ASIC has suspended the licence of Australian financial services licence (AFSL) of MJ Wren & Co until 16 October 2018.
The regulator took the action after it identified the stockbroker had failed to comply with the risk-based capital requirements set out in the market integrity rules.
MJ Wren is a Sydney-based stockbroker that participates in the ASX.
ASIC said it had suspended MJ Wren’s licence to ensure the stockbroker takes “necessary steps to meet the obligations of an AFS licensee before recommencing its financial services business”.
MJ Wren has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision.
