Global Merces Absolute Forex Trust
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21-117MR ASIC bans director of Global Merces Funds Direction Ltd
ASIC has banned Holly Marie Grofski, the director of Global Merces Funds Management Ltd (Global Merces), for a period of half-dozen months.
ASIC's banning order prohibits Ms Grofski from controlling, whether alone or together with others, whatever visitor or other entity that carries on a financial services business concern until 28 October 2021.
An ASIC surveillance establish that Ms Grofski was involved in Global Merces' failure to comply with its Australian financial services (AFS) licence atmospheric condition. Global Merces failed to replace key persons named on its licence, to come across its and to encounter notification requirements.
Global Merces as well failed to lodge the compliance program audit reports for its registered managed investment schemes and its own fiscal statements and auditors' reports for the 2018 and 2019 financial years.
Ms Grofski has the right to seek a review of ASIC's conclusion at the Administrative Appeals Tribunal.
The banning of Ms Grofski demonstrates that ASIC volition have action against senior management of AFS licensees' if they neglect to ensure that the licensee complies with its obligations under the Corporations Human action.
Background
Global Merces held AFS licence no. 460883. It was the responsible entity of Global Merces Access Fund ARSN 604 201 952, Global Merces Equities Fund ARSN 604 220 662 and Covesta ARSN 625 625 803.
Following the voluntary appointment of an ambassador to Global Merces on xiii January 2020, ASIC suspended Global Merces' licence on 21 January 2020 for a flow of vi months (xx-012MR) and cancelled the licence on 20 July 2020 (20-181MR).
On 31 January 2020, the Federal Courtroom ordered that Global Merces be wound upward on but and equitable grounds, and appointed Mr Anthony Connelly and Michael Hill of McGrath Nicol equally joint and several liquidators of the company (xx-022MR).
On 21 May 2021, Ms Grofski, who was Global Merces' managing director before it was wound up, was charged with criminal breaches of the Corporations Act (21-109MR)
Source: https://asic.gov.au/about-asic/news-centre/find-a-media-release/2021-releases/21-117mr-asic-bans-director-of-global-merces-funds-management-ltd/
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