ASIC announced that Societe Generale Securities Australia Pty Ltd (SGSAPL) has met the additional Australian financial services (AFS) licence conditions imposed on the company and they were removed on 3 June 2021.
The licence conditions imposed on SGSAPL in June last year required the company to appoint an independent expert to assess and test the adequacy and effectiveness of its controls, systems and processes. This assessment aimed to ensure it can comply with the client money requirements of the Corporations Act 2001.
ASIC revealed today that SGSAPL has met the licence conditions’ requirements, including providing attestations from a senior executive and a board member.
LeapRate reported last year that the regulator initially imposed these conditions following an investigation conducted by ASIC into reports lodged by SGSAPL concerning securities breaches with “client money”.
Client money provisions protect clients by separating their money form the money of the AFS licensees. If they are held in a compliant account, the client money receives statutory protection in the event of the licensee’s insolvency.
