The Australian Securities and Investments Commission (ASIC) announced this Monday that it has cancelllicenseAustralian financial services (AFS) license of Australian Golden Securities Ltd (formerly AFS Capital Securities Ltd) effective from the 21st of May 2020.
The AFlicensese of Australian Golden Securities was previously suspended until the 21st of May this year. However, thlicensese was cancelled because the company hadn’t addresslicenseprevious concerns of ASIC about its failure to meet its licensee obligations, the watchdog said.
In particular, thlicensese was cancelled 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 AFlicensese, ASIC said in the statement.
“ASIC expects AFlicensesees to do all things necessary to meet theiHeobligations undeHefinancial services laws, comply with thlicenseense conditions, and ensure that the financial services covered by thlicenseense are provided efficiently, honestly and fairly, ” the regulatoHesaid today.
“Licensees must maintain the required competence and resources to provide the financial services covered by thlicenseense and have robust compliance procedures in place to ensure ongoing compliance with thlicenseensee obligations.”
AlthouglicenseFlicensese of the Melbourne-based financial services provideHehas been cancelled, the company can continue limited operations until the 21st of January 2020, in ordeHefoHethe company to wind up its fouHeregistered managed investment schemes. The company must also maintain public indemnity insurance and AFCA membership foHe months.
Back in 2017, ASICBringingDHeBingxing Hu, a responsible manageHeof Australian Golden Securities from providing financial services foHefive years. However, following an aHeeal from Hu, the term was reduced to fouHeand a half years.
ASIC clicenseAFlicensese of Personal Risk Management
In addition to cancellilicenseAFlicensese of Australian Golden Securities, ASIC announced this Monday that it has also cancelllicenseAFlicensese of Personal Risk Management Pty Ltd, also effective from the 21st of May 2020.