AAT affirms ASIC’s decision to suspend the AFS licence held by MASU Financial Management Pty Ltd LeapRate

February 09, 2017 BY Valentina Kirilova

AAT affirms ASIC's decision to suspend the AFS licence held by MASU Financial Management Pty Ltd

On 31 January 2017, the Administrative Appeals Tribunal (AAT) affirmed ASIC's decision to suspend the Australian financial services (AFS) licence held by MASU Financial Management Pty Ltd (MASU) for a period of eight weeks. ASIC's decision ASIC made a decision to suspend MASU's AFS licence for 8 weeks on 26 April 2016 following concerns that…

January 17, 2017 BY Valentina Kirilova

AFS licence cancelled after Core Insurance fails to lodge financial statements and auditor reports

ASIC has cancelled the Australian Financial Services (AFS) licence of Sydney based company Core Insurance Pty Ltd for failing to lodge financial statements and auditor reports for a period of two years. This is in breach of both its legal obligations and licence conditions. ASIC Deputy Chair Peter Kell said: Licencees are required to lodge…

November 22, 2016 BY Valentina Kirilova

ASIC extends relief for foreign financial service providers from Luxembourg

ASIC has extended its relief for foreign financial service providers (FFSPs) from the requirement to hold an Australian financial services (AFS) licence when providing financial services to Australian wholesale clients by Luxembourg fund managers. The relief in ASIC Corporations (CSSF-Regulated Financial Services Providers) Instrument 2016/1109 applies to Luxembourg fund managers who are either: management companies,…

November 01, 2016 BY Valentina Kirilova

ASIC suspends AFS licence for failing to lodge financial statements

ASIC has suspended the Australian financial services (AFS) licence of Parramatta-based Rural & General Insurance Broking Pty Limited (RGIB) for failing to lodge financial statements, auditor's reports and auditor's opinions for the financial years ending 30 June 2014 and 30 June 2015. This is in breach of both its legal obligations under the Corporations Act…

October 13, 2016 BY Valentina Kirilova

ASIC cancels the Australian Financial Services licence of Macro All State Investments & Securities Limited

ASIC has cancelled the Australian Financial Services (AFS) licence of Western Australian-based Macro All State Investments & Securities Limited. In general, the Macro AFS licence allowed Macro to: provide general financial product advice; deal in a financial product, issue or vary a financial product; apply for, acquire, dispose of financial products on another's behalf; operate…

October 04, 2016 BY Valentina Kirilova

ASIC takes civil action against Ben Jayaweera and Growth Plus Financial Group Pty Ltd (in liquidation)

ASIC has commenced civil proceedings in the Supreme Court of Queensland against Ben Jayaweera and Growth Plus Financial Group Pty Ltd (in liquidation). On 11 March 2016 the Australian Taxation Office wound up Growth Plus in relation to unpaid debts. Andrew Fielding and Matthew Joiner of BDO were appointed the liquidators of Growth Plus (the…

February 04, 2016 BY Maria Nikolova

Court restrains “futures trader” Roger Munro from operating financial services business in Australia

A follow-up to LeapRate's earlier report about the proceedings undertaken by the Australian Securities & Investments Commission (ASIC) against unlicensed traders Dr Roger Gareth Munro and Mrs Kathleen Susan Munro. The Supreme Court of Queensland has ruled that Dr Roger Munro breached the Corporations Act by running a financial services business in Australia without holding the necessary…

Tag: AFS licence