Wholesale fund manager Ergo Capital Pty Ltd has had its AFSL cancelled by ASIC.
According to a statement from the corporate regulator, the fund manager failed to lodge financial statements; maintain financial resource requirements; notify ASIC of significant breaches within 10 days; and maintain the “competence” to provide the financial services authorised under its AFSL.
ASIC commissioner Greg Tanzer said the regulator takes compliance with AFSL obligations “very seriously”.
“They are important to ensure we have efficient, well-functioning financial markets,” Mr Tanzer said.
“Wholesale fund managers are required to comply with their obligations as a licensee. ASIC will take action when they fail to do so.”
Ergo Capital’s AFSL was cancelled with effect from 23 June 2016. The company has the right to appeal ASIC’s cancellation of its licence via the Administrative Appeals Tribunal.
