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20-164MR ASIC suspends AFS licence of Union Standard International Group
ASIC has suspended the Australian Financial Services (AFS) licence of Sydney-based retail over-the-counter (OTC) derivatives issuer Union Standard International Group Pty Ltd (Union Standard) until 23 September 2020. Union Standard operates under the brand USGFX and held AFS licence 302792.
The licence was suspended under section 915B of the Corporations Act 2001 (Cth) (Corporations Act) because Union Standard is under external administration.
On 8 July 2020, Andrew Cummins and Peter Krejci of BRI Ferrier (NSW) Pty Ltd were appointed as administrators of Union Standard. For further information about the administration and what this means for clients, please refer to http://briferrier.com.au/.
Although ASIC has suspended the licence, it has used its power under s915H of the Corporations Act to allow the administrators to conduct certain necessary activities under the licence during the suspension period, including to have in place a dispute resolution scheme and arrangements for compensating retail clients, to hold professional indemnity insurance, and to allow the termination of existing arrangements with current clients of Union Standard.
Union Standard may apply to the Administrative Appeals Tribunal (AAT) for a review of ASIC’s decision.
On 14 September 2020, ASIC cancelled Union Standard's AFS licence (20-216MR).