ASIC cancels licence of AFS wholesale service provider
ASIC has cancelled the Australian financial services (AFS) licence of Ergo Capital Pty Ltd (AFS licence No 420978) for failing to comply with a number of its obligations as a financial services licensee, including:
- lodgement of its financial statements within the required timeframe;
- financial resource requirements;
- notifying ASIC of significant breaches within 10 days; and
- maintaining the competence to provide financial services authorised under its AFS licence.
ASIC Commissioner Greg Tanzer said, ‘ASIC takes compliance with these obligations seriously. They are important to ensure we have efficient well-functioning financial markets.
‘Wholesale fund managers are required to comply with their obligations as a licensee. ASIC will take action when they fail to do so’, Mr Tanzer said.
ASIC has taken a number of recent actions to cancel the AFS licence of wholesale service providers, including:
- Dunfo Capital Pty Ltd (15-273MR);
- Narrow Lane Investments Pty Ltd (15-307MR); and
- TMK Index Pty Ltd (16-173 MR).
Ergo Capital has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision.
Source: ASIC
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