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After concerns were raised by the regulator, the Australian Securities and Exchange Commission (ASIC) today announced that retail over-the-counter (OTC) trading firm Ikon Australia Pty Ltd (IKON) has agreed to rectify client trust accounts and improve disclosures, according to an official press release from ASIC.
IKON has agreed to separate out overseas client funds from the client money that it holds in compliance with its obligations under Australia’s Corporations Act laws, since its overseas investors are not associated with the financial services provided under Ikon’s license as an Australian Financial Services (AFS) provider.
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The company has also revised ... (read more)