The Administrative Appeals Tribunal (AAT) has upheld a decision by the ASIC to ban former Tolhurst (now Patersons Securities) client advisor Clive Achalen Henley from providing financial services, but has reduced the period of banning from ten years to three years, commencing on 11 May 2010.

Mr Henley of Airlie Beach Queensland was banned by ASIC on 19 January 2009 after ASIC concluded there were grounds to believe he had failed to comply with a financial services law.

Mr Henley is the third client adviser banned as part of ASIC's investigation into the trading of the securities of GTG. Rocco Musumeci, previously of Bell Potter Securities, and Richard Wade, previously of ABN Amro, were banned for two and five years respectively.

The action to ban Mr Henley is consistent with ASIC’s second priority to build confidence in the integrity of Australia's capital markets.

Further details are available at ASIC.