ASIC informed that it has suspended the Australian financial services (AFS) license of M.J. Wren & Co Pty Ltd (MJ Wren) until 16 October 2018. MJ Wren ceased providing financial services in May 2017 after ASIC identified that MJ Wren had failed to comply with the risk-based capital requirements set out in the market integrity…
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The Administrative Appeals Tribunal announced that has affirmed decisions by ASIC to cancel the Australian financial services (AFS) licenses of Mark Raymund Power and Mark Power Financial Pty Ltd (MPF); and to refuse a license application made by Global Financial Markets Pty Ltd (GFM). On 14 November 2011 ASIC cancelled the licenses of Mr Power…
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ASIC announced that has visited twenty limited Australian Financial Services (AFS) licensees during 2016 – 2017 to assess how they were operating under their new licences and to discuss and promote compliance with their AFS licensee obligations. This program followed the removal from 1 July 2016 of the exemption from holding an AFS licence that…
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ASIC announced that has cancelled the Australian financial services (AFS) licence of Sydney based company Investment Advisers Alliance Pty Limited (AFS 237902) for failing to lodge its financial statements and auditor's reports for four consecutive years. ASIC Deputy Chairman Peter Kell said: The annual lodgement of financial statements and auditor's reports is an important part…
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ASIC announced that has cancelled the Australian financial services (AFS) licence of Sydney-based Group Underwriters & Managers Pty Ltd (GUM) for failing to lodge financial statements and auditor reports. GUM's AFS license has been suspended since November 2016 for failing to meet its financial services licensee obligations for consecutive years. After not lodging the financial…
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ASIC announced that has suspended the Australian financial services (AFS) licence of NSW-based Divitiarum Audax Pty Limited from 8 May 2017 for failing to lodge financial statements and auditor's reports for a period of four years. This is in breach of both Divitiarum Audax's legal obligations and licence conditions. ASIC Deputy Chair Peter Kell said:…
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ASIC has cancelled the Australian financial services (AFS) licence of Aquaint Capital Limited (in liquidation) ACN 110 353 065. Aquaint is the responsible entity for Aquaint Income Fund ARSN 114 372 619 (the Scheme). It was placed into liquidation on 1 September 2016 following a creditors' resolution that Aquaint be wound up on the basis…
Read moreAustralia financial regulator ASIC announced that it has won an Administrative Appeals Tribunal hearing against Retail Forex broker IMS FX Services Pty Ltd, allowing ASIC to make public its cancellation of IMF FX's regulatory license. The cancellation actually happened back in February, but was kept quiet under a confidentiality appeal by IMS FX. The Administrative Appeals Tribunal has…
Read moreAustralian Securities and Investments Commission (ASIC) today published its third report on its approach to licence applications. The six month report from July to December 2015 sets out recent regulatory outcomes achieved by ASIC in relation to Australian financial services (AFS) applications, Australian credit licence applications, liquidator registration applications, company auditor and approved SMSF auditor…
Read moreAustralia's financial regulator granted 48% of all applications assessed during the January-June 2015 period, but none in the FX sector.
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