Life Trading Pty Ltd, which is a corporate authorized representative of Amplus Global Pty Ltd and describes itself as a technology-oriented trading firm, was fined AUD200,000 by the Australian Securities and Investments Commission (ASIC). In addition, the company is required to comply with prescriptions issued by the Markets Disciplinary Panel (MDP) due to violations.
According to MDP, Life Trading violated Rule 2.2.8 of the ASIC Market Integrity Rules (Futures Markets) 2017, which requires a market participant to have appropriate supervisory policies and procedures to ensure compliance with the rules and the Corporations Act by the participant and each person involved in its business.
The Panel found that Life Trading did not have appropriate supervisory policies and procedures from the time it became a market participant on 28 January 2019 until 4 June 2020, which is a period of 17 months. The Panel also required Life Trading to engage an independent expert to review and report on Life Trading’s supervisory framework.