“AxiCorp has since demonstrated to the FMA that it has taken adequate steps to address the material breaches and that it has adequate systems, processes and resources in place to ensure compliance with the FMC Act and to effectively perform services under the license”, the FMA stated.
The Financial Markets Authority (FMA) has lifted the suspension on the derivatives issuer license of AxiCorp Financial Services Pty Limited.
The firm operates the FX and CFD broker AxiTrader, which was recently rebranded to Axi.
The New Zealand financial watchdog had originally suspended AxiCorps derivatives issuer license in June 2019 in a huge blow for Axi as the multi asset broker was looking to further its global
WHY DID THE FMA SUSPEND AXICORP？
The suspension was ordered after findings of material breaches of the Financial Markets Conduct Act 2013. These included:
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making a regulated offer to retail clients in New Zealand without a compliant Product Disclosure Statement or Disclose register entry;
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failing to lodge audited financial statements; and
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failing to obtain an assurance engagement with a qualified auditor, for its processes, procedures and controls, within 4 months of its balance date.
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