Following the voluntary administration of Union Standard International Group PTY (USGFX), the Board of Union Standard International Group Holdings (USG), announced this Tuesday that the Group would be moving its headquarters out of Sydney and into London.
The news is part of a statement published today from the Board, which assures its clients worldwide, that they can still access the broker’s services elsewhere. The announcement follows on from the Australian Securities and Investments Commission (ASIC), suspending the license of USGFX earlier today.
Earlier this month, Finance Magnates broke the news that USGFX has entered into voluntary administration, with Andrew Cummins and Peter Krejci of BRI Ferrier (NSW) Pty Ltd appointed as administrators on the 8th of July 2020.
USGFX is an Australian-headquartered foreign exchange and CFD broker. In the statement from the company earlier this month, the broker said it had gone into voluntary administration to facilitate its restructuring so that it can continue to provide financial services to its clients.
USG: ASIC is creating a restrictive trading environment
“The reason for this is that it had become increasingly apparent that the USGFX’s business model did not suit the ever evolving and increasingly restrictive trading environment under ASIC. USG are not alone here as since June 2019 over 10 ASIC regulated brokers have moved to a different Regulator,” the USG Board said in its statement today.
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Because of this, the Board has reminded its clients that it has a number of other regulated entities in which they can trade with. Namely, USG UK is regulated by the Financial Conduct Authority (FCA) since 2018, under CEO Simon Quirke.
Regardless of the situation with the Australian-based entity, the FCA regulated entity continues to offer clients “a bespoke and personal service under the protections of one of the world’s most respected regulators,” the company said.
Furthermore, the company is also regulated in Vanuatu – USG Vanuatu by the Vanuatu Financial Services Commission (VFSC), and in Cyprus – USG Cyprus, is in the final stages of receiving its license from the Cyprus Securities and Exchange Commission (CySEC), according to the statement.
Confirmed: USGFX CEO resigned
Since the broker went into voluntary administration in Australia, USGFX’s CEO, Shay Zakhaim, left his position at the company, according to an update on his Linkedin profile. This occurred just one week after it went into administration.
“The Board would also like to confirm the resignation of the USGFX and Group CEO Shay Zakhaim. His role as CEO of USGFX has been terminated and the USG Board will shortly announce the appointment of interim Group CEO,” the statement.
The statement from the company also said that the issues in Australia have no significant impact on their other independent divisions, which will continue to operate with the full support of the Group.