CATALIST-LISTED trading platform developer Ayondo must justify and put on hold its plan to dispose its 99.91 per cent-owned subsidiary Ayondo Markets Limited , pending clarity over the group’s financial situation as well as AML’s compliance with a UK authority.
Those were instructions from the Singapore Exchange’s regulation unit in a notice filed on Tuesday night. SGX Regco also stressed that the proposed disposal can only be completed after Ayondo has met all the conditions precedent, which include getting explicit confirmation on AML’s compliance, and the completion of the audit of AML and the Ayondo group for the financial year ended Dec 31, 2018.
The regulator had earlier instructed Ayondo on March 15 to shelve its plans for the disposal until the group has obtained clarity on the UK's Financial Conduct Authority’s position regarding AML’s compliance with capital adequacy requirements, and the group’s financial situation.AML is required to maintain a prescribed Common Equity Tier 1 ratio under FCA requirements, because its brokerage services and other activities in the UK are regulated by the authority.
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