The Australian Securities & Investments Commission (ASIC) has cancelled the AFS licence of Epic Property Investments effective May 31, 2022, for failure to obtain cover required under the regulatory regime for all AFS licensees.To get more news about obtain asic license brokers, you can visit wikifx.com official website.

Under the Corporations Act 2001, AFS licensees must have ready arrangements to compensate retail clients for losses suffered due to breach of obligations by the licensee or its representative. Arrangements must include adequate professional indemnity insurance cover that accounts for the nature of the licensee’s business and potential liability for compensation claims.
Epic Property Investments has not held professional indemnity insurance since April 21, 2021. As a result, ASIC found that it had failed to comply with its obligations on an ongoing basis and to provide retail clients with the required level of protection.

ASIC clarified that Epic Property Investments could continue to provide financial services on a limited basis until December 31, 2022, to the extent necessary for or incidental to winding up its registered managed investment schemes and to ensure members and former members of its schemes had access to an external dispute resolution scheme.
If you decide to open a business in the financial sphere in the territory of Australia, you will need to obtain a financial license from the Australian regulator - Australian Securities & Investments Commission. Our specialists will provide assistance for you in the foregoing and save your time.

The Corporations Act (2001) requires financial service providers in Australia to obtain an AFS license. Obtaining a financial license in Australia is a rather complicated procedure, but our specialists have many years of experience in obtaining this type of license and know how to avoid delays and difficulties in obtaining this type of license.

In total, the procedure for obtaining a financial license in Australia takes 3-4 months.

In order to obtain a financial license in Australia, the first thing to do is to register a resident company (A private (i.e. "Pty Ltd") company). The company can be 100% established by non-residents of Australia.

The time that registration takes: the company can be registered and the application can be filed for registration with the tax authorities within 2 business days from the date of providing all the necessary information.

Australian legislation provides that at least 1 director of the company must be a resident of Australia.

Australian Public Officer. Upon the request of the local tax authority, there must be a position at each enterprise that can only be occupied by an Australian citizen who has an accounting education.

To register a company and open a bank account, a client does not need be be personally present in Australia.

An obligatory requirement for a financial company in Australia is the presence of directors ("responsible managers") with the necessary experience and skills in the field of finance.

You will need to employ "responsible directors/managers" with the required experience in the stated activities. "Responsible director/manager" is a person who is responsible for daily decisions regarding the provision of financial services of the company. Each of the directors should have the appropriate education, experience and skills in working with financial services and products that your company will provide.

The number of directors to be appointed will depend on the complexity of your business. Be that as it may, the ASIC (regulator) prefers 2 or more responsible directors to be appointed.