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ASIC cancels Union Standard’s ASF licence



The Australian Securities and Exchange Commission (ASIC) announced cancelling the Australian Financial Services (AFS) licence of Syndey-based retail OTC derivatives issuer Union Standard International Group Pty Ltd.

Union Standard operates under brand name USGFX. ASIC cancelled its AFS licence this Monday.

Even though the licence is cancelled, ASIC will allow the liquidators to conduct certain necessary activities under the licence until December 2020 including placing a dispute resolution scheme and arrangements for compensating retail clients, to hold professional indemnity insurance and to allow the termination of existing arrangements with current Union Standard clients.

ASIC

USGFX entered in to voluntary administration on 8 July with Andrew Cummins and Peter Krejci of BRI Ferrier (NSW) Pty Ltd appointed as administrator. Later on ASIC suspended the company’s Australian Financial Services licence until 23 September.

The board of the UK division, USG UK announced that USG Group resolved on 15 August and the FCA regulated USG UK and its office in London are the new headquarters of the company’s global operations. The previous office of the group was USGFX Pty in Sydney.

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ASIC cancels Union Standard’s ASF licence

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