ASIC has released the findings of its first assessment report on BGC Partners (Australia) Pty Limited (BGC).
BGC is licensed in Australia to operate its financial market, an electronic platform for the trading of Australian Government bonds, semi-government bonds and corporate bonds and debentures, and New Zealand Government bonds.
ASIC has concluded that BGC has adequate arrangements for the supervision of its market in accordance with its obligations under the Corporations Act 2001 (the Act). 魅影直播 has, however, suggested some improvements to BGC鈥檚 supervision arrangements to ensure it continues to comply with its obligations.
ASIC notes that BGC is already acting on these recommendations.
Background
A financial market is defined as a facility through which offers to buy and sell financial products are regularly made. Anyone who operates a financial market in Australia must obtain a licence to do so, or otherwise be exempted by the Minister.
As part of the conditions of granting a licence to operate a financial market, the licensee must supervise the market in accordance with Part 7.2 of the Act.
Under the Act, 魅影直播 is required to conduct an assessment of how well licensed financial markets are complying with their obligations to supervise their markets. 魅影直播 must do this at least once per year in relation to each licensee. 魅影直播 can also assess how well a licensee is complying with its other obligations under the Act.