Pedro Eduardo Sasso, the director of Maxi EFX Global AU Pty Ltd (EuropeFX), has been banned by ASIC from being a director of or controlling an entity that carries on a financial services business.
EuropeFX was the corporate authorised representative (CAR) of former Australian financial services licensee, Union Standard International Group Pty Ltd (in liquidation) (USG).
EuropeFX offered retail clients access to over-the-counter (OTC) derivative products issued by USG, including contracts-for-difference (CFDs).
ASIC found that it has reason to believe Mr Sasso is not competent to act as an officer of a financial services business nor a fit and proper person in this respect and should be banned from performing this function for a period of five years.
ASIC found that Mr Sasso:
exercised very little oversight of EuropeFX’s operation and did not take steps to mitigate or address any problems within the operation of the business
abrogated his responsibilities for supervision and oversight to persons offshore, without any organised and proper monitoring structures in place, and
failed to address or take adequate steps to investigate issues that arose particularly in relation to client complaints.
Mr Sasso’s banning order took effect on 6 May 2024. He then applied on 8 May 2024 to the Administrative Appeals Tribunal (AAT) for a review of ASIC’s decision, as well as for stay and confidentiality orders. Following an interlocutory hearing on 25 June 2024, the AAT issued a decision on 23 July 2024 refusing Mr Sasso’s application for stay and confidentiality orders.
