ASIC imposes additional condition on licence of Barkworth Olives Management 20-Aug
An additional condition has been imposed by ASIC on the securities dealers' licence of Barkworth Olives Management Limited.
The condition was added following concerns that the licensee may not have performed the duties of a securities dealer efficiently, honestly and fairly.
The new condition requires Barkworth Olives to engage an external independent compliance consultant to review, assess and report on the adequacy of their procedures for ensuring compliance with the Corporations Act and its securities dealers' licence.
The compliance consultant will also review the company’s compliance with its procedures and make recommendations for improvements.
The decision to impose the additional licence condition was made after Barkworth Olives notified ASIC that it had breached an existing licence condition, requiring it to maintain professional indemnity insurance. While the company has since rectified the breach, there was a delay in reporting the matter to ASIC.
”Licensees are responsible for ensuring that any breach of the law or their licence conditions are reported to ASIC within the prescribed time frame, and rectified in a timely manner”, ASIC Director of Financial Services Regulation (Regulatory Operations), Mr Sean Hughes sai
