ASIC Issues Public Warning on FX Provider, Grandegoldens Pty Ltd

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) has issued a warning to the public and investors in the retail FX industry on the actions of named Grandegoldens Pty Ltd, according to an ASIC statement.

Nearly two weeks ago, ASIC, on behalf of its Commissioner Greg Tanzer, gave a speech at Sydney’s Macquarie University, outlining possible risks and headwinds for the financial industry in 2015. Moreover, ASIC also defined the specific documentation required of foreign financial services providers, with regards to being able to conduct and do business in Australia.

Pending an ASIC investigation, Grandegoldens Pty’s website, https://www.grandegoldens.com, claims to be offering FX services to retail clients that may be misleading for investors. Furthermore, the company asserts that it is a registered entity by in Australia, possessing a registered body number (ARBN) of 60-080-952-245 along with a mandated office in Market Street Sydney.

ASIC has confirmed that neither of these are true, nor does Grandegoldens Pty hold an Australian Financial Services license, making it ineligible to be a licensed provider of FX services in the country. The Australian regulator thus cautions investors from dealing with the entity, given they are not afforded protection from otherwise licensed FX companies operating in Australia, via the Corporations Act.