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Australia's ASIC cancels the forex broker license of GallopFX

The Australian Securities Investment Commission (ASIC) announced on Monday it has cancelled the Australian financial service (AFS) license of retail forex broker GallopFX, as of May 24th. ASIC undertook this measure due to the broker’s systematic failure to meet its obligations under the financial services laws applicable in Australia.

 

Namely, GallopFX failed to lodge in a timely manner financial statements, audit reports, breach reports, notifications of change in control and the appointment of an auditor.

 

The broker, operated by Gallop International Group Pty Ltd., had a license to provide financial product advice, deal in financial products and provide custodial or depository services to retail and wholesale clients, as well as to make a market in foreign exchange contracts and derivatives products to wholesale clients. Although based in Australia, GallopFX seems to target mainly Chinese clients. It operates via the website gallopfx.com.au and supports the popular MetaTrader 4 platform.

 

The opportunity to hold an Australian financial services license requires compliance with some fundamental obligations, including reporting requirements,” commented ASIC Commissioner John Price. - “Where licensees fail to meet those obligations, ASIC will act to remove them from the financial services industry,” he added.

 

The ASIC is an independent body that oversees the corporate, markets and financial services markets in Australia, which has recently established itself as one of the main forex hubs in the world. It regulates local companies, financial markets, financial services organizations and professionals who deal and advise in investments, superannuation, insurance, deposit taking and credit. For a list of ASIC regulated forex brokers, click here.

 

TAGS: ASIC  Australia  regulation  license withdrawal 

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