Axi Resolves ASIC Licensing Issue

AxiCorp, a multi-regulated financial broker operating under the Axi brand has announced today via press release that the Australian Securities and Investments Commission (ASIC) decided to withdraw the proposed suspension of Axi’s Australian Financial Services License (AFSL) last month.

The broker indicated that “the suspension was never put into effect and Axi have been able to provide uninterrupted service to our valued ASIC entity clients throughout the process.” Both parties have agreed to “license conditions” without going into specifics, but the broker stressed that it “takes all risk and compliance matters extremely seriously and has made a significant investment in its Australian compliance function and practices to ensure it is appropriate to meet our obligations with reference to the size and complexity of the business.”

Rajesh Yohannan, CEO of AxiCorp said “I am pleased we’ve been able to work with ASIC to come to a settlement which we believe is a fair response to ASIC’s concerns. I’m also very proud of the ownership and commitment from the senior leadership team and the level of all employee engagement in strengthening our compliance culture at Axi.”