When does the termination process begin?
The termination process can begin for various reasons; currently, the focus is on:
- The expiration of the end-client's Operational Due Diligence (ODD).
- The end-client residing in a country or working in an industry not supported by Saxo.
Termination Process Timeline
Step 1: 90-60 Days Before Termination
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For expired ODD/renewal: End-clients have an extra 30 days to complete the ODD/renewal before proceeding to step 2. Partners can view the expiry date on the platform to track the start of the 30-day period.
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For other reasons: The process begins directly from step 2.
Step 2: 60 Days Before Termination
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End-clients receive an email and platform notification regarding account termination.
- End-clients have two months to close or transfer positions and withdraw cash.
Step 3: 30 Days Before Termination
- If the ODD is not finalised within 30 days after the termination email, the ODD is closed.
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End-clients must take proactive steps to prevent automatic position closure and ensure cash withdrawal.
Step 4: Termination Date
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Saxo will force-close all tradeable positions; delisted, sanctioned, or non-tradeable positions will remain on the account.
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Saxo will not automatically withdraw residual cash; end-clients or partners must initiate the withdrawal.
Important Notes
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Revoking Termination: If the expired ODD is finalized before the termination date, termination can be revoked.
No Reminders: End-clients must proactively finalize ODD or initiate asset sale/transfer.
Cash Withdrawal: Withdrawals can only be made to pre-registered bank accounts, due to AML regulations. New accounts can be added by depositing a small amount (e.g., 1 EUR) from the desired account.
Account Closure: End-clients trading on the platform can follow the online process to close their account. Refer to How to Close My Account.
Final Steps
Remember to pull any required end-client statements for tax returns before closing the account.
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