ASIC Suspends AFS Licence of RVM Capital


ASIC has suspended AFS Licence of RVM Capital for failing to present its annual financial statements for three consecutive years. RVM Capital's AFS licence number was 457140 and was canceled effective from January 21, 2020.

28 February, 2020 | AtoZ Markets – The Australian Securities and Investments Commission (ASIC) is the regulator of Australian financial markets and services. ASIC ensures that the Australian financial markets are fair and transparent. ASIC is an independent Government body, created by the Australian Securities and Investments Commission Act.

Why ASIC Canceled RVM Capital’s AFS licence?

Today, ASIC announced the cancellation of the Australian Financial Services (AFS) licence of RVM Capital Pty Ltd. This regulatory decision follows the fact that the company has not filed its annual financial statements and audit reports for three consecutive years. RVM Capital's AFS licence was number 457140 and canceled from January 21, 2020.

ASIC notes that licencees must have the financial resources necessary to provide the services covered by their licence and to carry out their activities legally. They must demonstrate this by submitting each year their financial statements and the audit reports. However, the authority may suspend or cancel the licence if the holder does not comply with this obligation.

Moreover, the cancellation of RVM's AFS licence is ASIC's ongoing efforts to improve standards across the financial sector.

Multibank
4.9/5
Multibank Review
Visit Site
eToro
4.9/5
eToro Review
Visit Site
Capital.com
4.8/5
Capital.com Review
Visit Site

Read More: Cybersecurity Firm Kaspersky unveils Blockchain Based Voting Machine

Earlier this week, ASIC has also canceled the AFS licence of Financial Options and permanently banned its adviser Mr. Jack Houwing. Moreover, ASIC found that Mr. Houwing arranged for his clients to lend money to its related entities between August 31, 2006, and May 15, 2019.

Last December, ASIC also decided to cancel the AFS licence for Sydney-based financial services provider KP International Group Australia Pty Ltd. The regulator also learned that all of the company's executives resigned. The company ceased to exercise financial services activity.

However, according to ASIC, the total number of AFS licences approved increased from 6,170 in June 2018 to 6,159 in June 2019.

Earlier this week, the regulator also released an update on its law enforcement work. It also showed a 10% increase in the number of law enforcement investigations for the year up to January 2020.

Think we missed something? Let us know in the comment section below.

Leave a Reply

Your email address will not be published. Required fields are marked *