ASIC Outlines Additional License Conditions for AxiCorp
- The Australian authority has imposed new conditions on AxiCorp to ensure adequate compliance arrangements.
Australian Securities and Investments Commission (ASIC ASIC The Australian Securities and Investments Commission (ASIC) is the prime regulator in Australia for corporate, markets, financial services, and consumer credit. It is empowered under the financial service laws to facilitate, regulate, and enforce Australian financial laws. The Australian Commission was set up and is administered under the Australian Securities and Investment Commission Act of 2001. ASIC was initially the Australian Securities Commission based on the 1989 ASC Act. Initially, the The Australian Securities and Investments Commission (ASIC) is the prime regulator in Australia for corporate, markets, financial services, and consumer credit. It is empowered under the financial service laws to facilitate, regulate, and enforce Australian financial laws. The Australian Commission was set up and is administered under the Australian Securities and Investment Commission Act of 2001. ASIC was initially the Australian Securities Commission based on the 1989 ASC Act. Initially, the Read this Term), announced today that it has imposed additional conditions on the Australian financial services (AFS) license of AxiCorp to ensure adequate Compliance Compliance In finance, banking, investing, and insurance compliance refers to following the rules or orders set down by the government regulatory authority, either as providing a service or processing a transaction. Compliance concerning finance would also be a state of being following established guidelines or specifications. This designation can also encompass efforts to ensure that organizations are abiding by both industry regulations and government legislation. Understanding ComplianceCompliance is a In finance, banking, investing, and insurance compliance refers to following the rules or orders set down by the government regulatory authority, either as providing a service or processing a transaction. Compliance concerning finance would also be a state of being following established guidelines or specifications. This designation can also encompass efforts to ensure that organizations are abiding by both industry regulations and government legislation. Understanding ComplianceCompliance is a Read this Term arrangements for the company’s OTC derivatives business.
According to the official announcement, AxiCorp must appoint an independent expert under the new conditions to review and assess the company’s compliance arrangements. Additionally, the broker is required to maintain a minimum of three equivalent full-time compliance staff until 31 December 2022.
AxiCorp recently settled Australian financial services (AFS) license issues with ASIC and mentioned that the authority has withdrawn the proposed suspension of Axi’s AFS license. Rajesh Yohannan, Chief Executive Officer at AxiCorp added that the company is looking forward to developing a long and positive relationship with ASIC.
“AxiCorp is also required to provide ASIC with an attestation from a senior executive within AxiCorp. The senior executive must confirm they are satisfied that AxiCorp has undertaken all necessary remedial actions and that AxiCorp has in place adequate compliance measures to ensure that it and its representatives comply with financial services laws. If the executive attestation is not provided by the time required, AxiCorp is required to take all necessary steps to cease onboarding new customers and not charge customers commission or other fees for financial services provided by AxiCorp in Australia for as long as the attestation remains outstanding,” ASIC mentioned in the official announcement.
AFS License
All the companies offering financial services in Australia are required to have an AFS license. In an announcement earlier this month, AxiCorp mentioned that the company provided uninterrupted services to its clients under the ASIC entity during the entire process because the proposed suspension was never put into effect.
“Following the imposition of the additional license conditions, ASIC and AxiCorp filed proposed consent orders with the Tribunal, setting aside the decision to suspend AxiCorp’s AFS license. On 9 March 2021 the Tribunal granted the orders and set aside the suspension decision,” ASIC added.
Australian Securities and Investments Commission (ASIC ASIC The Australian Securities and Investments Commission (ASIC) is the prime regulator in Australia for corporate, markets, financial services, and consumer credit. It is empowered under the financial service laws to facilitate, regulate, and enforce Australian financial laws. The Australian Commission was set up and is administered under the Australian Securities and Investment Commission Act of 2001. ASIC was initially the Australian Securities Commission based on the 1989 ASC Act. Initially, the The Australian Securities and Investments Commission (ASIC) is the prime regulator in Australia for corporate, markets, financial services, and consumer credit. It is empowered under the financial service laws to facilitate, regulate, and enforce Australian financial laws. The Australian Commission was set up and is administered under the Australian Securities and Investment Commission Act of 2001. ASIC was initially the Australian Securities Commission based on the 1989 ASC Act. Initially, the Read this Term), announced today that it has imposed additional conditions on the Australian financial services (AFS) license of AxiCorp to ensure adequate Compliance Compliance In finance, banking, investing, and insurance compliance refers to following the rules or orders set down by the government regulatory authority, either as providing a service or processing a transaction. Compliance concerning finance would also be a state of being following established guidelines or specifications. This designation can also encompass efforts to ensure that organizations are abiding by both industry regulations and government legislation. Understanding ComplianceCompliance is a In finance, banking, investing, and insurance compliance refers to following the rules or orders set down by the government regulatory authority, either as providing a service or processing a transaction. Compliance concerning finance would also be a state of being following established guidelines or specifications. This designation can also encompass efforts to ensure that organizations are abiding by both industry regulations and government legislation. Understanding ComplianceCompliance is a Read this Term arrangements for the company’s OTC derivatives business.
According to the official announcement, AxiCorp must appoint an independent expert under the new conditions to review and assess the company’s compliance arrangements. Additionally, the broker is required to maintain a minimum of three equivalent full-time compliance staff until 31 December 2022.
AxiCorp recently settled Australian financial services (AFS) license issues with ASIC and mentioned that the authority has withdrawn the proposed suspension of Axi’s AFS license. Rajesh Yohannan, Chief Executive Officer at AxiCorp added that the company is looking forward to developing a long and positive relationship with ASIC.
“AxiCorp is also required to provide ASIC with an attestation from a senior executive within AxiCorp. The senior executive must confirm they are satisfied that AxiCorp has undertaken all necessary remedial actions and that AxiCorp has in place adequate compliance measures to ensure that it and its representatives comply with financial services laws. If the executive attestation is not provided by the time required, AxiCorp is required to take all necessary steps to cease onboarding new customers and not charge customers commission or other fees for financial services provided by AxiCorp in Australia for as long as the attestation remains outstanding,” ASIC mentioned in the official announcement.
AFS License
All the companies offering financial services in Australia are required to have an AFS license. In an announcement earlier this month, AxiCorp mentioned that the company provided uninterrupted services to its clients under the ASIC entity during the entire process because the proposed suspension was never put into effect.
“Following the imposition of the additional license conditions, ASIC and AxiCorp filed proposed consent orders with the Tribunal, setting aside the decision to suspend AxiCorp’s AFS license. On 9 March 2021 the Tribunal granted the orders and set aside the suspension decision,” ASIC added.