The Australian Securities & Investment Commission (ASIC) announced the suspension of the Australian financial services (AFS) of Sydney-based BBY Ltd from 27 May 2020 to 30 June 2021.
The suspension allows BBY to still perform certain activities. The company can ensure its clients still continue to have access to an external dispute resolution scheme, as well as access to continue to have access to an external dispute resolution scheme.
BBY can to ensure that the receivers and liquidators have the legal authority to transfer a client’s “holder identification number” to another market participant with instructions from the client or to convert a licensee sponsored holding to an issuer sponsored holding in accordance with the ASX Settlement Operating Rules. The company can compensate retail clients for loss or damages suffered as a result of breaches of the Corporations Act by the companies or their representatives.
BBY Ltd’s AFS licence was first suspended on 28 May 2015 for three years. After the period ended, ASIC extended the suspension three additional times.
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