ASIC further suspends stockbroker AFSL

ASIC extended the suspension of the AFSL of BBY Limited until 30 June 2021, effective 27 May 2020. ASIC suspended BBY’s AFSL for a period of three years in 2015 after the appointment of administrators. 

The terms of the suspension allow the AFSL to continue only so that clients of BBY continue to have access to the dispute resolution scheme; to ensure that clients continue to have access to the National Guarantee Fund; to ensure that the receivers and liquidators have legal authority to transfer a client’s “holder identification number” to another market participant; and to ensure BBY continues to be required to have arrangements for compensating retail clients for loss or damages, 

BBY Ltd – the main operating entity of the BBY Group – was a financial services licensee headquartered in Sydney, with a number of domestic and international offices, including in New York and London. It was also a market participant of ASX, Chi-X, and SSX, a clearing and settlement participant of the ASX. It collapsed in 2015 after failing to repay loans from St George Bank.