ASIC bans Global Merces director for six months

ASIC/ban/Global-Merces/

28 May 2021
| By Oksana Patron |
image
image image
expand image

The Australian Securities and Investments Commission (ASIC) has banned the director of Global Merces Funds Management, Holly Grofski for six months after she was found to have been involved in Global Merces’ failure to comply with its Australian financial services (AFS) licence conditions. 

According to the ASIC’s banning order, Grofski would be prohibited to control, whether alone or together with others, any company or other entity that carried a financial services business until 28 October, 2021. 

The regulator also found that Global Merces failed to lodge the compliance plan audit reports for its registered managed investment schemes and its own financial statements and auditors’ reports for the 2018 and 2019 financial years, and failed to replace key persons named on its licence, to meet its and to meet notification requirements. 

“The banning of Ms Grofski demonstrates that ASIC will take action against senior management of AFS licensees’ if they fail to ensure that the licensee complies with its obligations under the Corporations Act,” ASIC said in an announcement. 

Earlier this month ASIC announced that Grofski would be facing criminal charges in relation to dishonest conduct, one count of providing false information and one count of conduct resulting in falsification of books. 

Grofski has the right to seek a review of ASIC’s decision at the Administrative Appeals Tribunal (AAT). 

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

The succession dilemma is more than just a matter of commitments.This isn’t simply about younger vs. older advisers. It’...

1 month 1 week ago

Significant ethical issues there. If a relationship is in the process of breaking down then both parties are likely to b...

2 months ago

It's not licensees not putting them on, it's small businesses (that are licensed) that cannot afford to put them on. The...

2 months 1 week ago

ASIC has canceled the AFSL of Sydney-based asset consultant and research firm....

1 week ago

The Reserve Bank of Australia has announced its latest interest rate decision following this week's monetary policy meeting....

2 weeks 2 days ago

A former financial adviser who stole $4.4 million from his family and friends to feed gambling debts has been permanently banned by ASIC....

2 weeks 6 days ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND
moneymanagement logo