UK laws and regulations: continued monitoring of divergences of UK vs. EU regulations.

• US laws and regulations: monitoring of US compliance programmes and their global application, in particular Dodd-

Annual report 2024 544

| Contents |     | Business model and strategy |     | Sustainability statement |     | Corporate governance |     | Economic and financial review |     | Riskmanagementandcompliance |

Frank Swap Dealer and Security Based Swap Dealer; and the Volcker Rule.

D. Relevant Information

The core functions of Corporate Compliance’s Relevant Information team are: (i) leading the assessment to decide whether a particular piece of information could be classified as inside