Asset restraint orders against OTC providers

ASIC over the counter derivatives

6 January 2020
| By Jassmyn |
image
image
expand image

The corporate watchdog has applied for interim asset restraint orders against two over the counter (OTC) derivatives providers while it pursues investigations.

The Australian Securities and Investments Commission (ASIC) applied to the Federal Court for the restraint orders against Maxi EFX Global AU Pty Ltd (trading as EuropeFX) and BrightAU Capital Pty Ltd (trading as TradeFred), both of which are Corporate Authorised Representatives of Union Standard International Group Pty Ltd (trading as USGFX).

Currently, there have been no findings of contraventions of the Corporations Act against any party.

An ASIC announcement said: “On 12 December 2019, the Court also made asset restraint orders against USGFX on an ex parte basis.

“On 17 December 2019, those orders were vacated by the Court. USGFX gave an undertaking to the Court to keep amounts of $182,000 and $53,067.33 in a separate bank account. No further asset restraint orders were made against USG.”

The asset restraint orders did not prevent EuropeFX and TradeFred from making payments in the ordinary course of business to customers or creditors, ASIC said.

It noted that the Court also restricted overseas travel of USGFX and TradeFred director, John Carlton Martin. EuropeFX director, Pedro Eduardo Sasso, would need to notify ASIC prior to leaving Australia.

The matter will be before court on 17 February, 2020.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

3 weeks 4 days ago

This verdict highlights something deeply wrong and rotten at the heart of the FSCP. We are witnessing a heavy-handed, op...

1 month ago

Interesting. Would be good to know the details of the StrategyOne deal....

1 month ago

Insignia Financial has confirmed it is considering a preliminary non-binding proposal received from a US private equity giant to acquire the firm. ...

1 week 3 days ago

Six of the seven listed financial advice licensees have reported positive share price growth in 2024, with AMP and Insignia successfully reversing earlier losses. ...

5 days 18 hours ago

Specialist wealth platform provider Mason Stevens has become the latest target of an acquisition as it enters a binding agreement with a leading Sydney-based private equi...

4 days 22 hours ago