AxiCorp Settles Australian Financial Services License Issue with ASIC

AxiCorp, a multi-regulated financial broker, announced today that the Australian Securities and Investments Commission (ASIC ASIC The Australian Securities and Investments Commission (ASIC) is the prime regulator in Australia for corporate, markets, financial services, and consumer credit. It is empowered under the financial service laws to facilitate, regulate, and enforce Australian financial laws. The Australian Commission was set up and is administered under the Australian Securities and Investment Commission Act of 2001. ASIC was initially the Australian Securities Commission based on the 1989 ASC Act. Initially, the The Australian Securities and Investments Commission (ASIC) is the prime regulator in Australia for corporate, markets, financial services, and consumer credit. It is empowered under the financial service laws to facilitate, regulate, and enforce Australian financial laws. The Australian Commission was set up and is administered under the Australian Securities and Investment Commission Act of 2001. ASIC was initially the Australian Securities Commission based on the 1989 ASC Act. Initially, the Read this Term) decided to withdraw the proposed suspension of Axi’s Australian Financial Services License (AFSL) on 15 February 2021.

According to the official announcement, the broker provided uninterrupted services to its clients under the ASIC entity during the entire process because the proposed suspension was never put into effect. Axi mentioned that both parties have agreed on license conditions to ensure and maintain a strong compliance culture in the broker.

Commenting on the recent announcement, Rajesh Yohannan, Chief Executive Officer at AxiCorp, said: “I am pleased we’ve been able to work with ASIC to come to a settlement which we believe is a fair response to ASIC’s concerns. I’m also very proud of the ownership and commitment from the senior leadership team and the level of all employee engagement in strengthening our compliance culture at Axi. We look forward to a long and positive relationship with ASIC and see Australia as a key growth market for Axi as we expand our products and services.”

Compliance Framework

AxiCorp mentioned in the announcement that the company will continue to work with the Australian regulator to strengthen the overall compliance framework. The broker also highlighted the importance of compliance-related matters.

“Axi takes all risk and compliance matters extremely seriously and has made a significant investment in its Australian compliance function and practices to ensure it is appropriate to meet our Obligations Obligations In finance, an obligation is a financial responsibility where the terms of a contract must be met. Should an obligation between parties fail then the party who is at default may face legal action. In this scenario, the guilty party will not only have to agree to pay the set amount to fulfill the contractual arrangement but may also be responsible for covering all legal proceedings cost. Routine payments or outstanding debt of any kind are considered financial obligations, so if someone owes you In finance, an obligation is a financial responsibility where the terms of a contract must be met. Should an obligation between parties fail then the party who is at default may face legal action. In this scenario, the guilty party will not only have to agree to pay the set amount to fulfill the contractual arrangement but may also be responsible for covering all legal proceedings cost. Routine payments or outstanding debt of any kind are considered financial obligations, so if someone owes you Read this Term with reference to the size and complexity of the business,” Axi mentioned in the announcement.

Finance Magnates earlier reported healthy growth in AxiCorp’s UK subsidiaries during 2020. The broker named Himanshu Kher as Group CFO in 2020. AxiCorp is a global financial services provider regulated by several authorities around the world including the UK's Financial Conduct Authority (FCA) and the Dubai Financial Services Authority (DFSA). The broker has seen a surge in the number of active clients, trading volume and revenue recently.