Saxo Bank comments on Danish FSA’s police report
Multi-asset investment specialist Saxo Bank has issued a comment on the Danish FSA’s police report of Saxo Bank A / S for incomplete transaction reports.
On March 29, 2022, the Danish Financial Supervisory Authority (FSA) confirmed it had reported Saxo Bank to the police for not having complied with the bank’s obligation to ensure complete and accurate reporting of transactions in accordance with MiFIR in a timely manner in the period from MiFIR’s entry into force on 3 January 2018 to 30 June 2021.
The Danish FSA has also notified Saxo Bank for not having taken reasonable measures in the same period until 30 June 2021 to check that the transaction reports made by the bank are complete, accurate and timely submitted.
The Danish FSA notes that during 2021, Saxo Bank has implemented measures aimed at correcting errors in the company’s transaction reports during the period and ensuring that the reports are timely, complete and accurate in the future. The Danish FSA also notes that during 2021, Saxo Bank has implemented controls aimed at preventing deficiencies in transaction reports.
Steen Blaafalk, Chief Risk & Compliance Officer, states:
“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.
Saxo Bank is, of course, fully cooperating with the authorities in this matter. “