ob体育 has suspended the Australian financial services (AFS) licence of M.J. Wren & Co Pty Ltd (MJ Wren) until 16 October 2018.
MJ Wren ceased providing financial services in May 2017 after ob体育 identified that MJ Wren had failed to comply with the risk-based capital requirements set out in the market integrity rules.
ob体育 may suspend or cancel an AFS licence if the licensee ceases to carry on the financial services business. ob体育 acted to suspend MJ Wren鈥檚 AFS licence for 12 months to ensure that MJ Wren takes the necessary steps to meet the obligations of an AFS licensee before recommencing its financial services business.
MJ Wren has the right to appeal to the Administrative Appeals Tribunal for a review of ob体育's decision.
Background
MJ Wren is a Sydney-based trading participant of the financial market operated by ASX Limited.
ob体育 may suspend or cancel an AFS licence, by giving written notice, if the licensee ceases to carry on the financial services business: section 915B of the Corporations Act.