ASIC issues an 8 year ban on former Trade360 manager

Steffy Bogdanova
November 2, 2022 3:17 pm

The Australian Securities and Investments Commission today announced an eight-year ban for Mark Bringans, former responsible manager of OTC provider Sirius Financial Markets (trading as Trade360).

Bringans’ban follows an investigation conducted by the Aussie watchdog into Sirius Financial which discovered that the company breached its Australian financial services licence obligations. The violation came from Sirius Financial failing to address the conduct of Toyga Media Ltd, an off-shore call centre it hired to source clients to trade in its high-risk CFD and margin foex contracts.

According to ASIC, Toyga engaged in pressure selling tactics. Furthermore, off-shore call centre provided personal advice on behalf of Sirius Financial without a license.

Following the investigation, Sirius Financial agreed to stop its retail and wholesale operations and ceased providing financial services in July 2022. Two former Sirius Financial executives were also banned from controlling or managing a financial services entity for eight years, Jonathan Schneider and Oskar Pecyna.

ASIC ban

Regarding Bringans, the regulator stated:

In banning Mr Bringans, ASIC found that he is not adequately trained and competent, that he is not a fit and proper person to provide financial services, and that he ignored one of his key duties as a responsible manager, which was to ensure that Sirius Financial complied with the financial services laws.

ASIC also determined that Mr Bringans was a disinterested, disengaged responsible manager who did little more than attend monthly compliance committee meetings.

The Australian regulator has taken strong stance against derivatives providers. In its March 2021 product intervention, ASIC restricted the issuance and distribution of CFDs and in April further extended it for five years.

LeapRate Analyst

Experienced writer and journalist, working in the global online trading sector, Steffy is the Editor of LeapRate. She has previous experience as a copywriter and has been with the company since January 2020. Steffy has a British and American Studies degree from St. Kliment Ochridski University in Sofia.
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