For numerous breaches of its laws, the Australian financial regulator has stripped a Sydney based firm of its financial services licence.
With effect from 24 May 2017 the Australian Securities and Investments Commission (ASIC) has cancelled the Australian financial service licence (AFS) licence of Gallop International Group (Gallop) formerly known as Weather Pro Exchange.
As per its AFS, Gallop was authorised to provide financial product advice, deal in a financial product and provide custodial or depository services to retail and wholesale clients, and make a market in foreign exchange contracts and derivatives products to wholesale clients.
Fundamental Obligations
ASIC found Gallop had repeatedly failed to comply with the conditions on its' AFS licence or its' obligations under financial services laws. The non-compliance related to late lodgement of financial statements, audit reports, breach reports, notifications of change in control and the appointment of an auditor.
«The opportunity to hold an Australian financial services licence requires compliance with some fundamental obligations, including reporting requirements. Where licensees fail to meet those obligations, ASIC will act to remove them from the financial services industry,» said John Price, ASIC Commissioner.
