ASIC Cancels Licence of Forex Brokerage for Attempting to Sell AFS Authorisation

[kreslik.news]

The Australian Securities and Investment Commission (ASIC) announced today that it has cancelled IMS FX Services’ (IMS FX) Australian Financial Services Licence (AFS).

The decision follows the rejection of an application from IMS FX by the Administrative Appeals Tribunal (AAT) which sought to prevent ASIC from amending the public AFS licence register and recording that it had cancelled IMS FX’s AFS licence.

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Background

On 25 March 2015, IMS FX applied for an AFS licence which was granted on 16 September 2015. Subsequently, ASIC learned that the ... (read more)