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ASIC has suspended the Australian financial services (AFS) licence of Direct FX Trading Pty Ltd (AFS licence 305539) (Direct FX) for a minimum of ten weeks and up to six months, depending on whether key criteria are satisfied.
Direct FX's AFS licence was suspended after ASIC found:
Direct FX had failed to comply with its Net Tangible Asset (NTA) requirements outlined in Class Order 12/752, including not having sufficient cash and cash equivalents to comply with its requirements on multiple occasions;
Direct FX failed to comply with a s912C(3) Direction from 10 February until 12 April 2018 to give ASIC an audit report covering certain important matters, including information about Direct FX's compliance...