AAT proceedings settled

THE Australian Securities and Investments Commission has accepted an enforceable undertaking from Kevin Trezona to settle proceedings before the Administrative Appeals Tribunal.

Mr Trezona, of Applecross, has undertaken that he will not apply for an Australian financial services licence nor carry on or hold out that he carries on a financial services business in his own name or in the name of any company or entity he is a director of or in which he has an interest.

He has also undertaken that he will not provide financial services or financial product advice until after January 17 2005.

By that time he will only be allowed to provide financial services or financial product advice as an authorised representative of an AFSL holder.

Mr Trezona will also be required to inform each of the holders of an AFSL to whom he applies to become a representative of about the enforceable undertaking he has signed.

He will also be required to provide a full copy of the enforceable undertaking, prior to commencing a role as a representative of such a licence holder.

Prior to his commencing employment, the AFSL holder will be required to nominate a director or a principal to supervise Mr Trezona.