In 2023, we have made further progress in building a more competitive, resilient and relevant Saxo. Our ambition is to further simplify our corporate structure and focus even more on our core services.
We would like to inform you that the Saxo Group is considering changing the legal counterparty from BinckBank N.V. to Saxo Bank A/S. As a result, the Dutch, Belgian and French offices would operate under the Danish banking license.
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.
The change in legal counterparty has minimal effect on you and your end clients
This is a legal change that has minimal impact on our services to you and your end clients and does not require any action from your end-clients. To summarize:
- Dutch regulations for the protection of investors and privacy (GDPR) continue to apply. Read Saxo’s privacy notice here.
- Your retail end client’s cash is protected by the Danish deposit guarantee scheme (DGS) and, just like the Dutch deposit guarantee scheme, is covered up to an amount equal to €100,000 per person.
- Securities continue to be protected by being kept in a segregated account, as European regulation requires.
- Bank account number(s) and IBAN will remain the same and reporting is not affected.
- You and your end clients remain under the Dutch tax scheme; hence tax reports are not affected by change.
- Current corporate, joint, insurers and minor accounts will transition to the new legal structure and are not prone to change.
- Your platforms, relationship and account managers remain the same.
- There is no impact on your trading, SaxoPartnerConnect is not affected.
- Your pricing and margins will not be affected by this legal change.
- For onboarding of new clients, Saxo will continue accepting former documentation for a period T+30 days after the merger date provided you have shared the new terms and conditions (including DGS-information).
- Your EOD files are not affected by the change in legal structure as OwnerID and CounterpartID are not changing.
- 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).
- Most end-client documentation will be adjusted to the naming and registration of the new entity and updated to the Deposit Guarantee scheme and footer. Updated documentation will be shared at the latest 30 days prior to the legal change going into effect.
- To reflect the new legal entity, you will receive updated terms and conditions at the latest 30 days prior to this legal change going into effect.
Communication to your end clients
We encourage you to inform your end clients about the change which they may see in Dutch media. As of today, Saxo will communicate with our direct retail clients. We have prepared draft emails that you can share with your end clients. View the email in Dutch and French.
Some of your end clients may also have a retail account at Saxo. Therefore, they will receive Saxo’s communication to direct retail clients. Due to legal considerations, we were unable to inform our IAM partners earlier in the process.
In the next phase, please be aware that Saxo will send two communications directly to your end clients, as follows:
- Saxo must share updated terms and conditions directly with your end clients at the latest 30 days prior to this legal change coming into effect. We also ask that you share the new terms and conditions legally with your end clients. We expect this communication to be sent in May 2024.
- Saxo must also inform your end clients when the merger is confirmed. We expect to send this communication in June 2024.
We will share the above two communications and timelines with you before sending them to your end clients.
Where can you find more information?
Please read the FAQ or contact your relationship manager.
Good to know
Our Danish banking entity, Saxo Bank A/S, has a BBB investment grade rating from S&P and a Systemically Important Financial Institution (SIFI) designation from the DFSA. The SIFI designation is a categorization of financial institutions that play an important role in ensuring the stability and proper functioning of the financial system. This is a designation for financial institutions considered important for the financial system's functioning and accompanied by stricter supervision and capital requirements. View Saxo’s total capital and liquidity coverage ratios in Saxo Group’s annual report.
We will keep you informed and communicate as soon as we have more information about the proposed legal merger.