- ASIC bans Pedro Eduardo Sasso, director of EuropeFX, for five years due to inadequate oversight and failure to address client complaints.
- Administrative Appeals Tribunal denies Sasso’s request for stay and confidentiality orders following his ban by ASIC, effective May 6, 2024.
The Australian Securities & Investments Commission (ASIC) has announced a five-year ban on Pedro Eduardo Sasso, the director of Maxi EFX Global AU Pty Ltd (EuropeFX), from serving as a director or controlling an entity in the financial services sector.
EuropeFX, previously a corporate authorised representative of the now-liquidated Union Standard International Group Pty Ltd (USGFX), offered retail clients access to over-the-counter (OTC) derivative products, including contracts-for-difference (CFDs) issued by USGFX.
ASIC’s investigation revealed that Sasso exhibited inadequate oversight of EuropeFX operations, failed to address or investigate client complaints, and delegated his supervisory responsibilities to offshore personnel without establishing proper monitoring structures.
The ban took effect on May 6, 2024. Sasso sought a review of ASIC’s decision and applied for stay and confidentiality orders from the Administrative Appeals Tribunal (AAT) on May 8, 2024.
