The Australian Securities and Investments Commission (ASIC) has yet again extended the suspension of the Australian financial services (AFS) license held by BBY Limited, which was a stockbroker in Australia, the regulator announced this Tuesday.
The suspension has been extended until the 28th of May 2020 and has been effective since the 27th of May this year. The Australian regulator first suspended the license back in May 2015 for a period of three years, as FortuneZ reported, and then renewed the suspension for a further 12 months on the 27th of May 2018.
Under its AFS license, BBY Limited was authorized to issue and make a market in derivatives and foreign exchange (forex). The company was a market participant of the Australian Securities Exchange (ASX), Chi-X and SSX (formerly APX). In addition, the firm was a clearing and settlement participant of the ASX.
Although the broker’s license has been suspended, it continues to still be in effect to ensure that clients of the broker have access to an external dispute resolution scheme, have access to the National Guarantee Fund and a number of other services to protect the clients of the company.
BBY Ltd is the main operating entity of the BBY group. The company was headquartered in Sydney with offices in Australia, New Zealand, the United Kingdom, and America. The BBY group consisted of 10 entities, including BBY Advisory Services Pty Ltd and SmarTrader Limited, which also had their licenses canceled by the Aussie regulator.
BBY Ltd Placed into Liquidation
Following the initial license suspension, Stephen Vaughan and Ian Hall of KPMG were appointed as joint administrators for these companies on the 17th of May 2015. For BBY and BBY Advisory, Steven Parbery and Brett Lord of PPB Advisory were appointed receivers and managers on the 18th of May 2015.
On the 22nd of June 2015, it was decided that BBY and other BBY companies would be placed in liquidation and Vaughan and Hall of KPMG were appointed as Liquidators.