Additional Australian financial services (AFS) licence conditions imposed on Societe Generale Securities Australia Pty Ltd (SGSAPL) in June 2020 have been removed from 3 June 2021.
The additional licence conditions required SGSAPL to appoint an independent expert to assess and test the adequacy and effectiveness of SGSAPL’s controls, systems and processes to ensure it can comply with the client money requirements of the Corporations Act 2001 (the Act) (20-136MR).
SGSAPL has fulfilled the licence conditions’ requirements, including the obligation to provide attestations from a senior executive and a board member to ASIC.
ASIC has published a summary of the independent expert’s final report provided to ASIC under the conditions.
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