ASIC cancels AFS licence of responsible entity DD&D Securities

ASIC has cancelled the Australian financial services (AFS) licence of DD&D Securities Ltd (AFS licence 221147) for failing to comply with a number of its key obligations as a financial services licensee.

In particular, ASIC found that DD&D Securities failed to:

  • maintain membership with an external dispute resolution scheme approved by ASIC;
  • lodge its financial reports within the required timeframe;
  • lodge compliance plan audits for the managed investment scheme it operates within the required timeframe; and
  • notify ASIC of significant breaches within the required timeframe.

John Price, ASIC

ASIC Commissioner John Price said:

A responsible entity needs to ensure a managed investment scheme is operated in accordance with the Corporations Act.

As this matter demonstrates, ASIC will act where a responsible entity fails to lawfully perform this gatekeeper role and to comply with its obligations and licence conditions,’ Mr Price added.

DD&D Securities has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision.

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