ASIC imposes additional licence conditions on BGC
The Australian Securities and Investment Commission (ASIC) has imposed additional conditions on the Australian financial services licence (AFSL) of BGC Securities Australia to ensure it had adequate arrangements in place to comply with obligations related to its fixed income solutions business.
Additional conditions required BGC to appoint an independent expert to conduct a review to assess whether BGC had adequate procedures and internal controls in place to ensure compliance.
That expert would be required to identify remedial actions and BGC must provide ASIC with a place identifying the remedial actions it proposes to implement.
They would also be required to provide ASIC with an attestation from a senior executive within BGC who must confirm they had taken all reasonable steps to ensure all remedial actions had been adopted and implemented.
If the executive attestation was not provided by the time required, BGC would be required to take all necessary steps to cease on-boarding new customers and not charge customers spread, commission or other fees for financial services provided as long as the attestation remains outstanding.
AUTHOR
Chris Dastoor
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