- ASIC revokes JB Markets’ financial services license over financial deficiencies.
- The regulator cites ongoing failure to meet financial requirements.
The Australian Securities and Investments Commission (ASIC) has revoked JB Markets Pty Ltd’s Australian Financial Services (AFS) license, effective April 12, 2024. The move follows a suspension in November 2023 due to the company’s ongoing failure to meet financial requirements and maintain adequate resources.
ASIC determined JB Markets lacked the necessary financial resources to operate under its AFS license. The regulator stated the license cancellation protects consumers and promotes confidence in the industry.
JB Markets, operating under AFS license number 323182 since 2008, is authorized to engage in financial advising, dealing, market-making, and custodial services. ASIC can suspend or cancel AFS licenses for failure to comply with obligations, including financial requirements. JB Markets has the right to appeal.
This revocation underscores ASIC’s commitment to upholding financial standards and protecting consumers. The regulator emphasizes the importance of licensees maintaining adequate resources to avoid risking disorderly wind-ups.
