ASIC Suspends Marigold Falconer's AFS License Over Missed Filing and Insurance
- ASIC action based on the firm's lack of indemnity insurance and filing failures.
The Australian Securities and Investment Commission (ASIC) has today announced an 11-day suspension of the Australian Financial Services (AFS) license held by Marigold Falconer International Limited (Marigold Falconer), according to an update from the regulator which gives the firm until May 31, 2016, to meet certain requirements.
ASIC found that Marigold Falconer doesn’t have current professional indemnity insurance - which is required for firms – to cover claims if the company or any of its representatives’ breach financial services laws. The firm did previously have the needed insurance but it expired at the end of February this year.
In addition, ASIC noted that the company hadn’t filed its audited financial statements with ASIC for its 2015 financial year, and past the October 31st, 2015-deadline required under the Corporations Act in Australia.
Expired insurance and late filings
The company’s license – which is now suspended till May 31, 2016 – had allowed it provide services on financial products including derivatives, securities, and superannuation (retirement accounts), for retail and wholesale clients, as per the ASIC update.
The regulator has recently stepped up its efforts to enforce compliance for AFSL holders, as covered by Finance Magnates in recent articles.
ASIC also mentioned that it'Staking Staking Staking is defined as the process of holding funds in a cryptocurrency wallet to support the operations of a blockchain network. In particular, staking represents a bid to secure a volume of crypto to receive rewards. In most case however, this process relies on users participating in blockchain-related activities via a personal crypto wallet.The concept of staking is also closely tied to the Proof-of-Stake (PoS). PoS is a type of consensus algorithm in which a blockchain network aims to achieve Staking is defined as the process of holding funds in a cryptocurrency wallet to support the operations of a blockchain network. In particular, staking represents a bid to secure a volume of crypto to receive rewards. In most case however, this process relies on users participating in blockchain-related activities via a personal crypto wallet.The concept of staking is also closely tied to the Proof-of-Stake (PoS). PoS is a type of consensus algorithm in which a blockchain network aims to achieve Read this Term action in Federal Court against Ostrava Equities Equities Equities can be characterized as stocks or shares in a company that investors can buy or sell. When you buy a stock, you are in essence buying an equity, becoming a partial owner of shares in a specific company or fund.However, equities do not pay a fixed interest rate, and as such are not considered guaranteed income. As such, equity markets are often associated with risk.When a company issues bonds, it’s taking loans from buyers. When a company offers shares, on the other hand, it’s selling pa Equities can be characterized as stocks or shares in a company that investors can buy or sell. When you buy a stock, you are in essence buying an equity, becoming a partial owner of shares in a specific company or fund.However, equities do not pay a fixed interest rate, and as such are not considered guaranteed income. As such, equity markets are often associated with risk.When a company issues bonds, it’s taking loans from buyers. When a company offers shares, on the other hand, it’s selling pa Read this Term Pty Ltd which ceased as an authorised representative of Marigold Falconer on the 21st of last October.
This was after a court appointed a provisional liquidator to Ostrava Equities and its related entities after ASIC alleged that two individuals had committed numerous violations of the corporations legislation including unauthorised withdrawals of client funds and charging of fees by Ostrava Equities Pty Ltd in relation to self-directed retirement accounts.
The Australian Securities and Investment Commission (ASIC) has today announced an 11-day suspension of the Australian Financial Services (AFS) license held by Marigold Falconer International Limited (Marigold Falconer), according to an update from the regulator which gives the firm until May 31, 2016, to meet certain requirements.
ASIC found that Marigold Falconer doesn’t have current professional indemnity insurance - which is required for firms – to cover claims if the company or any of its representatives’ breach financial services laws. The firm did previously have the needed insurance but it expired at the end of February this year.
In addition, ASIC noted that the company hadn’t filed its audited financial statements with ASIC for its 2015 financial year, and past the October 31st, 2015-deadline required under the Corporations Act in Australia.
Expired insurance and late filings
The company’s license – which is now suspended till May 31, 2016 – had allowed it provide services on financial products including derivatives, securities, and superannuation (retirement accounts), for retail and wholesale clients, as per the ASIC update.
The regulator has recently stepped up its efforts to enforce compliance for AFSL holders, as covered by Finance Magnates in recent articles.
ASIC also mentioned that it'Staking Staking Staking is defined as the process of holding funds in a cryptocurrency wallet to support the operations of a blockchain network. In particular, staking represents a bid to secure a volume of crypto to receive rewards. In most case however, this process relies on users participating in blockchain-related activities via a personal crypto wallet.The concept of staking is also closely tied to the Proof-of-Stake (PoS). PoS is a type of consensus algorithm in which a blockchain network aims to achieve Staking is defined as the process of holding funds in a cryptocurrency wallet to support the operations of a blockchain network. In particular, staking represents a bid to secure a volume of crypto to receive rewards. In most case however, this process relies on users participating in blockchain-related activities via a personal crypto wallet.The concept of staking is also closely tied to the Proof-of-Stake (PoS). PoS is a type of consensus algorithm in which a blockchain network aims to achieve Read this Term action in Federal Court against Ostrava Equities Equities Equities can be characterized as stocks or shares in a company that investors can buy or sell. When you buy a stock, you are in essence buying an equity, becoming a partial owner of shares in a specific company or fund.However, equities do not pay a fixed interest rate, and as such are not considered guaranteed income. As such, equity markets are often associated with risk.When a company issues bonds, it’s taking loans from buyers. When a company offers shares, on the other hand, it’s selling pa Equities can be characterized as stocks or shares in a company that investors can buy or sell. When you buy a stock, you are in essence buying an equity, becoming a partial owner of shares in a specific company or fund.However, equities do not pay a fixed interest rate, and as such are not considered guaranteed income. As such, equity markets are often associated with risk.When a company issues bonds, it’s taking loans from buyers. When a company offers shares, on the other hand, it’s selling pa Read this Term Pty Ltd which ceased as an authorised representative of Marigold Falconer on the 21st of last October.
This was after a court appointed a provisional liquidator to Ostrava Equities and its related entities after ASIC alleged that two individuals had committed numerous violations of the corporations legislation including unauthorised withdrawals of client funds and charging of fees by Ostrava Equities Pty Ltd in relation to self-directed retirement accounts.