The Australian Securities and Investments Commission (ASIC) has suspended JB Markets Pty Ltd's Australian Financial Services (AFS) licence until 30 April 2024.。

The company failed to:

• failure to comply with the financial requirements of its AFS licence;
• have sufficient resources to provide the financial services covered by the licence and to enforce the regulatory arrangements。

The suspension means that JB Markets (and its representatives) cannot provide financial services, except in order to terminate existing arrangements with customers。

The licence suspension includes a provision requiring JB Markets to continue as a member of the Australian Financial Complaints Authority (AFCA) to continue to provide compensation arrangements for retail customers, including holding occupational compensation insurance.。

JB Markets may apply to the Administrative Appeals Tribunal for a review of our decision, with the suspension order taking effect on 8 November 2023。

ASIC imposes financial requirements on U.S. financial services license holders to help ensure they have sufficient financial resources to conduct business in compliance with financial services laws.。These requirements provide important protection for consumers and seek to reduce the risk of disorderly winding up in the event of business failure。

JB Markets holds AFS licence number 323182 since 8 July 2008。The license authorizes JB Markets to provide financial product consulting, financial product trading, financial product marketing, and custody or deposit services to retail and wholesale customers.。