Societe Generale Securities Australia has accepted additional conditions on its Australian financial services licence (ASFL), imposed by the Australian Securities and Investments Commission (ASIC).
The firm must appoint an independent expert to assess and test its controls, systems and processes to ensure compliance with client money requirements of the Corporations Act 2001 and client money regulations.
The conditions were imposed after Societe Generale deposited client money into unauthorised bank accounts between December 2014 and September 2018.
The independent expert must identify any deficiencies and set out any remedial action require in a report provided to the firm and ASIC.
The additional conditions also require Societe Generale to provide ASIC with attestations from a qualified SGSAPL senior executive and a Societe Generale board member that confirm all remedial actions recommended by the independent expert have been adopted and implemented.
If attestations are not provided, SGSAPL must:
- Cease on-boarding new customers if the on-boarding involves Societe Generale receiving client money from or for the benefit of the customer; and
- Refrain from charging brokerage fees in relation to any futures transactions executed by SGSAPL to the extent that the transactions involve Societe Generale receiving client money in Australia.
Add new comment