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Screenshot of a breaking news alert e-mail from Q2 2017
ASIC has cancelled the Australian financial services (AFS) licence of Lotus Securities Ltd (AFS licence 306812) for failing to comply with a number of its key obligations as a financial services licensee, including:
- lodging its financial reports within the required timeframe;
- lodging compliance plan audits and financial reports for the managed investment schemes it operates within the required timeframe;
- complying with its financial resource requirements;
- complying with a Notice issued by ASIC;
- maintaining membership with an external dispute resolution scheme approved by ASIC; and
- notifying ASIC of significant breaches within 10 days.
ASIC Commissioner Greg Tanzer said:
A responsible entity has an important gatekeeper role to ensure a managed investment scheme is operated in accordance with the Corporations Act. This is another example that demonstrates we will take action when there is a failure of a responsible entity to perform this gatekeeper role and non-compliance with these key obligations.’
Lotus Securities has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision.