Additional Australian financial services (AFS) licence conditions imposed on Societe Generale Securities Australia Pty Ltd (SGSAPL) in June 2020 have been removed from 3 June 2021.
The additional licence conditions required SGSAPL to appoint an independent expert to assess and test the adequacy and effectiveness of SGSAPL鈥檚 controls, systems and processes to ensure it can comply with the client money requirements of the Corporations Act 2001 (the Act) (20-136MR).
SGSAPL has fulfilled the licence conditions鈥� requirements, including the obligation to provide attestations from a senior executive and a board member to ob体育.
ob体育 has published a summary of the independent expert鈥檚 final report provided to ob体育 under the conditions.
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Background
The additional conditions were imposed on SGSAPL following an investigation by ob体育 into reports lodged by SGSAPL concerning breaches of the 鈥榗lient money鈥� provisions of the Act (20-252MR).
Client money provisions protect the interests of clients of AFS licensees by separating client money from money belonging to licensees.听 Client money held in a compliant account receives statutory protection in the event of the licensee鈥檚 insolvency.
SGSAPL is an ASX24 Trading Participant and ASX Clear (Futures) Participant. SGSAPL鈥檚 AFS licence authorises it to provide financial product advice, deal in financial products, make a market for financial products and provide custodial or depository services to retail and wholesale clients. The advice and dealing in financial services are in the areas of derivatives, foreign exchange contracts, securities and debentures, stocks or bonds.