ASIC suspends AFS licenses of several financial services providers

ASIC suspends AFS license

The Australian Securities & Investments Commission (ASIC) announced yesterday the suspension of the Australian financial services (AFS) licenses of financial services providers Theta Asset Management, Valuestream Investment Management and Global Merces Funds Management.

Theta Asset Management Ltd and Valuestream Investment Management Ltd’s licenses have been suspended until 21 July 2020 because two entities are under external administration.

Christopher Darin and Mervyn Kitay of Worrells Solvency & Forensic Accounting were appointed as administrators of both companies on 13 December 2019.

Global Merces Funds Management Ltd’s license was suspended for a period of six months between 21 January 2020 and 20 July 2020. The entity is responsible for Global Merces Access Fund ARSN 604 201 952, Global Merces Equities Fund ARSN 604 220 662 and Covesta ARSN 625 625 803.

On 13 January 2020 Jarvis Lee Archer of Revive Financial Pty Ltd was appointed administrator to Global Merces.

For review of ASIC’s decision, the entities may apply to the Administrative Appeals Tribunal (AAT).

Read More:

Read Also: