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Smart Trader International loses the Australian ASIC license
Australian financial supervision (Australian Securities and Investments Commission - ASIC) has announced the cancellation of the Financial Services License (AFS) to Smart Trader International Pty Ltd. This means that the company is forbidden to continue its operations in Australia.
ASIC announces zero tolerance
What is the reason for losing the license? The broker from New South Wales, which has been operating under the ASIC jurisdiction since 2015, disrespectfully approached the requirements for licensed entities and did not submit financial statements and auditor reports for the last 3 years.
Peter Kell, chairman of ASIC said:
Entities licensed are obliged to submit financial statements and auditor's reports to ASIC in order to demonstrate the ability to provide financial services.
Failure to comply with these requirements may indicate a company's problems. ASIC will not hesitate to take action against licensees who do not meet these requirements.
Taken short by ASIC, which may seem quite radical, is a continuation of measures aimed at improving the standards in force in the Australian financial industry.
Presentation of annual reports on the financial condition and auditor's reports are one of the key factors that affect customer safety and trade. Thanks to this, the regulator can efficiently assess whether the company has adequate financial security and is able to guarantee customers the proper quality of service while mediating in their transactions.
The Australian regulator stipulated in the communiqué that it would continue its activities and announced that it would take adequate action towards entities that are negligent under the licensing conditions.
