ASIC announced that it has cancelled the Australian financial services (AFS) license of West Australia-based Anquan Securities & Investments Pty Ltd (Anquan) as it was unable to comply with its license conditions.
Anquan requested ASIC cancel their license, which ASIC did with effect from 11 December 2017.
As part of the cancellation, ASIC imposed conditions that Anquan for the next 12 months maintain its membership of an external dispute resolution service.
Anquan provided financial services to clients, including authorising representatives to issue interests in managed investment schemes.
Background
ASIC has an ongoing investigation into a number of land developments in the Pilbara region of Western Australia, in particular a development known as ‘The Newman Estate’. The Estate was subject to ASIC action in the Federal Court over the past two years, where interim restraint orders were obtained along with the appointment of liquidators to 23 of the Macro Group Companies.
Anquan’s license was cancelled under s915B(3)(d) of the Corporations Act, which states ASIC may suspend or cancel an Australian financial services license held by a body corporate, by giving written notice to the body, if it lodges with ASIC an application for ASIC to do so.