ASIC Bars EuropeFX Director Pedro Eduardo Sasso from Serving as Financial Firm Officer for Five Years

The Australian Securities and Investments Commission (ASIC) has prohibited Pedro Eduardo Sasso, the director of Maxi EFX Global AU Pty Ltd (EuropeFX), from being a director or controller of an entity that carries on a financial services business.

EuropeFX was the corporate authorized representative (CAR) of former Australian Financial Services (AFS) licensee, Union Standard International Group Pty Ltd (in liquidation) (USG), offering retail clients access to over-the-counter (OTC) derivative products issued by USG, including contracts-for-difference (CFDs).

ASIC found that it has reason to believe Mr. Sasso is not capable of acting as an officer of a financial services business nor a fit and proper person to do so and should be barred from performing this function for a period of five years.

Mr Sasso was a director of EuropeFX from 28 March 2018 to 20 September 2018. Since 30 April 2019, Mr. Sasso has been the sole director of EuropeFX. ASIC found that Mr. Sasso:

• exercised very little oversight of EuropeFX’s operation and did not take steps to mitigate or address any problems within the operation of the business
• abrogated his responsibilities for supervision and oversight to persons offshore, without any organized and proper monitoring structures in place, and
• failed to address or take adequate steps to investigate issues that arose particularly in relation to client complaints.

Mr Sasso’s banning order took effect on 6 May 2024. His subsequent application to the Administrative Appeals Tribunal (AAT) for stay and confidentiality orders was refuted.

On 8 July 2020, USG entered into voluntary administration, and on 3 September 2020 liquidators were appointed to it.

ASIC suspended USG's AFS license in July 2020 and revoked its license in September 2020.