ASIC slaps 8-year ban on former director of derivatives issuer
The Australian Securities and Investments Commission (ASIC) has banned Yossi Ashkenazi of Caulfield South, Victoria, from providing financial services for a period of eight years.
On 5 November 2018, the securities regulator said it cancelled the Australian Financial Services (AFS) licence of the retail OTC derivative issuer, AGM Markets Pty Ltd (AGM).
ASIC said it found AGM’s financial services business involved core elements of unconscionability and unmanaged conflicts of interest and followed a business model that disregarded key conduct requirements.
Until 3 April 2018, Ashkenazi was the only Australian resident director and was the chief executive of AGM, the regulator said.
In making the order to ban Ashkenazi for eight years, ASIC said it found that Ashkenazi had a key role regarding AGM’s financial services business and had been involved in the contravention of a financial services law, namely AGM’s contravention of engaging in unconscionable conduct in connection with financial services.
ASIC said it also found that Ashkenazi was also likely to contravene a financial services law and was not adequately trained, or was not competent, to provide a financial service or financial services.
Ashkenazi has the right to appeal to the Administrative Appeals Tribunal for a review of the decision, ASIC said.
Recommended for you
The Governance Institute has said ASIC’s governance arrangements are no longer “fit for purpose” in a time when financial markets are quickly innovating and cyber crime becomes a threat.
Compliance professionals working in financial services are facing burnout risk as higher workloads, coupled with the ever-changing regulation, place notable strain on staff.
The Senate economics legislation committee has recommended Schedule 1 of the Delivering Better Financial Outcomes legislation be passed as it is a “faithful implementation” of the recommendations.
Treasurer Jim Chalmers has handed down his third budget, outlining the government’s macroeconomic forecasts and changes to superannuation.