The Australian Securities and Exchange Commission (ASIC) informed on Wednesday that the former employee of Trade360, a trading brand of Sirius Financial Markets Pty Ltd, has been banned for eight years. Mark Bringans acted as a responsible manager at the over-the-counter (OTC) derivatives company.
According to the published regulatory statement, Bringans was not 'adequately trained and competent' and was not a proper professional to provide financial services in the country. ASIC found his duties as a responsible manager were not appropriately met, and he failed to ensure that Sirius Financial followed Australian financial laws.
The eight-year ban is an aftermath of an ASIC Investigation into Sirius Financial. The company trading as Trade360 breached its local financial service authorization obligations regarding Togya Media Ltd., an off-shore call center , hired to help obtain new clients. Although the OTC derivatives provider was unaware of that fact, Togya had provided financial advice despite not being authorized to do so and used pressure selling tactics to engage more potential traders.
Another Executive Banned in Sirius Financial Case
ASIC's investigation led Sirius Financial to terminate its market operations and voluntarily surrender its license. It eventually ceased retail and wholesale operations at the end of July 2022.
As part of the investigation, ASIC had already banned two company representatives. They were Oskar Pecyna and Jonathan Schneider, who have also been barred from working for financial institutions for the next eight years. Schneider, Pecyna, and Bringans applied to the Administrative Appeals Tribunal for a review of ASIC's decisions.
ASIC recalls that these are not the first actions against derivatives providers, including contracts for difference (CFDs), which issuance and distribution are restricted under the March 2021 product intervention. As part of recent regulatory actions, Forex CT had to pay $20 million and AGM Markets a $75 million penalty.
Last week ASIC informed that the Federal Court had slapped Australian Investment Exchange Limited (AUSIEX) and Commonwealth Securities Limited (CommSec) with a cumulative $27 million fine for breaching the Market Integrity Rule.
