ASIC Cancels AFS Licence of Global Merces Following Liquidation
- The licence cancellation became effective as of the 20th of July 2020.
The Australian Securities and Investments Commission (ASIC) announced today that it has cancelled the Australian financial services (AFS) licence of Global Merces Funds Management Limited (Global Merces).
The licence cancellation became effective as of 20th July 2020. According to the Australian regulator, the licence was cancelled because the company has gone into liquidation.
Global Merces is the responsible entity for Global Merces Access Fund ARSN 604 201 952, Global Merces 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 Fund ARSN 604 220 662 and Covesta ARSN 625 625 803, collectively referred to as schemes.
The licence cancellation follows on from the Aussie watchdog suspending the licence of Global Merces after an external administrator was appointed on the 13th of January 2020. The asset manager has held its AFS licence no. 460883 since 26th February 2015.
On 31st January 2020, Michael John Hill and Anthony Norman Connelly of McGrath Nicol were appointed as joint and several liquidators to the asset manager.
Until 31st July 2020, the liquidators will still be able to transfer Global Merces Access Fund, Global Merces Equities Fund and Covesta to a new responsible entity. Under the cancellation, the liquidators will also be able to investigate or preserve the assets and affairs of the schemes, as well as wind them up during this period.
ASIC Suspends USGFX Licence, Cancels 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 CT
In recent months there has been a notable uptick in the number of licences either being suspended or cancelled by ASIC. As Finance Magnates reported, the regulator recently suspended the AFS licence of Union Standard International Group, which operated under the brand USGFX.
Earlier in July, the Australian authority also cancelled the AFS licence of Forex Capital Trading Pty Ltd (Forex CT), a retail over the counter (OTC) derivatives issuer, alleging unconscionable conduct, misleading and deceptive conduct and a failure to manage conflicts of interest.
The Australian Securities and Investments Commission (ASIC) announced today that it has cancelled the Australian financial services (AFS) licence of Global Merces Funds Management Limited (Global Merces).
The licence cancellation became effective as of 20th July 2020. According to the Australian regulator, the licence was cancelled because the company has gone into liquidation.
Global Merces is the responsible entity for Global Merces Access Fund ARSN 604 201 952, Global Merces 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 Fund ARSN 604 220 662 and Covesta ARSN 625 625 803, collectively referred to as schemes.
The licence cancellation follows on from the Aussie watchdog suspending the licence of Global Merces after an external administrator was appointed on the 13th of January 2020. The asset manager has held its AFS licence no. 460883 since 26th February 2015.
On 31st January 2020, Michael John Hill and Anthony Norman Connelly of McGrath Nicol were appointed as joint and several liquidators to the asset manager.
Until 31st July 2020, the liquidators will still be able to transfer Global Merces Access Fund, Global Merces Equities Fund and Covesta to a new responsible entity. Under the cancellation, the liquidators will also be able to investigate or preserve the assets and affairs of the schemes, as well as wind them up during this period.
ASIC Suspends USGFX Licence, Cancels 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 CT
In recent months there has been a notable uptick in the number of licences either being suspended or cancelled by ASIC. As Finance Magnates reported, the regulator recently suspended the AFS licence of Union Standard International Group, which operated under the brand USGFX.
Earlier in July, the Australian authority also cancelled the AFS licence of Forex Capital Trading Pty Ltd (Forex CT), a retail over the counter (OTC) derivatives issuer, alleging unconscionable conduct, misleading and deceptive conduct and a failure to manage conflicts of interest.