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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In October 2016 Wong having inside information on Sirtex’s sales sold 74,968 Sirtex shares and gained more than $2 million. Later in 2016, Sirtex released a Trading Update on the ASX devaluing the growth forecasts for the 2017 financial year. The opening price of Sirtex shares fell to $13.01 after the announcement, a decrease of…
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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…
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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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Li Zhou, Vice President of Wind commented: As the first financial information company in China to sign a comprehensive strategic cooperation with Deutsche Börse, Wind will cooperate on market data, news and information, research reports, ESG and investor education as well as other fields based on the advantageous resources of both sides. This cooperation will…
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ASIC discovered that Forex Plus had not been providing financial services for some time. The company also failed to lodge its audited accounts for a number of years. AFS licensees are required by law to lodge their audited accounts annually to demonstrate that they have adequate resources to provide the services. ASIC did not cancel…
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ASIC found that Lewis advised his clients to use a Limited Recourse Borrowing Arrangement (LRBA) to fund the purchase of real property through a self-managed superannuation fund (SMSF). In addition, Lewis also provided insurance advice to his clients. When giving this financial advice, Lewis did not asses whether SMSF and borrowed funds to invest in…
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Responsible entities holding an AFS licence are obligated to have the minimum level of net tangible assets of $150,000. Ausfunds failed to maintain this level of financial resources over two consecutive financial reporting periods, despite reminders from its auditor about the financial requirements of its AFS licence. ASIC has the power to suspend or cancel…
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ASIC reported an increase in retail activity across the securities market during the Covid-19 period. The Commission’s market analysis shows the turbulent environment of the market increases the risk of loses, especially for retail investors. ASIC has found that some retail investors engage in short term trading strategies unsuccessfully attempting to time price trends. When choosing…
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ASIC’s analysis revealed that during the focus period, on over two thirds of the days on which retail investors were net buyers, their share prices declined the following day. When retail investors were net sellers, their share prices more likely increased the next day. The analysis also observes sharp increase in the number of new…
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