ASIC 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 ASIC identified that MJ Wren had failed to comply with the risk-based capital requirements set out in the market integrity rules.

ASIC may suspend or cancel an AFS licence if the licensee ceases to carry on the financial services business. ASIC acted to suspend MJ Wren’s 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 ASIC's decision.

Background

MJ Wren is a Sydney-based trading participant of the financial market operated by ASX Limited.

ASIC 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.