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ASIC suspends Kinetic Securities licence

by Martha.Ware 17. August 2011 15:28

ASIC has suspended the Australian financial services (AFS) licence of Sydney-based company, Kinetic Securities Pty Ltd (Kinetic), effective 15 August 2011.

Kinetic, which offers online trading services such as contracts for difference (CFDs) and margin foreign exchange to retail clients, went into voluntary liquidation on 8 August 2011.

Robyn Duggan and Max Donnelly of Ferrier Hodgson were appointed as liquidators last week. This appointment gave ASIC the power to immediately suspend or cancel Kinetic’s AFS licence without a hearing.

ASIC has been advised that Kinetic ceased carrying on its financial services business on, or before, the appointment of the liquidators.

Kinetic’s liquidators are currently conducting an investigation into the company’s affairs. Creditors who have information which may assist the liquidator’s inquiries should write to Ferrier Hodgson setting out full particulars.

Clients with trading inquiries and creditors of Kinetic wishing to lodge a proof of debt should contact:

Alex Campbell of Ferrier Hodgson on +61 2 9286 9840 or alex.campbell@fh.com.au

ASIC will continue to assess the timing of the cancellation of Kinetic’s AFS licence.




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