According to the currently proposed timeline, MiFID II as well as new EMIR rules take effect on 1 January 2018.
In order to facilitate compliant MiFID II and EMIR reporting, Saxo Bank A/S, Saxo Banque France, SCM Menkul Değerler (Turkey) and SCM UK, as well as all other financial institutions within the EU, will need to collect LEI-codes from all new and existing corporate clients. For existing corporate clients of EEA-based financial institutions , having an LEI-code will be a prerequisite for trading as per the above dates, and going forward, new corporate clients will need to provide an LEI-code during the onboarding process.
Please note that all corporate clients in EEA-based financial institutions regulated by MiFID II and EMIR rules will need to provide an LEI-code before 1 January 2018, no matter which country or jurisdiction the corporate client is resident or incorporated in.
Saxo will collect and verify existing clients’ LEI-codes from external sources, where possible. Otherwise, we will reach out to clients and confirm their LEI-codes by email.
If a corporate client doesn’t have an LEI-code, it can obtain one from any authorised LEI-code issuer offering cross-border services. A full list of issuers can be found here. Any provider can be used, seeing that LEI codes are international registration codes and not country specific.
You can read more about LEI-codes on the Regulatory Oversight Committee (ROC) website.
EMIR reporting service for White Labels
EMIR requires that all derivative trades performed by corporations domiciled in the European Economic Area be reported.
Saxo Bank Group performs reporting on relevant trades and positions between Saxo Bank Group and all of our White Labels (known as Delegated Reporting).
Saxo Bank Group also offers a Third Party Reporting service, where we report on behalf of you and your underlying customers.
This service enables you to comply with the EMIR rules, without having to build a costly infrastructure for trade reporting or connect directly with a trade repository. Pricing for this service is EUR 350 per month, and EUR 0.04 (+VAT) per derivatives transaction reported.
If you would like more information, please contact your Account Manager.