ASIC has suspended the licence of a controversial retail over-the-counter derivatives issuer until 23 September 2020.
Union Standard International Group had its licence suspended after going into external administration, for which it has blamed an ASIC investigation.
“This move has largely been forced by the actions of the Australian Securities and Investments Commission (ASIC),” Union Standard said in a press release. “These actions have deeply harmed the USGFX brand and continue to consume excessive time and resources, despite no substantial allegations against USGFX being brought to court by ASIC since last December.”
Union Standard was slated to be the lead sponsor of English football club Sheffield United.
Andrew Cummins and Peter Kejci of BRI Ferrier have been appointed as administrators.
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