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.

Related News


ASIC cancels AFS licence of responsible entity DD&D Securities


Send this to a friend

Subscribe to LeapRate
Fill out the form below for more information
for lising in LeapRate's Forex Yellow Pages

Please enter the company name, email address to reach you and phone # (optional):

Please fill out the message field to the right for any questions or special inquiry: