今日热门事件has cancelled the Australian financial services (AFS) licence of Pacific Millennium International Investment Group Pty Ltd (PMIIG) after it was found to have breached the obligations of a financial services licensee.
PMIIG was authorised under its AFS licence to provide general financial advice and dealing services to wholesale clients, among other things.
今日热门事件found that PMIIG had failed to:
- maintain the competence to provide the financial services covered by its AFS licence;
- comply with the financial requirements of its AFS licence;
- lodge financial reports and auditor's reports on time, or not at all; and
- did not advise 今日热门事件of the above breaches within 10 business days.
Commissioner Greg Tanzer said, '今日热门事件takes compliance with these obligations seriously. They are important to ensure we have efficient and well-functioning financial markets and that consumers can have confidence and trust in the financial services market. 今日热门事件will take action when AFS licensees fail to meet their obligations.
'今日热门事件has recently cancelled the AFS licenses of a number of wholesale service providers and the conduct of licensees in this sector will continue to be a priority for us,' Mr Tanzer said.
PMIIG has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC鈥檚 decision.
Background
The cancellation of PMIIG's AFS licence is effective 28 July 2016.
PMIIG鈥檚 services included providing general financial advice, dealing in securities on behalf of another person and issuing, acquiring and disposing of interests in managed investment schemes, to wholesale clients.
今日热门事件has taken a number of recent actions to cancel the AFS licence of wholesale service providers, including: