Societe Generale meets additional licence conditions imposed by ASIC LeapRate

June 24, 2021 BY Steffy Bogdanova

Societe Generale meets additional licence conditions imposed by ASIC

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…

July 01, 2020 BY Steffy Bogdanova

SocGen pleads guilty to client money offences in Australia

Each of the offences carries a maximum penalty of approximately $45,000. These offences are regarded as serious misconduct. The legislation has been put in place to protect investors and enhance the confidence and integrity in Australia’s financial markets. The need for the additional license condition which ASIC placed on SocGen’s Australian branch follows the company’s…

June 15, 2020 BY Steffy Bogdanova

ASIC places new licence conditions on Societe Generale

The Australian regulator has requested that SocGen to appoint an independent expert to assess and test its controls, systems and processes to ensure compliance and identify any deficiencies and set out any remedial action. The additional AFS license conditions also require SocGen to provide attestations from a qualified senior executive and a board member that…

January 24, 2020 BY Steffy Bogdanova

ASIC suspends AFS licenses of several financial services providers

The Australian Securities & Investments Commission (ASIC) announced yesterday the suspension of the Australian financial services (AFS) licenses of financial services providers Theta Asset Management, Valuestream Investment Management and Global Merces Funds Management. Theta Asset Management Ltd and Valuestream Investment Management Ltd’s licenses have been suspended until 21 July 2020 because two entities are under…

May 02, 2019 BY Valentina Kirilova

Australasia Wealth Services and Management’s AFS license suspended

Australian regulator ASIC has announced yesterday that it has just suspended the Australian financial services (AFS) license of Sydney-based financial services provider Australasia Wealth Services Management Pty Ltd (AWSM) until 25 June 2019. According to the regulator, the company AWSM had breached its financial reporting and audit obligations and the requirement to obtain membership of…

January 31, 2019 BY Valentina Kirilova

Jade Capital Partners' AFS license cancelled, one director banned for 4 years

Australian regulator ASIC has just announced that it has cancelled the Australian financial services (AFS) license of Sydney-based Jade Capital Partners Pty Ltd. The regulator has also banned one of the company's directors, James Clinnick, from providing financial services for a period of four years. ASIC uncovered a non-compliance with financial services laws at Jade…

January 21, 2019 BY Valentina Kirilova

ASIC imposes additional conditions on HNW Planning’s AFS license

Australian regulator ASIC has just announced that it has imposed additional conditions on the Australian Financial Services (AFS) license of the company HNW Planning Pty Ltd (HNW). After concluding that HNW did not have adequate monitoring and supervision processes, ASIC has required HNW to engage an independent expert to make recommendations on how to improve…

January 16, 2019 BY Valentina Kirilova

ASIC imposes additional conditions on Kaz Capital's AFS license

Australian regulator ASIC has just announced that it has imposed additional conditions on the Australian Financial Services (AFS) license of the company Kaz Capital Pty Ltd (Kaz). The additional conditions require the appointment of an independent expert, who will review the company's compliance framework, provide recommendations for remediation, and report to both ASIC and Kaz in June…

January 14, 2019 BY Valentina Kirilova

ASIC suspends Halifax Investment Services AFS license

Australian regulator ASIC has just announce that it has suspended the Australian financial services (AFS) license held by the Australian liquidity provider Halifax Investment Services Pty Ltd until 10 January 2020. The official announcement reads as follows: Halifax was a financial services licensee headquartered in Sydney with a partially-owned subsidiary in Auckland, New Zealand. The suspension follows…

December 18, 2018 BY Valentina Kirilova

Evermore Money Management's AFS license cancelled

Australian regulator ASIC has announced that it has cancelled Evermore Money Management Pty Ltd's AFS license. According to the regulator, the company did not meet the license conditions. The complete text of the regulator’s decision can be seen below: ASIC has cancelled the Australian financial services (AFS) licence of Evermore Money Management Pty Ltd (Evermore) for…

Tag: AFS license