Enforceable Undertakings accepted for AFS licence
The Australian Securities and Investments Commission (ASIC) has accepted enforceable undertakings from NSW directors of One Investment Services, Frank Tearle and Justin Epstein, after misconduct in an application for an Australian financial services (AFS) licence.
ASIC’s investigation found the directors had failed to notify ASIC of the proposed sale of their investment services business while an application for an AFS licence was still under review.
The investigation also found the directors may have permitted potentially misleading information to be submitted on behalf of One Investment Services.
The enforceable undertakings require Tearle and Epstein to, among other obligations:
- Not take on roles as responsible manages in financial services for six to twelve months;
- Remove themselves from the AFS licence application for two years;
- Complete 30 hours of training within a 12 month period; and
- Each contribute $100,000 to The Ethics Centre.
In addressing the investigation, ASIC Deputy Chair, Peter Kell, said any person seeking to obtain an AFS licence must submit an application that accurately reflects the circumstances.
“Applicants must remember that any material change in circumstances concerning the licence application must be disclosed to ASIC so it can make a fully informed decision.”
AUTHOR
Anastasia Santoreneos
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