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Australian financial markets regulator responds to application filed to terminate AFS license after concerns had been raised over license obligations
The Australian Securities and Investments Commission (ASIC) has today announced that it has terminated the Australian Financial Services license of AIE Fiduciary Services, a company which provided financial product advice relating to securities, derivatives and FX, subsequent to an application by the firm itself.
According to ASIC, the application was made after the Australian financial markets regulatory authority raised a series of concerns relating to the management of AIE and its compliance with the AFS license obligations, particularly the monitoring and supervision of certain authorised representatives.
In keeping with ASIC’s stringent policy regarding individuals who do not honor their responsibilities, the regulator recently accepted an enforceable undertaking (EU) from Mr. Manish Babulal Jani, who was a director of AIE from 18 April 2013 to 8 November 2013. The effect of the EU was to prevent Mr Jani from managing a corporation for five years.
Australia’s regulatory surveillance has become somewhat adept at unearthing such irregularities, especially since the adoption of the automated SMARTS system, which was joined last year by the implementation of First Derivatives’ Delta Suite.
These two systems conduct real-time, ongoing surveillance upon the activities of companies which ASIC supervises, having increased the number of enforcements considerably as well as automate the majority of investigations required during compliance inspections.