ASIC takes unlicensed fund manager to court

By Reporter
 — 1 minute read

The corporate regulator has commenced legal action against a fund manager for operating unregistered managed investment schemes and issuing interests in the schemes without a licence.

In a statement, ASIC said it had commenced proceedings in the Federal Court in Brisbane against PE Capital Funds Management alleging misconduct in relation to the operation of managed investment schemes.

The regulator said an investigation had found PE Capital had allegedly operated four managed investment schemes that were unregistered, and issued interests in the schemes without an AFSL.


The group had also held itself out as being a corporate authorised representative with the authority to issue information memoranda for, and units in, two unregistered schemes and various PE Capital special purpose vehicle trusts, as well as engaging in misleading and deceptive conduct by making statements in PDSs for registered schemes regarding investment strategy and asset security, ASIC alleged.

“ASIC is seeking orders from the Federal Court to wind-up PE Capital Funds Management and its registered and unregistered schemes, and obtain declarations that PE Capital Funds Management has acted in contravention of the Corporations Act and/or the ASIC Act,” ASIC said.



Stimulate new ideas. Stimulate new thinking. Top up your CPD and hear from industry experts with InvestorDaily’s Knowledge Centre. Keep up to date with the latest trends and reforms, all while adding to your CPD. Explore the knowledge centre Knowledge Centre now. 

ASIC takes unlicensed fund manager to court
investordaily image
ID logo


related articles

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.