Saxo Bank informs institutional partners about changes in line with GDPR, MiFID rules
To manage retention requirements for Saxo’s white labels, the company will deliver a solution whereby its partners can manage a “right to be forgotten” date for their end-clients within the client management tools.
Multi-asset trading and investment services provider Saxo Bank has informed its institutional partners about some changes related to the evolving regulatory landscape.
The first set of changes stems from the new EU General Data Protection Regulation (GDPR), which is poised to come into force throughout the EU on May 25, 2018. GDPR introduces significant and ambitious changes to the European Union privacy laws by regulating the governance of personal data for EU citizens with an emphasis on data security and privacy. Saxo reiterates its commitment for full compliance when the new legislation comes into effect.
There will be steps that the company will take with regard to the retention of white label data.
As a main rule Saxo Bank will retain client information relating to white label clients for 5 years after the client relationship has ended. To manage retention requirements for its white labels, Saxo will deliver a solution whereby its partners can manage a “right to be forgotten” date for their end-clients within the client management tools.
Reporting on the right to be forgotten date along with the actual scrambled data date will be logged in a new EOD file, the company explains. Details on the changes will be provided once the solution has been delivered.
In addition, Saxo Bank will be acting as a data processing agent for the white label and will be sending out agreements soon.
There are also MiFID-related updates and changes. The first concerns the so-called “entity type”.
Saxo has enforced ‘Entity type’ on each counterpart and no longer allows a change to entity type once set in the systems.
Prior to this change, some counterparts might have been setup incorrectly and Saxo has therefore decided to allow a one-time change to the effected counterparts for the white labels who have counterparts with an incorrect setup. For this change, Saxo will only update counterparts from/to direct/organization, i.e. ‘unknown’ is still setup directly by the white label via Saxo Tools.
The change will be handled via an IT script and some manual handholding and it will not save the changes in the regular logs or reports.
Saxo warns its partners that if they have counterparts with incorrect entity type, they need to send a list of the counterparts to Saxo Bank with the below details included, no later than May 1, 2018.
- Send to email: [email protected]
- Update client date in a excel spreadsheet with the following values included;
- Counterpart ID
- Country
- New entity type (individual or organisation).