Tag: AFS license

Regulation
January 16, 2018 BY Valentina Kirilova

Breakaway Finance Group offers enforceable undertaking to cancel AFS license

The Australian Securities and Investments Commission (ASIC) has accepted an enforceable undertaking (EU) from Breakaway Finance Group Pty Ltd (Breakaway) to cancel their Australian Financial Services (AFS) license. The EU also includes Breakaway's sole director, Mr Mark Roberts, who will remove himself from the industry for at least two years. Following an ASIC surveillance into…

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ASIC office
January 11, 2018 BY Valentina Kirilova

Seven Australia crowdfunding sites receive ASIC license

The Australian Securities and Investments Commission (ASIC) informed that it has licensed the first crowd-sourced funding (CSF) intermediaries under the new CSF regime. Seven companies have been issued with Australian Financial Services (AFS) license authorisations to act as intermediaries able to provide a crowd-sourced funding service. With the grant of these new authorisations eligible public…

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asic afs license
January 04, 2018 BY Valentina Kirilova

ASIC cancels AFS license of Smart Trader International

ASIC announced that it has cancelled the Australian financial services (AFS) license of NSW-based company Smart Trader International Pty Ltd (AFS 475277) for failing to lodging its financial statements and auditor's reports for a period of three years. ASIC Chair Peter Kell said: Licensees are required to lodge financial statements and auditor's reports with ASIC…

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asic afs license
December 14, 2017 BY Valentina Kirilova

Investigation into the Macro Group leads ASIC to cancel the license of Anquan Securities & Investments

ASIC announced that it has cancelled the Australian financial services (AFS) license of West Australia-based Anquan Securities & Investments Pty Ltd (Anquan) as it was unable to comply with its license conditions. Anquan requested ASIC cancel their license, which ASIC did with effect from 11 December 2017. As part of the cancellation, ASIC imposed conditions…

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asic afs license
December 08, 2017 BY Valentina Kirilova

ASIC cancels AFS license of Michael James Haley

The Australian Securities and Investments Commission (ASIC) has cancelled the Australian Financial Services (AFS) license of Michael James Haley after finding he has ceased to carry on a financial services business. Mr Haley's AFS license cancellation became effective on 1 November 2017. ASIC may suspend or cancel an AFS license, by giving written notice, if…

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Regulation
December 05, 2017 BY Valentina Kirilova

ASIC imposes additional license conditions on MyPlanner Australia

ASIC has negotiated the imposition of additional conditions on the Australian financial services (AFS) license of MyPlanner Australia Pty Ltd (MyPlanner) after they found MyPlanner was giving poor financial advice, and lacked adequate monitoring and supervision of its representatives. As a large number of representatives and staff recently moved to a second AFS licence, MyPlanner…

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asic afs license
November 22, 2017 BY Valentina Kirilova

ASIC cancels AFS license of Financial Stewards Pty Ltd

ASIC informed that it has cancelled the Australian financial services (AFS) license of Financial Stewards Pty Ltd (Financial Stewards) for failing to co-operate with an ASIC surveillance. ASIC issued two compulsory notices to Financial Stewards as part of a surveillance. Financial Stewards failed to respond to the Notices or to ASIC's correspondence. In addition, ASIC…

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asic afs license
November 08, 2017 BY Valentina Kirilova

ASIC cancels AFS licenses of Divitiarum Audax Pty Limited and Mackellar Financial Services

ASIC announced that it has cancelled the Australian financial services (AFS) license of NSW-based Divitiarum Audax Pty Limited (Divitiarum Audax) and suspended the AFS licence of NSW-based Mackellar Financial Services Pty Ltd (Mackellar). Mackellar's AFS license has been suspended from 31 October 2017 until 30 April 2018for failing to lodge financial statements and auditor's reports…

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