ASIC has banned Holly Marie Grofski, the director of Global Merces Funds Management Ltd (Global Merces), for a period of six months.
ASIC’s banning order prohibits Ms Grofski from controlling, whether alone or together with others, any company or other entity that carries on a financial services business until 28 October 2021.
An ASIC surveillance found that Ms Grofski was involved in Global Merces’ failure to comply with its Australian financial services (AFS) licence conditions. Global Merces failed to replace key persons named on its licence, to meet its and to meet notification requirements.
Global Merces also failed to lodge the compliance plan audit reports for its registered managed investment schemes and its own financial statements and auditors’ reports for the 2018 and 2019 financial years.
Ms Grofski has the right to seek a review of ASIC’s decision at the Administrative Appeals Tribunal.
The banning of Ms Grofski demonstrates that ASIC will take action against senior management of AFS licensees’ if they fail to ensure that the licensee complies with its obligations under the Corporations Act.
