A $500,000 fine has been imposed on brokers who breached a $1.3 billion fine imposed by the Federal Government for their role in the trading of forex.
The Federal Government said in its fine that brokers, traders and dealers used “expired” contracts in Australia and overseas.
“It is important that these breaches are identified and reported to ASIC and the AFP,” ASIC Commissioner David Giesbrecht said in a statement.
ICAC said it has been investigating about 4,000 breaches since January.
Mr Giesrecht said brokers and dealers who were caught using expired contracts were being sanctioned for their actions.
He said the regulator has made about $1 million in sanctions since its announcement on November 10.
Banks, brokers and other financial institutions have been told to stop selling contracts for at least two years.
They have been fined $500 for breaching the Trading Rules.
This is a continuing investigation.
I would ask all traders and financial institutions to monitor and report any breaches that they may have observed.
For those who may have fallen victim to these breaches, you may have been provided with a copy of the notice that ASIC has issued to you.
You can find out more about ASIC’s enforcement of the Trading Regulations on its website.
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