Australia’s ASIC first half 2015 report: 323 enforcement actions, crackdown on Retail Forex


Australia’s financial regulator ASIC has released its enforcement report for the first half of 2015, noting it has been very busy bringing a total of 323 enforcement actions during the six month period.

ASIC made special mention of its crackdown this year on the Retail Forex sector, taking close notice of changes in control of Australian retail forex brokers as well as extra close scrutiny of new ASIC license applications.

Specifically, ASIC noted the following actions taken with Retail Forex related companies:

  • cancelled the AFS licences of Rainbow Legend Group, Enfinium, and online FX broker Global Derivative Services
  • suspended the AFS licence of AGM Markets
  • restrained Monarch FX Group and its former director and general manager, Quinten Hunter, from carrying on a financial services business
  • shut down Vault Market and removed its sole director, Mr MD Anamul Amin, from the financial services industry
  • accepted an enforceable undertaking from online FX broker Forex Financial Services, prohibiting it from operating managed discretionary accounts
  • warned investors not to deal with Grandegoldens Pty Ltd and YouTradeFX

ASIC actions also resulted in:

  • cold-calling firm FXTS Guru agreeing to stop contacting Australian investors
  • FX Primus agreeing to make changes to its websites and to notify its Australian clients that it is not licensed to provide them with financial services
  • Advanced Markets agreeing to change potentially misleading statements on its website
  • Calibre Investments Pty Ltd changing the way it offers FX services to retail clients
  • Pepperstone Group Ltd agreeing to stop providing financial services in Japan following inquiries by ASIC that revealed they were not licensed by the Japanese Financial Services Agency

To see ASIC’s press release regarding the 1H-2015 report click here.

To see the more detailed ASIC Enforcement Report click here.

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Australia's ASIC first half 2015 report: 323 enforcement actions, crackdown on Retail Forex

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