The Australian Securities and Investments Commission (ASIC) has announced that it imposes additional license terms on the retail forex and CFDs broker AxiCorp Financial Services Pty Ltd or AxiCorp. Earlier this year ASIC dropped an almost a year-long attempt to suspend AxiCorp’s Australian Financial Services License (AFS).
ASIC informed that it has now imposed additional terms on Axi’s AFS license to ensure that the company has appropriate compliance arrangements for its operations.
Under the additional conditions, AxiCorp must appoint an independent expert to carry out a review and assess whether there are adequate procedures and internal controls in place to ensure compliance with its regulatory obligations. This expert is required to prepare additional actions from the review and AxiCorp must provide a plan to the ASIC to implement these actions. AxiCorp must have a compliance department consisting of at least three people by 31 December 2022.In addition, AxiCorp must also provide the ASIC with a certificate from a senior executive in the company. This certificate must confirm that AxiCorp has taken all necessary corrective action and its representatives comply with financial services laws.