ASIC has suspended the Australian financial services license of CFD issuer GFA Capital Markets Ltd for five months. The order runs from July 23 to December 18, 2026, and restricts the company to a small number of administrative activities.
The Australian Securities and Investments Commission imposed the suspension after an administrative hearing. In its decision published Thursday, ASIC said GFA had deficiencies involving client money, derivative transaction reporting and its compliance arrangements.
Client Money Was Not Properly Separated
ASIC found that GFA did not properly place and handle client money in a designated client money account. The company also mixed funds that did not belong to clients with client money.
The regulator did not disclose how much money was affected or whether the handling deficiencies caused losses for GFA’s clients. It also did not say whether the company had been required to reimburse any customers.
GFA breached reporting obligations under the 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 Derivative Transaction Rules (Reporting) 2024, according to the regulator. ASIC also found that the company did not have adequate systems and controls for complying with financial services laws.
The regulator identified deficiencies in GFA’s financial resources, technology and staffing. Based on those findings, ASIC determined that the company was likely to breach its general obligations as an AFS licensee.
While the license is suspended, GFA may maintain its membership of the Australian Financial Complaints Authority and hold professional indemnity insurance. It may also take actions required to comply with written notices from ASIC.
These exceptions do not permit GFA to continue its normal financial services business. ASIC has recorded the suspension on its professional registers.
GFA Website Displays Maintenance Notice
GFA’s public website displayed only an “Under Maintenance” notice in English and Chinese when FinanceMagnates.com checked it on Thursday. The company’s usual public pages were not accessible through the homepage.
FinanceMagnates.com could not verify whether GFA was accepting new applications or providing access to its online services. It was also not possible to determine whether the maintenance notice was connected to ASIC’s action.
Previously indexed pages and GFA’s regulatory documents identify gfacm.com as the online presence of GFA Capital Markets. Those historical pages described a proprietary trading system for foreign exchange and contracts for difference, but they should not be treated as a description of the website’s current availability.
A review of public records did not identify another current customer-facing brokerage brand operated by the licensee. The entity has used the GFA Capital Markets name since June 2019.
Australian Business Register records show that the company was previously named GS Markets (AUS) and later Glory Sky Global (AUS). These are former registered entity names, not verified active trading brands.
GFA has held AFS license 398104 since March 16, 2011. Its Australian business number is 12 144 676 808, and the company’s registered business location is in Sydney.
ASIC Moves From Review to Enforcement
ASIC identified GFA’s deficiencies during a review of 52 licensed CFD issuers conducted between October 2024 and December 2025. The review resulted in almost A$40 million in refunds to more than 38,000 retail investors.
The regulator found that more than half of the CFD sector had breached its product intervention order by offering margin discounts to retail clients holding opposing positions. ASIC also identified more than 70 million erroneous derivative transaction reports.
Following the review, 48 issuers changed their transaction reporting processes. ASIC said 46 companies revised website content, 44 changed their onboarding questionnaires and 39 amended their target markets.
ASIC imposed an interim stop order on FXCM Australia in December 2025 over deficiencies in its target market determination. The regulator later withdrew the order after FXCM amended the document.
In July, ASIC cancelled Trive’s Australian license after the CFD issuer stopped conducting a financial services business. Trive had stopped accepting new Australian clients after ASIC identified deficiencies in its processes.
ASIC reported that 68% of Australian retail CFD investors lost money in the 2024 financial year. Their combined losses exceeded A$458 million, including A$73 million in fees.
GFA may ask the Administrative Review Tribunal to review the suspension. Before December 18, it must show ASIC how it has improved its client money, reporting and 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 processes. ASIC may extend the suspension or cancel the license if it considers the changes insufficient.
ASIC has suspended the Australian financial services license of CFD issuer GFA Capital Markets Ltd for five months. The order runs from July 23 to December 18, 2026, and restricts the company to a small number of administrative activities.
The Australian Securities and Investments Commission imposed the suspension after an administrative hearing. In its decision published Thursday, ASIC said GFA had deficiencies involving client money, derivative transaction reporting and its compliance arrangements.
Client Money Was Not Properly Separated
ASIC found that GFA did not properly place and handle client money in a designated client money account. The company also mixed funds that did not belong to clients with client money.
The regulator did not disclose how much money was affected or whether the handling deficiencies caused losses for GFA’s clients. It also did not say whether the company had been required to reimburse any customers.
GFA breached reporting obligations under the 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 Derivative Transaction Rules (Reporting) 2024, according to the regulator. ASIC also found that the company did not have adequate systems and controls for complying with financial services laws.
The regulator identified deficiencies in GFA’s financial resources, technology and staffing. Based on those findings, ASIC determined that the company was likely to breach its general obligations as an AFS licensee.
While the license is suspended, GFA may maintain its membership of the Australian Financial Complaints Authority and hold professional indemnity insurance. It may also take actions required to comply with written notices from ASIC.
These exceptions do not permit GFA to continue its normal financial services business. ASIC has recorded the suspension on its professional registers.
GFA Website Displays Maintenance Notice
GFA’s public website displayed only an “Under Maintenance” notice in English and Chinese when FinanceMagnates.com checked it on Thursday. The company’s usual public pages were not accessible through the homepage.
FinanceMagnates.com could not verify whether GFA was accepting new applications or providing access to its online services. It was also not possible to determine whether the maintenance notice was connected to ASIC’s action.
Previously indexed pages and GFA’s regulatory documents identify gfacm.com as the online presence of GFA Capital Markets. Those historical pages described a proprietary trading system for foreign exchange and contracts for difference, but they should not be treated as a description of the website’s current availability.
A review of public records did not identify another current customer-facing brokerage brand operated by the licensee. The entity has used the GFA Capital Markets name since June 2019.
Australian Business Register records show that the company was previously named GS Markets (AUS) and later Glory Sky Global (AUS). These are former registered entity names, not verified active trading brands.
GFA has held AFS license 398104 since March 16, 2011. Its Australian business number is 12 144 676 808, and the company’s registered business location is in Sydney.
ASIC Moves From Review to Enforcement
ASIC identified GFA’s deficiencies during a review of 52 licensed CFD issuers conducted between October 2024 and December 2025. The review resulted in almost A$40 million in refunds to more than 38,000 retail investors.
The regulator found that more than half of the CFD sector had breached its product intervention order by offering margin discounts to retail clients holding opposing positions. ASIC also identified more than 70 million erroneous derivative transaction reports.
Following the review, 48 issuers changed their transaction reporting processes. ASIC said 46 companies revised website content, 44 changed their onboarding questionnaires and 39 amended their target markets.
ASIC imposed an interim stop order on FXCM Australia in December 2025 over deficiencies in its target market determination. The regulator later withdrew the order after FXCM amended the document.
In July, ASIC cancelled Trive’s Australian license after the CFD issuer stopped conducting a financial services business. Trive had stopped accepting new Australian clients after ASIC identified deficiencies in its processes.
ASIC reported that 68% of Australian retail CFD investors lost money in the 2024 financial year. Their combined losses exceeded A$458 million, including A$73 million in fees.
GFA may ask the Administrative Review Tribunal to review the suspension. Before December 18, it must show ASIC how it has improved its client money, reporting and 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 processes. ASIC may extend the suspension or cancel the license if it considers the changes insufficient.
