Multi-asset investment specialist Saxo Bank has issued a white-label reminder with its end-client EMIR reporting mandate.
White labels that trade derivatives and outsource the EMIR reporting of their end trades to Saxo should provide the relevant end client data via CCM to the Saxotools or CMS API to ensure that Saxo can report the trades correctly.
Saxo recommends this to WLs as a mandatory step in their internal onboarding or renewal processes.
If WLs do not provide the relevant data, Saxo will start reporting their corporate clients as NFC PLUS (ie above the threshold) by default. This is a change in circumstances that could potentially result in charges for WL customers being imposed by local regulatory authorities.
Saxo currently reports clients with missing information as NFC MINUS (i.e. below the threshold), which the newer regulation does not allow.