Multi-asset investment specialist Saxo Bank has issued a reminder to white labels with delegated end-client EMIR reporting.
White labels that trade derivatives and delegate the EMIR reporting of their end trades to Saxo should provide the relevant end-client data via CCM in Saxotools or CMS API to ensure that Saxo can correctly report the trades.
Saxo suggests that WLs this as a mandatory step in their internal onboarding or renewal procedures.
If WLs do not provide the relevant data, Saxo will start to report their corporate clients as NFC PLUS (i.e, above threshold) by default. This is a change in circumstances that could potentially results in fees for WL clients imposed by local regulators.
Currently, Saxo reports clients with missing information as NFC MINUS (that is, below threshold), which the newest regulation does not allow.
