Aggregated News From Investment Management Regulators

Pershing Securities Australia Pty Ltd fulfills additional licence conditions

Report/Flag

Please complete the required fields.



The additional licence conditions imposed on Pershing Securities Australia Pty Ltd (PSAL) in December 2019 have been removed as of 14 December 2020.

These conditions required PSAL to appoint an independent expert to conduct a review to assess and report on whether PSAL has the current and ongoing ability to comply with the client money requirements of the Corporations Act 2001 (the Act) (MR 19-344).

PSAL has fulfilled the requirements, including the obligation to provide attestations from a Senior Executive and non-executive board member to ASIC.

ASIC has today published a summary of the independent expert’s final report provided to ASIC under the conditions.

Download

Final Independent Expert Summary Report: Licensee Review

Background

The additional conditions were imposed on PSAL following an investigation by ASIC into reports lodged by PSAL concerning breaches of the ‘client money’ provisions of the Act.

Client money provisions protect the interests of clients of Australian Financial Services licensees by separating client money from money belonging to licensees.  Client money held in a compliant account receives statutory protection in the event of the licensee’s insolvency.

PSAL is an ASX and Chi-X market participant providing execution, clearing and settlement services to other financial intermediaries and their end clients.  PSAL also provides third-party clearing and settlement services to other ASX and Chi-X trading participants, which includes holding the trading participants’ client monies and handling property.

This news item was originally published by the Australian Securities and Investments Commission (ASIC AU). For more information, please see the Source Link.

Regulator Information

Abbreviation: ASIC
Jurisdiction: Australia

Recent Articles

Sanctions Notice – Myanmar — GFSC

Please be advised that the following individuals and entities: Win Kyaw Kyaw Aung Zaw Min Tun Asia Sun Trading Company Limited Cargo Link Company Limited have been designated under the Myanmar (San

Sanctions Notice – ISIL (DA’ESH) and AL-QAIDA — GFSC

Please be advised that Islamic State in Iraq and the Levant in South-East Asia has been designated under the ISIL (Da’esh) and Al-Qaida (Sanctions) (EU Exit) Regulations 2019 (the UK regulati

SFDR data collection exercise for investment fund managers (IFMs) on regulatory requirements in relation to Regulation (EU) 2019/2088 on sustainability-related disclosures in the financial...

1. Context This Communiqué follows up on the CSSF communiqué published on 27 July 2022 announcing the intention of the CSSF to launch a data collection exercise...

EARNEASYMONEY

We believe this firm may be providing financial services or products in the UK without our authorisation. Find out why you should be wary...

CVM accepts proposal for a term of commitment with the CEO of Clear Sale SA

This post was translated by Regulatory.News for informational purposes only; the content below is not an official translation from the regulator. See the content...

Get the latest from Regulatory.News in your inbox!

×