Tag: ASIC

October 23, 2020 BY Steffy Bogdanova

Breaking News: ACY Securities announces support for ASIC’s product intervention order

Justin Pooni commented: We welcome ASIC’s long-awaited announcement ensuring greater client protection and we support ASIC’s efforts in implementing robust and proportional regulation in the margin and CFD sector. He added: ACY Securities are of the view that measures introduced to improve customer outcomes will also benefit the CFD industry in supporting brokers who already…

Read more
ASIC, AFS licence
October 14, 2020 BY Steffy Bogdanova

Ballast Financial Management’s AFS licence cancelled

The suspension will last for 10 weeks and give Ballas enough time to put in place adequate compensation arrangements. This will also provide Ballast with an opportunity to identify and appoint an appropriately qualified and experienced responsible manager following the resignation of its previous responsible manager. ASIC may consider cancelling Ballast’s licence if the company…

Read more
ASIC
September 30, 2020 BY Valentina Kirilova

ASIC bans BGC Securities broker for 10 years

According to the regulator, Moore breached a contractual agreement between BGC and a referring broker by: charging unpermitted spreads on transactions entered on behalf of a number of accounts of clients referred to BGC by the referring broker; and trading at prices other than the agreed independent valuation on transactions entered on behalf of a…

Read more
ASIC
September 18, 2020 BY Steffy Bogdanova

ASIC cancels Union Standard’s ASF licence

USGFX entered in to voluntary administration on 8 July with Andrew Cummins and Peter Krejci of BRI Ferrier (NSW) Pty Ltd appointed as administrator. Later on ASIC suspended the company’s Australian Financial Services licence until 23 September. The board of the UK division, USG UK announced that USG Group resolved on 15 August and the FCA regulated USG UK…

Read more
September 11, 2020 BY Steffy Bogdanova

USG moves its headquarters to London

In early September the group sent an email to its clients stating: With fifteen years of experience, outstanding technology and steady management, Union Standard International Group has been supported and trusted by millions of traders across more than 130 countries. The email continued: Until now, we’ve almost completed the restructuring process and reached 97% of…

Read more
ASIC
September 11, 2020 BY Steffy Bogdanova

Insider trader sent to prison for three years for trading in Big Un shares

Throughout the course of the investigation, Ho co-operated with ASIC, participated in voluntary interviews and provided documents. Ho also formally admitted to the offences and the facts regarding them. In recognition of this co-operation, Ho’s sentence was reduced by half. ASIC Deputy Chair Daniel Crennan QC commented: ASIC will take strong action against market misconduct…

Read more
ASIC
September 03, 2020 BY Steffy Bogdanova

ASIC bans former BitConnect representative for seven years

The Australian watchdog found that Bigatton provided unlicensed financial product advice. His conduct was also misleading and deceiving in promotion of BitConnect and the BitConnect Lending Platform. The Commission stated that Bigatton is not fit to provide financial services or adequately trained. Read More: ASIC bans Brisbane finance broker and cancels the license of Global…

Read more
ASIC
August 10, 2020 BY Steffy Bogdanova

ASIC bans Brisbane finance broker and cancels the license of Global Merces Funds Management

The ASIC also announced cancelling the Australian financial services (AFS) licence of Global Merces Funds Management Limited. The reason for the cancellation is that Global Merces is in liquidation. The license of the company was previously suspended after the company got external administrator appointed in January. Read More: Former CFS Private Wealth financial adviser sentenced…

Read more