简体中文
繁體中文
English
Pусский
日本語
ภาษาไทย
Tiếng Việt
Bahasa Indonesia
Español
हिन्दी
Filippiiniläinen
Français
Deutsch
Português
Türkçe
한국어
العربية
Abstract:The Australian Securities and Investments Commission (ASIC) has suspended JB Markets' Australian Financial Services (AFS) license until April 30, 2024, for non-compliance with financial licensing requirements. This action reflects ASIC's commitment to market integrity and consumer protection. The release also outlines ASIC's role in regulating financial services, highlighting its efforts in enforcing standards within the Australian financial industry.
In a significant regulatory move, the Australian Securities and Investments Commission (ASIC) has suspended the Australian Financial Services (AFS) license of JB Markets Pty Ltd. This suspension, effective from November 8, will remain in force until April 30, 2024. This action by ASIC highlights the regulator's commitment to enforcing compliance among financial services providers.
ASIC's decision to suspend the AFS license of JB Markets stems from the company's failure to meet essential financial licensing requirements. Crucially, JB Markets did not have adequate resources to offer the financial services stipulated in its license. Additionally, the company was found lacking in implementing appropriate supervisory arrangements.
During the suspension period, JB Markets and its representatives are prohibited from providing financial services. The only exception is services related to concluding existing client arrangements. Despite the suspension, JB Markets, as a member of the Australian Financial Complaints Authority (AFCA), must continue to provide compensation arrangements for its retail clients.
JB Markets has been a holder of the Australian Financial Services Licence No. 323182 since July 8, 2008. This license authorizes the company to offer various financial services, including financial product advice, trading, marketing, and custody or deposit services to both retail and wholesale clients.
The Australian Securities and Investments Commission (ASIC) plays a pivotal role in Australia's financial market. As the integrated corporate, markets, financial services, and consumer credit regulator, ASIC enforces and regulates company and financial services laws to protect Australian consumers, investors, and creditors. ASIC's actions, such as the suspension of JB Markets' AFS license, are part of its mandate to ensure transparency and integrity in the financial market.
ASIC's responsibilities include licensing and monitoring financial services businesses to ensure they operate efficiently, honestly, and fairly. The regulator also promotes investor and consumer trust and confidence, administers financial literacy programs, and contributes to Australia's economic reputation and well-being.
Related News:
ASIC's decision to suspend JB Markets' AFS license is a reminder of the regulator's active role in maintaining the integrity of Australia's financial markets. Through such enforcement actions, ASIC seeks to protect consumers and investors and uphold the standards of the Australian financial services industry.
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
StoneX Group Inc. has announced that its subsidiary, StoneX Financial Limited, has been granted General Clearing Member (GCM) status by European Commodity Clearing AG (ECC).
easyMarkets has launched its Trade with the Champions competition. The event will run from 2 December 2024 to 15 January 2025. It is open to both new and existing traders, offering them a chance to compete and win prizes.
DMM Bitcoin, a prominent cryptocurrency exchange in Japan and a subsidiary of the DMM.com Group, has announced plans to shut down its operations.
Apple Pay and Google Pay plan to enter the Philippine market. To do so, they must first register with the BSP as operators of payment systems.