What steps must be taken to ask for a compensation?
If you are an investor, client of (i) an insolvent investment firm or (ii) an insolvent UCITS Manager, covered by the FOGAIN and you think that you are entitled to obtain a compensation from the FOGAIN according to that stated in Sections 3 and 4 above, you may deliver an application form to the SOCIEDAD GESTORA DEL FONDO GENERAL DE GARANTÍA DE INVERSIONES, S.A. (which is the company that manages the FOGAIN) attaching a copy of your updated identification card.
The form can be delivered directly in the offices of the FOGAIN, attaching a copy of it so that you can keep a registered copy with you.
You can also send the form with copy of it attached, to the FOGAIN offices by courier or by mail. The FOGAIN will, in this latter case, send you back a registered copy of your form.
The address of the FOGAIN offices are the following: Paseo de la Habana, 82, 1º Dcha, 28036 MADRID, Spain.
Once the FOGAIN had recieved your application form, it will conduct a number of checking activities to assert that you had a credit position vis a vis the insolvent firm. To this end, the FOGAIN may request from you the remittance of additional documentation or additional information. Please note that conducting these checking activities is mandatory for the FOGAIN and that it may take some time to finish them.
Once the FOGAIN has checked that you had a credit position vis a vis the insolvent firm, and provided that you are not one of the investors excluded from the coverage of the FOGAIN, you will be sent a letter reflecting the amount of compensation that the FOGAIN believes that you are entitled to receive.
In the event that you agree with the amount, the FOGAIN will transfer the relevant amount of money to you.
In the event that you do not agree with the FOGAIN resolution, you may let it know and provide the FOGAIN with any additional documents or allegations you may deemed appropiate.
Any final resolution by the FOGAIN is subject to revission of the ordinary courts.