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 company breached licensing obligations. The regulator also banned two executives of the OTC derivatives operator.
The Australian Securities and Investments Commission (ASIC) announced on Thursday that over-the-counter (OTC) derivatives provider Sirius Financial Markets Pty Ltd, which operates under the brand Trade360, has surrendered its Australian Financial Services license.
The company is now winding down its retail and wholesale operations from Australia and is aiming to cease offering financial services from 29 July 2022.
It came after a regulatory investigation against the OTC derivatives provider, surfacing several license violations.
“ASIC‘s investigation uncovered concerning consumer losses from trading in CFDs, including a Sirius Financial investor, who had limited knowledge of the market, losing over $400,000 after being told CFDs were a safe investment,” said ASIC’s Commissioner, Danielle Press.
According to the regulatory investigation, the company engaged an offshore call center, Toyga Media Ltd, to source clients, who would be trading high-risk instruments like contracts for differences (CFDs) and margin forex contracts.
The call center used pressure selling tactics to persuade the clients to trade on the Sirius platform. They even provided clients with financial advice, but Sirius was not licensed for offering such services.
Additionally, ASIC stated that “Sirius Financial was also found to have engaged in unconscionable conduct and conduct that was likely to mislead or deceive.”
Moreover, the Aussie regulator banned two of Sirius Financials former executives, Jonathan Schneider and Oskar Pecyna, for eight years from controlling any financial services business or holding any executive or management role in such companies.
Both Schneider and Pecyna were involved in the license obligation breaches by Sirius. They were not adequately trained and not competent in controlling a financial services business, the regulator stated.
“In reaching these findings, ASIC found that both men failed to adequately perform their duties as responsible managers and lacked the necessary professionalism, integrity, judgement and diligence to play a role in the management or control of a financial services provider,” ASIC added.
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.
Recently GVD Markets has become a trending topic in forex markets. WikiFX made a comprehension review to help you better understand this broker. we will analyze the reliability of this broker from specific information, regulations, etc. Let’s get into it.
Moomoo Malaysia has unveiled a new feature on its platform that allows users to purchase fractional shares of over 500 US stocks and ETFs. Additionally, it is running a campaign where new users are welcomed with a 'Guaranteed Welcome Kit' valued at up to RM 1,200. Furthermore, those who deposit RM 10,000 will receive fractional shares of leading companies like Apple, Nvidia, Tesla, and TSMC, worth up to RM 420.
Trive is a Malta-based trading platform that has been operating for approximately 5-10 years. It is regulated by MFSA.
In the world of online trading, success is not just about making profitable trades—it's also about effectively managing risk. One of the most crucial aspects of risk management is setting stop loss and take profit points, as well as determining appropriate leverage levels.