ASIC Extends Suspension of BBY Limited’s AFS Licence
- The firm was authorised to issue and make a market in derivatives and foreign exchange.
The Australian Securities and Investments Commission (ASIC) has yet again extended the suspension of the Australian financial services (AFS) license held by BBY Limited, which was a stockbroker in Australia, the regulator announced this Tuesday.
The suspension has been extended until the 28th of May 2020 and has been effective since the 27th of May this year. The Australian regulator first suspended the license back in May 2015 for a period of three years, as Finance Magnates reported, and then renewed the suspension for a further 12 months on the 27th of May 2018.
Under its AFS license, BBY Limited was authorized to issue and make a market in derivatives and foreign Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term (Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term). The company was a market participant of the Australian Securities Exchange (ASX), Chi-X and SSX (formerly APX). In addition, the firm was a clearing and settlement participant of the ASX
Although the broker's license has been suspended, it continues to still be in effect to ensure that clients of the broker have access to an external dispute resolution scheme, have access to the National Guarantee Fund and a number of other services to protect the clients of the company.
BBY Ltd is the main operating entity of the BBY group. The company was headquartered in Sydney with offices in Australia, New Zealand, the United Kingdom, and America. The BBY group consisted of 10 entities, including BBY Advisory Services Pty Ltd and SmarTrader Limited, which also had their licenses canceled by the Aussie regulator.
BBY Ltd Placed into Liquidation
Following the initial license suspension, Stephen Vaughan and Ian Hall of KPMG were appointed as joint administrators for these companies on the 17th of May 2015. For BBY and BBY Advisory, Steven Parbery and Brett Lord of PPB Advisory were appointed receivers and managers on the 18th of May 2015.
On the 22nd of June 2015, it was decided that BBY and other BBY companies would be placed in liquidation and Vaughan and Hall of KPMG were appointed as Liquidators.
The Australian Securities and Investments Commission (ASIC) has yet again extended the suspension of the Australian financial services (AFS) license held by BBY Limited, which was a stockbroker in Australia, the regulator announced this Tuesday.
The suspension has been extended until the 28th of May 2020 and has been effective since the 27th of May this year. The Australian regulator first suspended the license back in May 2015 for a period of three years, as Finance Magnates reported, and then renewed the suspension for a further 12 months on the 27th of May 2018.
Under its AFS license, BBY Limited was authorized to issue and make a market in derivatives and foreign Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term (Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term). The company was a market participant of the Australian Securities Exchange (ASX), Chi-X and SSX (formerly APX). In addition, the firm was a clearing and settlement participant of the ASX
Although the broker's license has been suspended, it continues to still be in effect to ensure that clients of the broker have access to an external dispute resolution scheme, have access to the National Guarantee Fund and a number of other services to protect the clients of the company.
BBY Ltd is the main operating entity of the BBY group. The company was headquartered in Sydney with offices in Australia, New Zealand, the United Kingdom, and America. The BBY group consisted of 10 entities, including BBY Advisory Services Pty Ltd and SmarTrader Limited, which also had their licenses canceled by the Aussie regulator.
BBY Ltd Placed into Liquidation
Following the initial license suspension, Stephen Vaughan and Ian Hall of KPMG were appointed as joint administrators for these companies on the 17th of May 2015. For BBY and BBY Advisory, Steven Parbery and Brett Lord of PPB Advisory were appointed receivers and managers on the 18th of May 2015.
On the 22nd of June 2015, it was decided that BBY and other BBY companies would be placed in liquidation and Vaughan and Hall of KPMG were appointed as Liquidators.