New Zealand’s Financial Markets Authority (FMA) today announces that it has lifted the suspension on the derivatives issuer licence of Forex and CFD broker AxiCorp Financial Services Pty Limited. The lifting of the suspension is effective as of 2 December 2021.
In June 2019, the FMA suspended AxiCorp’s derivatives issuer licence for material breaches of the Financial Markets Conduct Act 2013.
The breaches included:
- making a regulated offer to retail clients in New Zealand without a compliant Product Disclosure Statement or Disclose register entry;
- failing to lodge audited financial statements; and
- failing to obtain an assurance engagement with a qualified auditor, for its processes, procedures and controls, within 4 months of its balance date.
AxiCorp also contravened its licence conditions by failing to notify the FMA as soon as practicable of a change to senior or other key staff, following the appointment of its CFO.
Today, the FMA explained that AxiCorp has since demonstrated that it has taken adequate steps to address the material breaches and that it has adequate systems, processes and resources in place to ensure compliance with the FMC Act and to effectively perform services under the licence.