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.
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.
