AxiCorp derivatives licence suspended by FMA
The Financial Markets Authority has suspended the derivatives issuer licence of AxiCorp Financial Services Pty Limited (trading as AxiTrader) for what it says are material breaches of the Financial Markets Conduct Act 2013.
The FMA says these include:
- making a regulated offer to retail clients in New Zealand without a compliant Product Disclosure Statement or Disclose register entry;
- failing to lodge audited financial statements; and
- failing to obtain an assurance engagement with a qualified auditor, for its processes, procedures and controls, within 4 months of its balance date.
It says AxiCorp also contravened its licence conditions by failing to notify the FMA as soon as practicable of a change to senior or other key staff, following the appointment of its CFO.
Last updated on the 16th September 2019