Saxo Bank Remedies Compliance Issues Following FSA Warning
The Denmark-headquartered trading broker issued a statement confirming that its platform is now fully compliant with European regulations. This follows a warning from the Danish Financial Supervisory Authority (FSA) for lapses in its transaction reporting system. Read on for the details.
FSA Flagging
Saxo Bank was pulled up by the financial watchdog after it violated the MiFIR. Essentially, the broker failed to take reasonable steps until the 30th of June 2021, to ensure complete, accurate and timely transaction reports were submitted to the regulator.
The firm’s Chief Risk and Compliance Officer, Steen Blaafalk, commented: “This is a matter we take very seriously… In the period from 2018 until the summer of 2021, we have unfortunately had shortcomings in our transaction reports, just as we did not have sufficient control bodies in the area. We have since strengthened our reporting systems and procedures so that we can correct the deficient transaction reports and ensure that the sources of error in our systems were rectified from the second half of 2021, which the Danish FSA also notes in their report.”
This negative media scrutiny comes as the online broker continues to attract new traders. Trading volumes increased by 4.6% in 2021 while the firm onboarded an impressive 263,000 new investors, bringing its total customer base to 820,000.
About Saxo Bank
Saxo is a multi-regulated trading brand, holding licenses with several leading financial bodies, including the Monetary Authority of Singapore, the Financial Conduct Authority in the UK, plus the Danish Financial Supervisory Authority.
The company offers its own browser-based trading terminal that provides access to a generous range of assets, including forex, bonds, stocks, mutual funds, options and futures. Leveraged CFDs and cryptocurrencies are also available.
New users can choose between several account types depending on their starting capital and investing requirements. Premium, VIP and Platinum accounts all offer enhanced customer support, tighter spreads and exclusive perks. For beginners or those on a budget, the Classic account offers a variable minimum deposit depending on your country of residence, starting at $0 for Danish traders.
Follow the registration link below to get started today.
