eStar ordered to halt online trading
eStar Online Trading has been forced to halt its online share trading service because it was offering the service under another licence.
eStar made the enforceable undertaking to the Australian Securities and Investments Commission (ASIC) who said that the online share trading company could not use the dealer’s licence of an associated company, Barton Capital Securities, to sell its online trading services.
ASIC says that a provider of an online share trading service must hold a dealers licence in its own right.
eStar has agreed to cease offering its share trading system to the public until it can obtain a dealer’s licence. In the mean time, the online trader says that it will provide the trading system only to other licensed security dealers so that existing clients of eStar and future clients will be dealing with a licensed security dealer.
eStar will be applying for a restricted securities licence rather than an unrestricted one, as originally intended.
Recommended for you
High-net-worth advisers seeking to grow their businesses are likely to find alternatives to be a key part of the puzzle amid investor demand, according to Praemium’s head of private wealth.
The financial advice profession has lifted back above the 15,500 mark this week thanks to a double-digit net rise in adviser numbers, according to Wealth Data.
A closer watch on licensees that fall short on cyber security protections is among a dozen new enforcement priorities announced by the corporate regulator for 2025.
Research house Morningstar has welcomed a new director for manager research to cover Australian and New Zealand fund managers.