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.
