While trying to place an order on an ETF you might receive the following error messages due to restrictions applying within the EU:
For a number of ETFs, the manufacturer/issuer may not have issued a KID. Consequently, Saxo will not be in a position to facilitate trading in these instruments for retail clients. (See also: Retail or Professional? How do I check my classification status?).
Why are there restrictions and what is a KID?
Due to the Packaged Retail and Insurance-based Investment Products (PRIIPs) regulation that came into effect on 1. January 2018, financial product “manufacturers” are required to produce Key Information Documents (KIDs) for each product they produce describing the key features of the product across risk, rewards and costs.
Why can’t I trade an ETF even if the provider has produced a KID?
Before an ETF becomes available for trading, the ETF provider must ensure that it complies with regulatory requirements in each country where it intends to distribute the fund. This involves obtaining necessary approvals and meeting local regulations. If the ETF is not distributable in your country, Saxo cannot make it available for trading.
I was able to trade a particular ETF until now, but not anymore, why?
You might lose access to trade a specific ETF for the following reason:
The PRIIPs regulation requires the KID to be updated whenever there are changes to the information that are significant enough to affect the investor’s decision to invest. Saxo must therefore restrict access to trade ETFs where providers haven't yet updated the KIDs until the new updated KIDs are made available again.