Australian Watchdog Confirms Voluntary Suspension of FXTG's Licence
- As first reported by Finance Magnates, the owner of FXTG requested ASIC to suspend the licence in order to focus on restructuring the brand.
Australian Securities and Investments Commission (ASIC) announced today that Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term TG Pty Ltd (FXTG) has voluntarily requested that ASIC temporarily suspend its Australian Financial Services (AFS) licence. The move is meant to provide the brokerage with time to restructure, re-brand and to "ensure compliance with its regulatory 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 after changes in ownership, management and strategy."
As first reported by Finance Magnates, the current owner of FXTG, Stavro D’Amore, took over the firm from missing UTrade CEO, Aviv Talmor. D’Amore commented: “I have no dealings with any liquidators or Aviv, the company has been mine since 4 November 2015 and ASIC records show this. I have taken control and am looking to offset certain parts of the business including restructuring and changing the brand. I have requested ASIC to voluntarily suspend my licence so I can restructure the brand without affecting clients and service.”
ASIC emphasises that the suspension does not allow FXTG to on-board any new clients or allow them to place new client orders. FXTG will only be able to close out any current open client positions. The regulator expects the suspension will be lifted once FXTG demonstrates that it is ready to recommence its licensed business activities and is able to comply with Australian obligations.
ASIC Commissioner Cathie Armour commented: "We support this type of proactive move by any AFS licensee that recognises it needs time to fully review its operations to ensure compliance with its regulatory obligations. It will also help to ensure that any significant structural or strategic changes do not result in breaches of its obligations which could negatively impact investors."
Australian Securities and Investments Commission (ASIC) announced today that Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term TG Pty Ltd (FXTG) has voluntarily requested that ASIC temporarily suspend its Australian Financial Services (AFS) licence. The move is meant to provide the brokerage with time to restructure, re-brand and to "ensure compliance with its regulatory 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 after changes in ownership, management and strategy."
As first reported by Finance Magnates, the current owner of FXTG, Stavro D’Amore, took over the firm from missing UTrade CEO, Aviv Talmor. D’Amore commented: “I have no dealings with any liquidators or Aviv, the company has been mine since 4 November 2015 and ASIC records show this. I have taken control and am looking to offset certain parts of the business including restructuring and changing the brand. I have requested ASIC to voluntarily suspend my licence so I can restructure the brand without affecting clients and service.”
ASIC emphasises that the suspension does not allow FXTG to on-board any new clients or allow them to place new client orders. FXTG will only be able to close out any current open client positions. The regulator expects the suspension will be lifted once FXTG demonstrates that it is ready to recommence its licensed business activities and is able to comply with Australian obligations.
ASIC Commissioner Cathie Armour commented: "We support this type of proactive move by any AFS licensee that recognises it needs time to fully review its operations to ensure compliance with its regulatory obligations. It will also help to ensure that any significant structural or strategic changes do not result in breaches of its obligations which could negatively impact investors."