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Australian regulator highlights compliance concerns in client money handling

The Australian Securities and Investments Commission (ASIC) has reviewed client money handling and reconciliation practices and has found non-compliance by a number of issuers of over-the-counter contracts for difference (CFDs) and margin FX derivatives. More specifically, ASIC found that eight issuers failed to pay client money into a properly designated trust account, when no exception applied and six issuers failed…

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