Australian Regulator Cancels AIMS' Financial Services License

On September 9, the Australian Securities and Investments Commission (ASIC) announced its decision to revoke the Australian financial license of foreign exchange broker Auric International Markets Pty Ltd (AIMS), effective August 11.

Explaining the reasons for the license revocation, ASIC stated that AIMS failed to submit financial statements as required, did not comply with relevant financial services laws, and did not meet the organizational capability standards required of Australian Financial Services (AFS) license holders.

Additionally, AIMS had not paid industry funding levies for over 12 months and failed to promptly report changes to company details to the regulator, including alterations to its business address and officeholders.

Auric International Markets Pty Ltd obtained an AFS license in December 2012, authorizing it to conduct financial services business in Australia. As a licensed entity, AIMS was permitted to provide advisory services on various financial products - including derivatives, foreign exchange contracts, and securities - to wholesale clients. However, following the license revocation, AIMS can no longer offer financial services to Australian investors.

AIMS currently holds only a financial services license issued by the Labuan Financial Services Authority (FSA).

BrokersView reminds you

The Australian Securities and Investments Commission (ASIC) is the national regulatory body overseeing local companies, markets, and financial services. Brokers operating in the country or providing financial services must hold an Australian Financial Services (AFS) license issued by ASIC.