Tag: AFS license

June 07, 2018 BY Valentina Kirilova

ASIC suspends AFS license of Vesta Living Communities

The Australian Securities and Investments Commission (ASIC) announced that it has suspended the Australian financial services (AFS) license of Vesta Living Communities Ltd (Vesta) after concluding that it had not maintained adequate compliance measures to meet its license obligations. ASIC found Vesta had not met the organisational competence and financial resource requirements of its license.…

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June 05, 2018 BY Valentina Kirilova

ASIC cancels AFS licenses of BBY Advisory and SmarTrader

Australian regulator ASIC has announced that it has cancelled the Australian financial services (AFS) licenses held by SmarTrader Limited (SmarTrader) and BBY Advisory Services Pty Ltd (BBY Advisory), effective from 18 May 2018 and 22 May 2018 respectively. ASIC has also decided to extend the suspension of the AFS license held by BBY Limited (BBY)…

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May 16, 2018 BY Valentina Kirilova

ASIC cancels AFS license of Wealth & Risk Management

Australian regulator ASIC announced that it has cancelled the Australian financial services (AFS) license of Wealth & Risk Management Pty Ltd (WRM). On 9 February 2018, the Federal Court of Australia, in the matter of ASIC v Wealth & Risk Management Pty Ltd (No 2) [2018] FCA 59, found that WRM breached numerous financial services…

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May 02, 2018 BY Valentina Kirilova

Australian regulator cancels Mackellar's AFS license

The Australian Securities and Investments Commission (ASIC) has announced that it cancelled the Australian Financial Services (AFS) license of NSW-based Mackellar Financial Services Pty Ltd (Mackellar). Mackellar's AFS license has been cancelled, following a suspension in October 2017, for continued failure to lodge financial statements and auditor's reports for a period of four years. Licensees…

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April 26, 2018 BY Valentina Kirilova

ASIC releases guidance on AFS licensing exemption for tax and BAS agents

The Australian Securities and Investments Commission (ASIC) has announced that it has updated its guidance for accountants who provide services on self-managed superannuation funds (SMSFs) to cover the exemption from the Australian Financial Services (AFS) licensing requirements for tax and BAS agents. The guidance was developed in conjunction with the Tax Practitioners Board and is…

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April 12, 2018 BY Valentina Kirilova

ASIC cancels Octani Capital's AFS license

The Australian Securities and Investments Commission (ASIC) has just announced that it has cancelled the Australian financial services (AFS) license of WA-based Octani Capital Pty Limited (Octani Capital). Octani Capital was deregistered on 2 March 2018 for non-payment of fees. Accordingly, its AFS license has been cancelled under s915B(3) of the Corporations Act 2001, from…

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ASIC suspends AFS license
March 22, 2018 BY Valentina Kirilova

ASIC suspends Red Summit Trading Partners' AFS license

ASIC has informed the public that it has suspended the Australian financial services (AFS) license of WA-based Red Summit Trading Partners Pty Ltd (Red Summit) from 7 March 2018. ASIC found that, due to various staffing changes, Red Summit is not currently carrying on a financial services business. As a license variation application is pending,…

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ASIC suspends AFS license
March 14, 2018 BY Valentina Kirilova

ASIC suspends Corpac Partners' AFS license

The Australian Securities and Investments Commission (ASIC) has informed the public that it has suspended the Australian financial services (AFS) license of NSW-based Corpac Partners Pty Limited (Corpac Partners) from 28 February 2018 for failing to lodge financial statements and auditor's reports for a period of four years. This failure is in breach of both…

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ASIC office
February 20, 2018 BY Valentina Kirilova

ASIC accepts enforceable undertakings from two directors

ASIC announced that it has accepted enforceable undertakings (EUs) from Sydney-based directors Frank Tearle and Justin Epstein following an investigation of their conduct over an application for an Australian financial services (AFS) license. Mr Tearle and Mr Epstein were directors of both One Investment Services Pty Ltd (OIS) and a related entity One Investment Group…

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