ASIC Cancels AFS License of Australian Golden Securities
- The cancellation is effective from the 21st of May 2020.
The Australian Securities and Investments Commission (ASIC) announced this Monday that it has canceled the Australian financial services (AFS) license of Australian Golden Securities Ltd (formerly AFS Capital Securities Ltd) effective from the 21st of May 2020.
The AFS license of Australian Golden Securities was previously suspended until the 21st of May this year. However, the license was canceled because the company hadn’t addressed the previous concerns of ASIC about its failure to meet its licensee Obligations Obligations In finance, an obligation is a financial responsibility where the terms of a contract must be met. Should an obligation between parties fail then the party who is at default may face legal action. In this scenario, the guilty party will not only have to agree to pay the set amount to fulfill the contractual arrangement but may also be responsible for covering all legal proceedings cost. Routine payments or outstanding debt of any kind are considered financial obligations, so if someone owes you In finance, an obligation is a financial responsibility where the terms of a contract must be met. Should an obligation between parties fail then the party who is at default may face legal action. In this scenario, the guilty party will not only have to agree to pay the set amount to fulfill the contractual arrangement but may also be responsible for covering all legal proceedings cost. Routine payments or outstanding debt of any kind are considered financial obligations, so if someone owes you Read this Term, the watchdog said.
In particular, the license was canceled because Australian Golden Securities failed to lodge its financial and audit reports and address its failure to maintain adequate competence and capacity to provide the financial services covered by its AFS license, ASIC said in the statement.
“ASIC expects AFS licensees to do all things necessary to meet their obligations under financial services laws, comply with their licence conditions, and ensure that the financial services covered by their licence are provided efficiently, honestly and fairly,” the regulator said today.
“Licensees must maintain the required competence and resources to provide the financial services covered by their licence and have robust compliance procedures in place to ensure ongoing compliance with their licensee obligations.”
Although the AFS license of the Melbourne-based financial services provider has been canceled, the company can continue limited operations until the 21st of January 2020, in order for the company to wind up its four registered managed investment schemes. The company must also maintain public indemnity insurance and AFCA membership for 12 months.
Back in 2017, ASIC banned Dr. Bingxing Hu, a responsible manager of Australian Golden Securities, from providing financial services for five years. However, following an appeal from Hu, the term was reduced to four and a half years.
ASIC cancels AFS license of Personal Risk Management Risk Management One of the most common terms utilized by brokers, risk management refers to the practice of identifying potential risks in advance. Most commonly, this also involves the analysis of risk and the undertaking of precautionary steps to both mitigate and prevent for such risk.Such efforts are essential for brokers and venues in the finance industry, given the potential for fallout in the face of unforeseen events or crises. Given a more tightly regulated environment across nearly every asset class, One of the most common terms utilized by brokers, risk management refers to the practice of identifying potential risks in advance. Most commonly, this also involves the analysis of risk and the undertaking of precautionary steps to both mitigate and prevent for such risk.Such efforts are essential for brokers and venues in the finance industry, given the potential for fallout in the face of unforeseen events or crises. Given a more tightly regulated environment across nearly every asset class, Read this Term
In addition to canceling the AFS license of Australian Golden Securities, ASIC announced this Monday that it has also canceled the AFS license of Personal Risk Management Pty Ltd, also effective from the 21st of May 2020.
The Australian Securities and Investments Commission (ASIC) announced this Monday that it has canceled the Australian financial services (AFS) license of Australian Golden Securities Ltd (formerly AFS Capital Securities Ltd) effective from the 21st of May 2020.
The AFS license of Australian Golden Securities was previously suspended until the 21st of May this year. However, the license was canceled because the company hadn’t addressed the previous concerns of ASIC about its failure to meet its licensee Obligations Obligations In finance, an obligation is a financial responsibility where the terms of a contract must be met. Should an obligation between parties fail then the party who is at default may face legal action. In this scenario, the guilty party will not only have to agree to pay the set amount to fulfill the contractual arrangement but may also be responsible for covering all legal proceedings cost. Routine payments or outstanding debt of any kind are considered financial obligations, so if someone owes you In finance, an obligation is a financial responsibility where the terms of a contract must be met. Should an obligation between parties fail then the party who is at default may face legal action. In this scenario, the guilty party will not only have to agree to pay the set amount to fulfill the contractual arrangement but may also be responsible for covering all legal proceedings cost. Routine payments or outstanding debt of any kind are considered financial obligations, so if someone owes you Read this Term, the watchdog said.
In particular, the license was canceled because Australian Golden Securities failed to lodge its financial and audit reports and address its failure to maintain adequate competence and capacity to provide the financial services covered by its AFS license, ASIC said in the statement.
“ASIC expects AFS licensees to do all things necessary to meet their obligations under financial services laws, comply with their licence conditions, and ensure that the financial services covered by their licence are provided efficiently, honestly and fairly,” the regulator said today.
“Licensees must maintain the required competence and resources to provide the financial services covered by their licence and have robust compliance procedures in place to ensure ongoing compliance with their licensee obligations.”
Although the AFS license of the Melbourne-based financial services provider has been canceled, the company can continue limited operations until the 21st of January 2020, in order for the company to wind up its four registered managed investment schemes. The company must also maintain public indemnity insurance and AFCA membership for 12 months.
Back in 2017, ASIC banned Dr. Bingxing Hu, a responsible manager of Australian Golden Securities, from providing financial services for five years. However, following an appeal from Hu, the term was reduced to four and a half years.
ASIC cancels AFS license of Personal Risk Management Risk Management One of the most common terms utilized by brokers, risk management refers to the practice of identifying potential risks in advance. Most commonly, this also involves the analysis of risk and the undertaking of precautionary steps to both mitigate and prevent for such risk.Such efforts are essential for brokers and venues in the finance industry, given the potential for fallout in the face of unforeseen events or crises. Given a more tightly regulated environment across nearly every asset class, One of the most common terms utilized by brokers, risk management refers to the practice of identifying potential risks in advance. Most commonly, this also involves the analysis of risk and the undertaking of precautionary steps to both mitigate and prevent for such risk.Such efforts are essential for brokers and venues in the finance industry, given the potential for fallout in the face of unforeseen events or crises. Given a more tightly regulated environment across nearly every asset class, Read this Term
In addition to canceling the AFS license of Australian Golden Securities, ASIC announced this Monday that it has also canceled the AFS license of Personal Risk Management Pty Ltd, also effective from the 21st of May 2020.