FMA suspends AxiTrader’s derivatives license


FMA suspends AxiTrader's derivatives licence

The New Zealand Financial Markets Authority (FMA) has informed the public that it has suspended the derivatives issuer license of AxiCorp Financial Services Pty Limited (trading as AxiTrader).

The company has been making a regulated offer to retail clients in New Zealand without a compliant Product Disclosure Statement or Disclose register entry. AxiCorp has also failed to lodge audited financial statements as well as to obtain an assurance engagement with a qualified auditor.

AxiCorp also contravened its license conditions by failing to notify the FMA as soon as practicable of a change to senior or other key staff, following the appointment of its CFO.

The FMA considers that AxiCorp has demonstrated that it does not have adequate systems, processes, or resources in place to ensure compliance with the Financial Markets Conduct Act, or to effectively perform services under a license.

AxiCorp’s license will remain suspended until the FMA is satisfied that its concerns have been addressed.

The suspension is effective from 29 July 2019.

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FMA suspends AxiTrader's derivatives license

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