Societe Generale Group’s Subsidiary Meets Additional AFS Licence Conditions
The Australian Securities and Investments Commission (ASIC) announced today that Societe Generale Securities Australia Pty Ltd (SGSAPL), the subsidiary of the global bank Societe Generale Group, has fulfilled the additional Australian financial services (AFS) licence conditions.
The additional licence conditions were imposed on SGSAPL in June 2020 in that ASIC found it infringed the “client money” provisions of the Corporations Act 2001 (the Act) . The imposed conditions required the firm 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 Act.
SGSAPL has fulfilled the licence conditions’ requirements, including the obligation to provide attestations from a senior executive and a board member to ASIC.
SGSAPL is an ASX24 Trading Participant and ASX Clear (Futures) Participant. The AFS licence authorises SGSAPL to provide financial product advice, deal in financial products, make a market for financial products and provide custodial or depository services to retail and wholesale clients. The advice and dealing in financial services are in the areas of derivatives, foreign exchange contracts, securities and debentures, stocks or bonds.
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