The Australian Securities and Investments Commission (ASIC) has officially revoked the Australian financial services (AFS) licence of a Forex and derivatives brokerage known as Auric International Markets Pty Ltd (AIMS), with the cancellation taking effect on August 11, 2025.
This action comes in response to multiple non-compliance issues faced by AIMS. The brokerage failed to submit required financial statements and did not adhere to applicable financial services laws. Additionally, AIMS did not meet the necessary organisational competence standards expected of holders of an AFS licence.
Moreover, the company neglected to pay industry funding levies for over a year and did not notify ASIC about changes to its corporate details, including updates to its business addresses and the individuals serving as company officeholders.
ASIC has the authority to cancel or suspend an AFS licence if there are reasonable grounds to suspect that the licensee is likely to breach its core obligations under the law. These obligations encompass the requirement to provide financial services efficiently, honestly, and fairly.
AIMS held its AFS licence, number 430091, from December 12, 2012, until August 13, 2025. The licence permitted the company to conduct an Australian financial services business that involved offering financial product advice and dealing in various financial products. This included derivatives, foreign exchange contracts, debentures, and securities, specifically targeting wholesale clients. AIMS was operational through its website, which is no longer accessible.
Following this decisive action by ASIC, AIMS has the option to challenge the decision by appealing to the Administrative Review Tribunal. This allows the entity an opportunity for a review of the cancellation decision.
The cancellation of an AFS licence is a significant measure reflecting regulatory oversight in the financial services sector. This ensures that companies operating in this field adhere to strict standards that protect both the integrity of the market and the interests of clients.