MIS operator has AFS licence cancelled
Australian Public Trustees (APT) has had its Australian financial services (AFS) licence cancelled by the regulator after breaching a number of its financial and reporting obligations.
Under its licence, APT operated two managed investment schemes that invested in direct real property.
The Australian Securities and Investments Commission (ASIC) found it failed to comply with the financial conditions of its licence and lodge audited financial reports on time for APT and the schemes it operated.
APT’s licence authorisations were initially suspended on 15 August 2012 on the basis that it had failed to comply with the financial conditions of its licence, and lodge accounts on time.
This was to allow APT time to find a commercial solution to issues facing the schemes it operates for the benefit of investors and to rectify the breaches.
ASIC Commissioner Greg Tanzer said that schemes wanting to take on the responsibility of managing investors’ money must be backed by responsible entities with appropriate financial substance.
“ASIC will not hesitate to take action where licensees fail to meet these requirements,” he said.
“Companies also have obligations that are central to ensuring the transparency and accountability of the reporting process.”
APT has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision.
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