ASIC Suspends Celtic Equities Management's AFS License for Six Months

<p>The
Australian Securities and Investments Commission (ASIC) has suspended the
Australian Financial Services (AFS) license of Celtic Equities Management Pty
Ltd for a period of six months. This decision arose after ASIC conducted thorough surveillance, uncovering breaches of regulatory
obligations by the financial services provider.</p><p>Celtic
Equities Management's Failure to Lodge Financial Statements and Audit Reports</p><p>The
regulatory action, which took effect on October 19, 2023, is a direct response
to Celtic Equities Management's failure to meet several key compliance
requirements:</p><ul><li>Failure
to Lodge Financial Statements and Audit Reports: Celtic Equities Management
was found to be in violation of its obligation to submit financial statements
and audit reports for the financial years ending from June 30, 2017, through
June 30, 2022.</li><li>Unpaid
ASIC Industry Funding Levies:
The company was also discovered to have failed to pay its outstanding ASIC
Industry Funding Levies.</li><li>Unsettled
Late Payment Penalties:
Celtic Equities Management had accrued outstanding late payment penalties which
had not been addressed.</li></ul><p>Celtic
Equities Management Pty Ltd, with AFS number 245486, has held the AFS license
225216 since December 11, 2003. The suspension of Celtic Equities Management's
AFS license is intended to provide the company with an opportunity to rectify
these compliance issues. </p><p>During
this six-month period, the firm is expected to take all necessary actions to
demonstrate its ability to meet its outstanding obligations to ASIC. It is
crucial to note that if Celtic Equities Management fails to rectify its compliance
issues by the end of the six-month suspension period, <a href="https://www.financemagnates.com/tag/asic/">ASIC</a> has made it clear
that they will consider further regulatory action, potentially leading to the
cancellation of the company's AFS license. </p><p>ASIC Suspends 26 Licenses to Address Compliance Issues</p><p><a href="https://www.financemagnates.com/">Finance Magnates</a> previously reported
that <a href="https://www.financemagnates.com/forex/asic-grants-332-australia-financial-services-license-in-fy23/">ASIC had taken comprehensive measures
in managing financial licenses</a>, including the issuance of new licenses, the
withdrawal or rejection of 401 license applications, the cancellation of 515
licenses, and the suspension of 26 licenses. </p><p>Additionally, the financial regulatory agency canceled the license of FTX
Australia, a subsidiary of the bankrupt FTX empire, emphasizing its commitment
to regulatory action. The regulator has taken enforcement actions against non-compliant
entities. </p><p>These actions include recent
lawsuits filed against the local operator of the <a href="https://www.financemagnates.com/tag/kraken/" target="_blank" rel="follow">Kraken</a> crypto exchange and
<a href="https://www.financemagnates.com/tag/etoro/" target="_blank" rel="follow">eToro</a>. The lawsuits address their respective failures in adhering to design and
distribution obligations, as well as client identification within the CFD
sector.</p>

This article was written by Tareq Sikder at www.financemagnates.com.