ASIC bans Global Merces director
The Australian Securities and Investments Commission (ASIC) today announces the imposition of a six-month ban on Holly Marie Grofski, the director of Global Merces Funds Management Ltd.
ASIC’s 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.
Global Merces held AFS licence no. 460883. It was the responsible entity of Global Merces Access Fund ARSN 604 201 952, Global Merces Equities Fund ARSN 604 220 662 and Covesta ARSN 625 625 803.
Following the voluntary appointment of an administrator to Global Merces on 13 January 2020, ASIC suspended Global Merces’ licence on 21