EuropeFX Director Pedro Sasso Banned for Five Years by ASIC

The Australian Securities and Investment Commission (ASIC) has banned Pedro Eduardo Sasso, the director of Maxi EFX Global AU, also known as EuropeFX, from being a director or controlling any financial services company for five years.

Announcement and Appeal

Yesterday (Thursday), we announced that the Administrative Appeals Tribunal (AAT) denied Sasso’s request for a delay and confidentiality orders. The regulator banned the director on May 6, and he appealed the decision to the AAT on May 8.

Sasso’s Tenure at EuropeFX

Sasso became a director at EuropeFX on March 28, 2018, and stayed in the role until September 20, 2018. Since April 30, 2019, he has been the only director of the company.

EuropeFX’s Operations

EuropeFX provided retail clients with over-the-counter (OTC) derivatives like contracts for differences (CFDs). The company did not issue these products but acted as the corporate authorized representative (CAR) for Union Standard International Group (USG), a former Australian financial services licensee.

USG was licensed for retail FX and CFDs trading in Australia but entered voluntary administration in 2020. Its Australian Financial Services (AFS) license was suspended and then canceled. The company is now in liquidation.

ASIC’s Findings

ASIC found that Sasso had minimal control over EuropeFX’s operations and did not address operational issues or supervise offshore staff properly. He failed to monitor clients’ concerns effectively. ASIC believes Sasso is not fit to act as an officer of a financial services business and should be banned from this role for five years. Additionally, the Cyprus branch of EuropeFX gave up its license at the end of 2021.

Also read: ASIC Bans Two Directors of FX and CFDs Broker XTrade