How Saxo Bank uses Computershare’s advanced insider management system to meet all the new MAR requirements
Background
Established in 1992, Saxo Bank was one of the first financial institutions to develop an online trading platform that provided ordinary investors with the same tools and market access as the professionals.
Today, the platforms are available in over 20 languages and are white-labelled by more than 100 major financial institutions worldwide. The Saxo Bank Group is headquartered in Copenhagen with 25 local offices throughout Europe, Asia, Middle East, Latin America and Australia.
Situation
With the new EU Market Abuse Regulation (MAR) taking effect on 3 July 2016, listed issuers are met with a number of changes to prevent market abuse and market manipulation.
Saxo Bank was faced with increased regulatory requirements for insider management including mandatory formats for insider lists and more detailed personal information about the company’s insiders, PDMRs (persons discharging managerial responsibilities) and CAPs (closely associated persons).
Solution
Saxo Bank decided to use Computershare’s insider management system, CIMS, to improve compliance practices with an automated and secure workflow that complies with the increased regulatory requirements in MAR.
CIMS is a secure, online solution which centralises all insider lists and in a single database. It allows for easy communication with insiders and is fully compliant with MAR requirements for insider management allowing Saxo Bank to maintain and produce compliant reports for regulators and record when insiders consent to and accept policies.
Insider records are fully auditable over five years of historic data with the ability to run historical searches on a given period of time for submission to regulators.
Results
Since implementing CIMS, Saxo Bank has improved a number of in-house processes. Operational risks have been reduced by using the secure web-based CIMS solution to keep track of insiders and all necessary compliance around maintaining the insider list. It has strong data encryption features and maintains an audit trail of all changes to data items.
Saxo Bank’s objectives in terms of implementing an efficient, cost effective and compliant solution for the management of insiders have been achieved, and the administrator portal has proved very efficient and valuable to the insider administrators at Saxo Bank.
The insider portal is an easy-to-use and extremely helpful tool for insiders and PDMRs who can review and update their personal data, view their insider status and accept new policies, access stock information and record transactions.
“The CIMS insider portal is simple and easy to use and gives our insiders access to details of their insider status, trading policies and trading windows which helps them to live up to their insider obligations” says Andreas Janholt.
CIMS - effektiv og compliant insideradministration
Find ud af, hvordan vores insider management system, CIMS, kan hjælpe dig med effektiv administration af dine insiderlister og sikring af compliance med insiderreglerne i MAR.
Tal med os
Vil du høre mere om, hvordan vores system til insideradministration kan hjælpe dig med at sikre compliance? Ring til os - vi står klar til at hjælpe dig.