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Trading firm enters enforceable undertaking with ASIC

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Life Trading has been forced to pay a penalty fee of $200,000 and entered into an enforceable agreement with ASIC to comply with an infringement notice given by the MDP.

In a statement issued by ASIC on Tuesday, the MDP found that the trading firm “did not have appropriate supervisory policies and procedures from the time it became a market participant on 28 January 2019 until 4 June 2020”.

Life Trading’s framework for the supervision of traders was “under-resourced, uncoordinated and undocumented” in that period.

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The MDP also found that Life Trading had minimal commitment to ensuring appropriate supervisory framework was implemented and a lack of proactive engagement to supervisory compliance.

The MDP noted that Life Trading has “gradually” made improvements, however still remained concerned about the noted issues.

Trading firm enters enforceable undertaking with ASIC

Life Trading has been forced to pay a penalty fee of $200,000 and entered into an enforceable agreement with ASIC to comply with an infringement notice given by the MDP.

Trading firm enters enforceable undertaking with ASIC
Trading firm enters enforceable undertaking with ASIC
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Neil Griffiths

Neil Griffiths

Neil is the Deputy Editor of the wealth titles, including ifa and InvestorDaily. 

Neil is also the host of the ifa show podcast.

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