Denmark-based broker, Saxo Bank was flagged for incomplete transaction reports by FSA. The broker finally commented on the matter.
Danish broker, Saxo Bank has finally released an official statement that its platform is fully compliant with regulatory requirements after the company was reported by the FSA for incomplete transaction reports.
Despite the problems, Saxo Bank remains one of the main brokers in Denmark. The multi-asset broker posted a 4.6% jump in trading volume during 2021, although its profit for last year remained flat at DKK755 million. Saxo Bank also posted a record number of new clients of 263,000 on the trading platform, thus closing the year with a total of 820,000 clients.
Saxo Bank Ensures Compliance
The announcement came after the Danish Financial Supervisory Authority (FSA) flagged the broker as violating MiFIR. Unfortunately, until 30 June 2021, Saxo Bank did not take any rational action to ensure the timely completion, accuracy, and submission of transaction reports.
Saxo Bank's head of risk and compliance, Steen Blaafalk said that in the period 2018 to the summer of 2021, there was a shortage in transaction reports due to not having adequate control bodies in this area. Since then, Saxo Bank has strengthened its reporting systems and procedures with efforts to correct missing transaction reports and ensure that sources of errors in the system are corrected starting in the second half of 2021. The Danish regulatory body pointed out that Saxo Bank has implemented all necessary controls to prevent shortfalls in 2021’s transaction reports.