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Australia Forex Regulatory News Australia - ASIC Regulation News Australia Forex Regulatory News

View below the latest forex regulation news from the Australian Securities & Investments Commission (ASIC), the forex regulatory authority in Australia.

China Focused FX broker GallopFX has Assets Frozen in Australia

7 Nov 2017, Canberra, Australia - LeapRate - After having its ASIC license voided back in May of this year, Chinese owned and focused Retail FX broker GallopFX and its associated companies Gallop International Group Pty Ltd (GIG), Gallop Asset Management Pty Ltd (GAM) as well as controlling shareholder Mr Ming-Chien Wang have had their assets frozen in Australia. ASIC announced that it has obtained interim injunctions in the Federal Court against . . .

ASIC Keeps Size of Maximum Penalty for Client Money Reporting Rules Violations at $1 Million

10 Oct 2017, Canberra, Australia - FinanceFeeds News - Although the Australian regulator stuck to the size of the maximum penalties for the new rules violations, it agreed to make a range of concessions regarding certain deadlines for reporting. Earlier today, the Australian Securities & Investments Commission (ASIC) has published the final version of the ASIC Client Money Reporting Rules 2017, which aim to impose requirements on Australian . . .

Australia's ASIC Warns against Broker BBB Markets and Others

22 Aug 2017, Canberra, Australia - AtoZ Forex - The Australian regulator committed to protecting the public from any scams and frauds in the financial market. In the latest Australia ASIC Brokers warning, the regulator has exposed a new set of suspicious brokers and financial firms. The Australian Securities and Investments Commission (ASIC) has issued a warning in regards to a number of online trading and wealth management companies. The . . .

ASIC to Add Reporting Requirements to Australia's New Retail Forex Client Money Law

11 Jul 2017, Canberra, Australia - LeapRate - Australia financial regulator ASIC has issued a consultation paper, asking for feedback on new proposed rules requiring brokers to reconcile and report all retail client money held on a daily, monthly, and yearly basis. Some backgroundAs we reported back in March, Australia's parliament recently passed the Treasury Laws Amendment (Measures No 1) Bill 2016, known more commonly as the Retail Client . . .

Synergy Financial Markets Pty Ltd Pays $10,800 Penalty for Misleading Advertising

8 Jun 2017, Canberra, Australis - ASIC Media Release - Synergy Financial Markets Pty Ltd (Synergy) has paid a penalty of $10,800 after ASIC issued it with an infringement notice for false or misleading statements on its website. Synergy trades equities and derivatives on behalf of its clients through the operation of two managed discretionary accounts. Synergy stated several times on its website that investors who invest in . . .

ASIC Warns of Trade12 Forex Broker

6 Jun 2017, Canberra, Australia - SMN Weekly - The Australian Securities & Investments Commission (ASIC) has added the Estonia-based forex broker Trade12 to its warning list of unlicensed entities. According to the regulator, the company may be involved in scam and advises the Australians to not deal with it. "The business listed below has made unsolicited calls or sent emails about investing, financial advice, credit or loans and does not hold a . . .

Australia Looks to Root out Lower Capitalized FX Brokers with Strong New Ruling

5 Jun 2017, Canberra, Australia - FinanceFeeds News - The FX industry has been suffering from a lack of trust. This lack of trust is evident both between participants in the market and, at least as importantly, between the public and the market. The market needs to move toward a more favourable and desirable location, and allow participants to have much greater confidence that the market is functioning appropriately" Guy Debelle, Deputy Governor, . . .

HollyFX is Now ILQ Australia's Corporate Authorised Representative

29 May 2017, Canberra, Australia - Finance Magnates - HollyFX, a China-focused MT4 broker offering forex, gold and CFDs, is part of Holly Group. ILQ Australia has welcomed Holly FX Australia as its Corporate Authorised Representative, Finance Magnates has learned. ILQ Australia is an Australian Securities and Investments Commission (ASIC) registered financial firm with an Australian financial services licence (AFS). It is a B2B solution provider . . .

ASIC Believe Australian Spot FX Brokers have Work to do to Comply with New FX Code of Conduct

26 May 2017, Canberra, Australia - LeapRate - ASIC released Report 525 Promoting better behaviour: Spot FX today. This report sets out ASIC's observations on key behavioural drivers of conduct arising from recent ASIC investigations into the wholesale spot foreign exchange (FX) businesses of the major Australian financial institutions. The spot FX market is a key global market and is of systemic importance to the Australian economy, with a daily . . .

Australia to Require all Forex Brokers to be Members of Single Dispute Resolution Body AFCA

12 May 2017, Canberra, Australia - FinanceFeeds News - There have been some interesting developments on the financial services regulation front in Australia this week, affecting all financial services providers, including Forex and CFD brokers. The Australian government has agreed with the main recommendations in the Ramsay Review regarding the establishment and functions of a single external dispute resolution (EDR) body for the financial . . .

Australian Parliament Passes New Legislation to Protect Retail Forex Clients' Money

27 Mar 2017, Sydney, Australia - LeapRate - LeapRate has learned that Australia's parliament today passed the Treasury Laws Amendment (Measures No 1) Bill 2016, known more commonly as the Retail Client Money law. We had reported back in November that the Australian government was going to change the rules as to what ASIC licensed retail brokers offering over-the-counter derivatives products (read: Forex Brokers) can and cannot do with client money.

Will ASIC Follow Suit and Impose a Leverage Cap on Retail CFD and Forex Brokers?

10 Jan 2017, Sydney, Australia - FinanceFeeds News - ASIC could well follow the FCA in cappingleverage to 1:25 for retail clients that have less than 12 months trading experience as part of its ongoing scrutiny of the CFD and Forex industry. In early December 2016, the United Kingdom's Financial Conduct Authority (FCA) proposed leverage caps for retail CFD Brokers which will be dependent on the experience of the client. The proposal can be found . . .

Australia to Remove Exception for Retail Forex Brokers Using Client Money

8 Nov 2016, Australia - LeapRate - Bringing their regulations regarding the safeguarding of client money up to par with other major jurisdictions including the US, Canada, and the EU, the Australian government announced today that it is going to change the rules as to what retail brokers offering over-the-counter derivatives products (read: Forex Brokers) can and cannot do with client money. Until now, Australia has been one of the few . . .

Australia's ASIC Alerts against Forex Broker Trade24

31 Oct 2016, Sydney, Australia - SMN Weekly - The Australian Securities and Investments Commission (ASIC) has published, through its consumer service website Money Smart, a warning against forex broker Trade24 for potentially presenting harm to the local public. The regulator advises this company is unlicensed in Australia and could be involved in a scam and Australian citizens should not deal with it. The ASIC is the last of many financial . . .

ASIC Cancels IMS FX Services Pty's Australian Financial Services Licence

1 Sep 2016, Sydney, Australia - ASIC Media Release - The Administrative Appeals Tribunal (AAT) has rejected an application from IMS FX Services Pty Ltd (IMS FX) that sought confidentiality orders and an interim order that prevented ASIC from amending the public Australian financial services (AFS) licence register to record that ASIC had cancelled IMS FX's AFS licence. The interlocutory application was made pending an AAT appeal to . . .

ASIC Four Year Plan Reveals New Surveillance Study of Forex, CFD and Binary Options Providers

31 Aug 2016, Sydney, Australia - LeapRate - Not many institutions, corporate or government, come out with serious multi-year plans. However Australia financial regulator ASIC has done just that. With increased government funding in tow, ASIC has come out with a fairly ambitious multi-year plan aimed at further reforming the Australian financial scene. Specifically, ASIC plans to use the additional funding support announced by the government over . . .

ASIC Goes After Over 40 Unlicensed Brokers, 30 Cooperate, Including Blackwell Global and 24FX

6 Jul 2016, Australia - ASIC Media Release - ASIC has warned of a dramatic increase in the extent of unlicensed conduct by retail OTC derivative providers seeking to expand their market with new customers for their complex and risky products such as binary options. The recent Report 482 Compliance review of the retail OTC derivatives sector highlighted an increase in activity among licensed and other participants, especially binary . . .

XTrade to Change Client Money Practices Following ASIC Surveillance

1 Jul 2016, Sydney, Australia - ASIC Media Release - As a result of ASIC's intervention, licensed retail OTC derivatives issuer XTrade. au Pty Ltd (AFSL No. 343628) (XTrade), formerly O. C. M. Online Capital Markets Pty Ltd, will implement changes to the way it handles client money. ASIC's surveillance raised concerns that XTrade group's payment processes may not comply with the requirements of the Corporations Act to pay client money . . .

ASIC Releases Report Highlighting Significant Failures in the Retail Forex Industry

20 Jun 2016, Sydney, Australia - ASIC Media Release - ASIC today released a report detailing the findings of a recent surveillance program and identifying some serious and widespread compliance failures in the retail over-the-counter (OTC) derivatives industry. In recent years, ASIC has made a number of public statements about the concerning degree of non-compliance in the retail OTC derivatives sector. ASIC considers retail OTC . . .

ASIC Releases its Third Licensing Activity Report: 30 Applications for Retail FX License

31 May 2016, Australia - LeapRate - Australian Securities and Investments Commission (ASIC) today published its third report on its approach to licence applications. The six month report from July to December 2015 sets out recent regulatory outcomes achieved by ASIC in relation to Australian financial services (AFS) applications, Australian credit licence applications, liquidator registration applications, company auditor and approved SMSF . . .

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More Forex Regulation News

IKON Australia Agrees with ASIC to Separate Overseas Client Funds From its AFS License

11 May 2016, Sydney, Australia - ASIC Media Release - Following concerns raised by ASIC, retail over-the-counter (OTC) derivative issuer Ikon (Australia) Pty Ltd (AFSL No. 416279) (Ikon) has agreed to separate client money held in compliance with its obligations under the Corporations Act, from money held for overseas investors, which is not associated with financial services provided under its AFS licence. Ikon's current business . . .

Australian Regulator to Focus on Proactive Checks of Retail FX Brokers

30 Mar 2016, Australia - Finance Magnates - ASIC secured a total of of $149 million in compensation and remediation for investors and consumers. The Australian Securities and Investments (ASIC) has today released its enforcement report for the period between the 1st of July and the 31st of December 2015. According to the document the regulator has been particularly active in protecting consumers across the financial services industry in Australia.

FXAsia Updates Website Disclosure to Clarify the Services it May Offer

10 Mar 2016, Australia - ASIC Media Release - Following concerns raised by ASIC, OTC derivative issuer FXAsia Pty Ltd (AFSL No. 418036) (FXAsia) has taken steps to update disclosure on its website ( The updates will inform potential clients that FXAsia cannot currently issue OTC derivatives to retail investors. Despite holding retail license authorisations, FXAsia is not currently in a position to issue these . . .

Australian Watchdog Confirms Voluntary Suspension of FXTG's Licence

10 Feb 2016, Australia - Finance Magnates - Australian Securities and Investments Commission (ASIC) announced today that Forex TG Pty Ltd (FXTG) has voluntarily requested that ASIC temporarily suspend its Australian Financial Services (AFS) licence. The move is meant to provide the brokerage with time to restructure, re-brand and to "ensure compliance with its regulatory obligations after changes in ownership, management and strategy. "As first . . .

New Australian Law May Harm Small FX Firms

6 Jan 2016, Australia - AtoZ Forex - After the reported ASIC gains of regulatory power over AFSL, back in October last year. It has been recently circulating the news in Australia that more financial regulatory changes are underway. To some skeptics the new Australian law harms small FX firms along with CFD companies. To others, the new law is underway to look out for the client's best interest, as it is aimed for safer finance practices.

IronFX Corrects Disclosure about Australian Regulation and Counterparty Arrangements

17 Dec 2015, Australia - ASIC Media Release - Following concerns raised by ASIC, retail OTC derivative issuer, IronFX Global Australia Pty Ltd (IronFX Australia) has taken steps to remove references from an associated website and a disclosure document that suggested certain financial services were regulated by ASIC, when this was not the case. ASIC was concerned that statements published on the website of IronFX Australia's parent . . .

ASIC Forces Boca FX to Remove Misleading Statements about Australian Authorization

18 Nov 2015, Australia - LeapRate - The Australian Securities & Investments Commission (ASIC) today announced that it has ordered Boca Global Financial Group Pty Ltd, aka Boca FX to remove misleading statements from its website regarding its Australian authorization. Following ASIC concerns, the company has agreed to remove statements on its website au/ suggesting Boca is ASIC regulated or authorised to provide financial . . .

Formax Removes False Statements About the Suspension of its Subsidiary's Licence

16 Nov 2015, Australia - ASIC Media Release - Following concerns raised by ASIC, Formax International Market Limited (Formax) has removed a previously published media release from its group website that falsely claimed its wholly owned subsidiary, Australian Capital Markets Advisory Services Pty Ltd ACN 150 530 331 (ACMAS), had its Australian financial services licence (AFSL) suspended as part of a normal practice that occurs whenever an . . .

ASIC Regulated Retail Forex Provider Ingot Brokers Rectifies its Cash Reserve Shortfall to Meet Legal Requirements

12 Nov 2015, Sydney, Australia - ASIC Media Release - Following ASIC's concerns Ingot Brokers (Australia) Pty Ltd (Ingot) has rectified its 'cash and cash equivalents' arrangements to comply with its financial resource requirements. ASIC found Ingot was in breach of the financial requirements of its Australian financial services licence (AFSL) as a result of inappropriately including funds held as collateral against derivative contracts . . .