Power of attorney (POA)

A client can grant Full Power of Attorney (FP2) if they wish to authorize others to trade and/or withdraw funds on their behalf.

Private clients can issue a POA to:

• First family line members i.e. spouse, parents, siblings and children (no minors)
• Family in direct upward or downward moving line i.e. between grandparents and grandchildren (no minors)
• Licensed individual or legal entity
• Persons with disabilities, through their legal guardian, can issue a POA to a non-family member, if the purpose and role of the attorney is known and they don’t have an account under an Introducing Broker or Money Manager on top of their direct account.

Restriction on POAs on private accounts:

• Only one POA can be issued per account, except for:
  • Persons with disabilities, who are allowed to have the legal guardian and one attorney
• Multiple POAs:
  • First line family members and family in a direct up- or downward line may hold more than one POA. I.e.: an individual can be granted access to both their father and mother’s accounts.
  • A licensed individual/entity can be an attorney for multiple accounts. 
• A client and the POA holder must provide different email addresses even if sharing the same residential address
• A POI in a prohibited jurisdiction is considered prohibited. 

KYC requirements: Saxo must collect the following documents when a client wishes to grant a POA:

• POA form,
• Valid POI for the POA holder,
• Documentation of family relationship or license (in case of licensed entity),
• Tax identification number for the POA holder. 

In cases where the POA is granted to family members, Saxo might request additional documentation to understand the relationship between the account holder and the attorney. This information can be (non-exhaustive list):

• Birth certificate,
• Marriage certificate,
• Other official documents that certify the family relationship.

A POA can be revoked as per client or attorney request by providing written notice to Saxo.

Please note 

A client can grant Limited Power of Attorney (LP1) if they wish to authorize others to trade on their behalf. This POA does not entitle the attorney to provide withdrawal instructions. Currently, this form of POA is only available for Saxo Bank (Schweiz) AG.