The watchdog further detailed that CMHFG failed to lodge its profit and loss statements and balance sheets for several financial years, inclduing 2019, 2020, 2021. ASIC noted that the cancellation of the license took effect on 25 August 2022. Earlier this year, the regulator the AFS licence of Dixon Advisory & Superannuation Services Pty Limited,…
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A need for cyber security measures The matter of cyber security measures as part of the obligations of AFS licensees arouse from a ruling of the Australian federal court against a RI Advice Group Pty Ltd. The company was found in breach of its AFS license obligations because of a lack of adequate risk management…
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The administrators Stephen Graham Longley and Craig David Crosbie, informed ASIC that most of Dixon Advisory’s clients have transitioned to alternate financial services providers. The AFS licence suspension allows the company to continue its operation until 9 May 2022 so that its existing clients can move to alternative providers. Earlier in April, ASIC took action…
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ASIC Corporations (Amendment) Instrument 2021/510 extends the relief contained in these instruments: ASIC Corporations (Repeal and Transitional) Instrument 2016/396; ASIC Corporations (CSSF-Regulated Financial Services Providers) Instrument 2016/1109; and ASIC Corporations (Foreign Financial Services Providers—Limited Connection) Instrument 2017/182. These aforementioned instruments currently apply to a range of FFSPs until 31 March 2022 The announcement stated: The…
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Sam Goh, Founder and CEO, Samtrade FX commented: Since incorporation, ensuring trust and confidence in every trade has been central in everything that we do. These added layers of regulation – on top of the existing licences that Samtrade FX already holds, reinforces our commitment toward setting the highest possible standards in corporate governance, trading…
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The Australian watchdog discovered a number of Forex CT clients suffered significant losses in the size of hundreds of thousands of dollars, including from their superannuation accounts, from investing in these products. Forex CT’s AFS licence will continue to end of July to allow setting a dispute resolution scheme in place and to facilitate the…
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ASIC also cancelled the AFS licence of Melbourne-based financial services provider and responsible entity Australian Golden Securities Ltd (formerly AFS Capital Securities Ltd) effective 21 May 2020. The Australian watchdog discovered that Australian Golden Securities did not lodge its financial and audit reports and failed to address its short comings in maintaining adequate competence and…
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Until 13 March, Longhou has 18 representatives with authorization, providing financial services on the company's behalf. The suspension of Longhou 's AFS licence means that the representatives must immediately cease providing financial services Read More: ASIC releases new regulation for foreign financial services providers ASIC takes steps to ensure stability of Australian equity market ASIC cancels RVM Capital’s…
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ASIC has released new regulation for foreign financial services providers (FFSPs) that service Australian wholesale clients. Cathie Armour, ASIC Commissioner, noted: Our new regulatory framework facilitates Australian wholesale access to foreign investment opportunities, preserves market integrity against misconduct in wholesale markets, and strengthens ASIC's ability to take effective regulatory and supervisory action. Our ability to…
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The Australian Securities and Investment Commission (ASIC) has imposed new conditions on the Australian financial services (AFS) licence of BGC Securities Australia (BGC) to ensure that BGC’s disposition can accommodate compliance with obligations related to fixed income solutions business. The additional conditions instruct the appointment of an independent expert for review and assessment of BGC’s…
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