Danish FSA issues order to Saxo Bank regarding incomplete transaction reports
The Danish Financial Supervisory Authority has issued an order to Saxo Bank A/S regarding incomplete transaction reports.
As a bank, Saxo Bank A/S is obliged to report complete and accurate information on transactions with financial instruments to the competent authority as soon as possible and no later than at the end of the following working day.
According to the Danish regulator, Saxo Bank A/S’s reports of transactions have been associated with a number of deficiencies since the beginning of 2018. The shortcomings include errors in information that are significant for both the Danish FSA’s and other European supervisory authorities’ ability to carry out market surveillance and correctly identify specific market players.
Reporting transaction information is an essential element in monitoring whether there is market abuse in the capital markets. Significant deficiencies in the transaction reports may therefore mean that market abuse is not detected by the relevant authorities, which risks weakening confidence in the markets.
The Danish FSA has therefore ordered Saxo Bank A/S to implement measures that ensure complete and accurate information in reports of transactions.