The Trade360 firm broke its license commitments.
Two OTC derivatives operator executives were also banned by the commission.
The over-the-counter (OTC) derivatives provider Sirius Financial Markets Pty Ltd, which conducts business under the name Trade360, has surrendered its Australian Financial Services license, according to a statement released by the Australian Securities and Investments Commission (ASIC) on Thursday.
The corporation will stop providing financial services starting on July 29, 2022, and is currently winding down its retail and wholesale activities from Australia.
It happened following a regulatory examination against the OTC derivatives provider, which turned up a number of licensing violations.
Ban on Executives
Additionally, the Australian regulator issued an eight-year ban on running any financial services businesses and holding any senior or managerial positions in those businesses for two of Sirius Financial’s former executives, Jonathan Schneider and Oskar Pecyna.
Schneider and Pecyna were both involved in Sirius’s violations of its license agreements. The regulator claimed that they lacked the necessary training and expertise to manage a financial services company.
165 Views
