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ASIC Cancels AFS Licence of OTC Spinoff Issuer Berndale

The Australian Securities and Investments Fee (ASIC) introduced this Friday that it has cancelled the Australian Monetary Providers (AFS) licence of Berndale Capital Securities Pty Ltd, a Melbourne-based over-the-counter (OTC) spinoff issuer.

Not solely was the agency’s licence revoked, however ASIC has additionally banned Stavro D’Amore from offering monetary providers for six years. D’Amore is a former director of Berndal and was the only real accountable supervisor and the important thing particular person on the AFS licence.

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Following an administrative listening to, ASIC found that Berndale failed to satisfy the requirements of the AFS licence in a variety of methods. This consists of the corporate not making certain that its consultant (D’Amore) complied with monetary providers regulation, it didn’t have enough monetary and human sources and the agency didn’t adjust to the shopper cash reporting necessities.

The Australian regulator additionally discovered that Berndale did not have an acceptable inner dispute decision scheme and that it didn’t lodge annual monetary statements and audit experiences. General, ASIC believes that the agency is “prone to contravene its normal obligations as an AFS licensee”.

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With reference to D’Amore, ASIC was made conscious that he was not adequately educated nor competent to supply monetary providers and was concerned in licence contraventions made by Berndale. Because of this, the securities regulator mentioned that he’s prone to contravene a monetary providers regulation.

Cathie Armour the ASIC CommissionerCathie Armour
Supply: Chief Govt Ladies

Commenting on the case, ASIC Commissioner Cathie Armour mentioned: “AFS licensees should make sure that they adjust to their reporting, competence and resourcing obligations. If an AFS licensee chooses to permit different entities to function beneath its license, ASIC expects that the licensee will make sure that the representatives are usually not offering unlicensed monetary providers and are correctly monitored. ASIC will take decisive regulatory motion to handle the sort of misconduct to forestall investor hurt.”

ASIC extends Berndale licence till December

To make this transition interval as straightforward as attainable for purchasers of Berndale, the agency’s licence might be legitimate till December 20, 2018, to permit the corporate to finalise the buying and selling accounts of present purchasers.

Moreover, Berndale’s licence will formally proceed till Could 23, 2019, to ensure that the agency to stay a part of a dispute decision scheme. That is so any disputes concerning the agency will be resolved with the Australian Monetary Complaints Authority (AFCA) and any compensation necessities, together with skilled indemnity insurance coverage, will be settled.


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