SEC Grants No-Action Relief from Regulation M to Banco Santander

The SEC granted no-action relief to Banco Santander, S.A. from Exchange Act Regulation M Rule 101 ("Activities by Distribution Participants") and Rule 102 ("Activities by Issuers and Selling Security Holders during a Distribution") in connection with transactions by Banco Santander and its affiliates in or relating to the ordinary shares of Banco Santander during the distribution of the shares in a proposed offering.

See: No-Action Letter.