Societe Generale Securities Australia (SGSAPL) has seen its additional financial services (AFS) licence conditions imposed a year ago removed from 3 June, 2021 by the Australian Securities and Investments Commission (ASIC).
The conditions were imposed with regards to assessment and testing the firm’s adequacy and effectiveness controls, systems and processes in order to be compliant with the requirements of the Corporations Act 2001 and required an appointment of an independent expert.
The corporate regulator confirmed that SGSAPL had now fulfilled the extra conditions, including the obligation to provide attestations from a senior executive and a board member to ASIC, and published a summary of the independent expert’s final report provided to ASIC under the conditions.
ASIC said that the additional conditions were imposed on the firm following an investigation by ASIC into reports lodged by SGSAPL concerning breaches of the ‘client money’ provisions of the Corporations Act.
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