Australia’s ASIC suspends license of Traders4Traders forex trading education site

Australia’s ASIC suspends license of Traders4Traders forex trading education site

- in All News, Regulation
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Australia’s regulator, the Australian Securities & Investment Commission (ASIC) has temporarily suspended the Australian financial services (AFS) license of the forex trading education site and forex dealer Traders4Traders. According to the Commission’s statement on its website, the reason for the measure is that Traders4Traders Pty Ltd. has failed to submit financial statements, auditor reports and auditor opinions over consecutive years. Furthermore, the company has failed to inform ASIC in writing, within 10 business days, of becoming aware of this breach of requirements.

“Licensees are required to lodge financial statements with ASIC to demonstrate their capacity to provide financial services”, said ASIC’s Deputy Chair Peter Kell. “Failure to comply with reporting obligations can be an indicator of a poor compliance culture. ASIC won’t hesitate to act against licensees who do not meet these important requirements.”

The obligation of ASF licensees to submit financial reports demonstrating their adequate financial resources to provide the services is set forth in Australia’s Corporations Act from 2001.

Traders4Traders’ license is suspended until April 21, 2016. Within this period the company must submit to ASIC the required documents. If it fails to do so, the Commission would consider the permanent cancellation of its financial services license. Traders4Traders also has the right to appeal the suspension in front of the Administrative Appeals Tribunal.

Traders4Traders has a license to deal in foreign exchange contract, but its core business is providing training courses – online, daily live training sessions and trader workshops for forex trading.

Besides Australia, the company offers educational courses and trading conferences in the UK, Japan, the US and China.

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