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Screenshot of a breaking news alert e-mail from Q2 2017
ASIC and OpenMarkets Australia Limited (OpenMarkets) have agreed to the removal of additional license conditions imposed on OpenMarkets on 10 July 2017, the Regulator announced earlier today.
The removal of the additional license conditions follows the completion of an independent expert’s review of the effectiveness of OpenMarkets’ implementation of recommendations arising from an earlier review of its:
- trade monitoring and surveillance arrangements
- compliance measures, policies and procedures
- documentation and procedures for handling of client monies
- record keeping and governance that facilitates improved supervision and monitoring of its arrangements, and
- human and technological resources required to implement the recommendations and carry out supervisory arrangements.
ASIC has today published a summary of the independent expert’s final report given to ASIC under the additional licence conditions. The independent expert found that OpenMarkets has adequately addressed the recommendations detailed in the independent expert’s initial report dated 16 March 2017.
ASIC acknowledges OpenMarkets’ cooperative approach to improving its compliance standards and addressing ASIC’s concerns.
The complete announcement can be seen here.