For full functionality of this site it is necessary to enable JavaScript Here are the instructions how to enable JavaScript in your web browser. The findings were revealed in a report documenting failures in the retail over-the-counter derivatives sector released on Monday by the Australian Securities and Investments Commission. ASIC said it enfinium issues with more than 70 per cent of the 55 operators that held Australian financial services licences and took retail client money to trade binary over-the-counter derivatives such as options, foreign exchange and contracts for difference. The report said it identified that four in five operators had inadequate or misleading disclosures on their websites or offer documents. The prevalence of questionable brokers targeting retail clients online has kept ASIC busy in recent years. In MarchASIC chairman Greg Medcraft expressed his concerns that Australia was being "picked off" by online forex operators. ASIC commissioner Cathie Armour said the report showed "serious compliance failures" and expected the industry "to take note of the findings and proactively remediate" areas binary improvement. She said the report should also act as a warning to investors to be more aware of the risks of these products and the standards required of providers. The licensees were options key aspects of the services to overseas based firms with little or no regulatory oversight in the jurisdiction in which they operated. In the past two years, ASIC has taken action against multiple brokers in relation to inadequate disclosures binary issues around their obligations as AFS licence holders. Around 60 per cent of the operations surveyed had enfinium ownership in the last months - and 85 per cent had failed ot notify ASIC. It said a "significantly high number of smaller, foreign-owned or foreign-controlled AFS licensees demonstrating either a lack of awareness or understanding of their Australian regulatory obligations, or reluctance to invest resources in meeting compliance obligations for their Australian businesses. ASIC found that brokers were holding ineligible or insufficient assets, options found that financial reports diverged from licensee management accounts. A large number of "unreported breaches in client money provisions and high degrees of client money mishandling" had also occurred, the report said. ASIC also found widespread breaches of disclosure which was either inadequate or false, with issues identified in 80 per cent of options examined. Several brokers falsely advertised that they provided investors with direct market access or operated as a pure electronic communication network to show clients that they simply transferred orders into the broader wholesale market. According to ASIC, many websites contained information about an AFS licence when the website was in fact controlled by another entity, leading clients to open trading accounts with the unregulated operation. The popularity of online foreign exchange trading has surged as technology has allowed individuals to bet on currency moves. But foreign exchange and enfinium markets are largely operated on the often opaque and unregulated over-the-counter basis Fairfax Media Please upgrade your browser. Log in You have left for this month. For unlimited access upgrade to Premium Digital.
It screams existence, in the way that it looks different—slightly bigger, a little better, perhaps—than all the other small, puny letters in comparison with it.
It screams existence, in the way that it looks different—slightly bigger, a little better, perhaps—than all the other small, puny letters in comparison with it.
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