What is a legal merger?
As you know, you and your end-clients are currently account holders of BinckBank N.V., trading as Saxo Bank. BinckBank N.V. is part of the Danish company Saxo Bank A/S.
The legal merger eliminates BinckBank N.V. As a result, the Dutch, Belgian and French offices would operate under the Danish banking license. Your end-clients will become a direct customer of our parent company Saxo Bank A/S, and you become a partner of Saxo Bank A/S.
Saxo Bank’s offices and service staff will continue to service you as today.
When will the merger take place?
The legal merger is subject to the completion of legal formalities, among others approval from the Dutch Central Bank. This approval has not yet been obtained. The envisaged merger will allow the Saxo Group to further simplify its corporate structure and focus even more on its core services.
We expect to operate under the new legal entity as of 1 July 2024.
How will this change affect me and my end-clients?
The practical impact on our service to you is minimal. Your end-clients' account does not move or change. Saxo's offices, service functions and your relationship and account managers will continue to be available as you are used to.
Who serves as supervisor after the merger?
The Dutch branch remains supervised by the Dutch National Bank (DNB) and the Netherlands Authority for the Financial Markets (AFM), in addition to the Danish Financial Supervisory Authority (DFSA).
The Belgian branch remains supervised by the Belgian Nation Bank and the Financial Services and Markets Authority, in addition to Danish Financial Supervisory Authority (DFSA).
How are my end-clients' securities protected?
After the legal merger, your end-clients securities remain protected in accordance with the Dutch asset segregation rules. You can read more about this in the Interest Protection Policy. That document is included in the Important information Tripartite Services.
Are my end-clients’ cash deposits covered by the Deposit Guarantee Scheme?
Your end-clients’ cash deposits are protected by the Danish deposit guarantee scheme and, like the Dutch deposit guarantee scheme, is covered up to an amount equal to €100.000.
The central bank of Denmark, Danmarks Nationalbank, ensures that the exchange rate of the krone against the euro is very stable around the central rate of DKK 7.46038 every day. This is done as part of the so-called fixed exchange rate policy pursued by Denmark since the beginning of the 1980s.
A comparative table of the Danish and Dutch deposit schemes will be provided at the latest 30 days prior to this legal change coming into effect.
How is personal data handled?
You and your end-clients personal data remains protected according to the Dutch rules of the General Data Protection Regulation (AVG). Our Privacy Statement can be found on the website.
Can my end-clients and I continue to use the same platform?
Yes, SaxoPartnerConnect and SaxoPortfolio are not affected. Your end-clients account does not move.
Can I continue to trade and in the same products?
Yes, you can continue to trade at times when markets are open. The products offered remain the same. Only the Binck turbos will be replaced by Saxo turbos.
Will my end-clients get a new IBAN number now?
No, your end-clients' IBAN number and Saxo ID remain the same. After the merger new clients will continue to receive local IBANs provided they have local residency.
Will rates change?
No, pricing and margin requirements remain the same. Of course, you will be informed if there are any changes to our fee structure in the future, apart from the legal merger.
Is there an impact on tax, VAT and reporting?
There is no impact for you and your end-clients regarding tax, VAT and reporting as a result of the merger.
IBANs are unchanged and current local tax schemes continue to apply based on residency.
Will EOD files change?
No, there is no impact on EOD files as OwnerID and CounterpartID are not changing.
Will Saxo accept old onboarding documentation (CAFs, tripartite agreements) after the merger date is confirmed?
Yes, this is acceptable if the prospects who are onboarded in the period T-30 until merger date receive the new terms and conditions from their IAM with specific attention paid to changing guarantee schemes.
Adhering to the process step above, Saxo allows the IAMs to submit the former onboarding forms for a period T+30 days after the merger date.
Do my existing end-clients need to sign any new documents?
No, but you must share the updated terms and conditions 30 days before the expected merger date.