Australian Brokers Stunned After ASIC Makes Demands For Client Data

April 13, 2019

The Australian Securities and Investments Commission (ASIC) continues intense oversight of online forex, CFD, and other retail brokerages. ASIC has announced that international operations of Australian based brokerages and underlines that many of the licencees offering OTC derivatives to retail traders may be in violation of foreign laws.

In addition, ASIC states that it may consider whether violating international laws is consistent with requirements under Australia law to provide services ‘efficiently, honestly and fairly.’ Australian government Commissioner Cathie Armour said, “AFS licensees offering OTC derivatives to overseas retail clients should, as a matter of priority, seek advice on the legality of their offerings to these clients. Any non-compliant activities should cease immediately and be notified to ASIC and the relevant overseas authorities.”

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