ASIC

ASIC Further Suspends the AFS Licence of BBY Ltd

ASICASIC - BBY has extended the suspension of the Australian financial services (AFS) licence held by BBY Limited  until 30 June 2021, effective 27 May 2020.

The terms of the suspension allow the BBY AFS licence to continue in effect for the following purposes only:

  • to ensure that clients of BBY continue to have access to an external dispute resolution scheme;
  • to ensure that clients of BBY continue to have access to the National Guarantee Fund;
  • to ensure that the receivers and liquidators have the legal authority to transfer a client’s “holder identification number” to another market participant with instructions from the client or to convert a licensee sponsored holding to an issuer sponsored holding in accordance with the ASX Settlement Operating Rules; and
  • to ensure BBY continues to be required to have arrangements for compensating retail clients for loss or damages suffered as a result of breaches of the Corporations Act by the companies or their representatives.