The corporate regulator has cancelled the Australian Financial Services Licence (AFSL) of a wholesale fund manager for failing to comply with its obligations.
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.
Unlisted infrastructure can provide strong returns, but investors are increasingly being locked out of the asset class, according to Infrast...
Fiducian has posted a net profit of $5.3 million for the half, up by 7 per cent year-on-year, with the wealth group optimistic that it will ...
BHP profits have jumped and the company will pay out a record dividend but could revise its outlook downward as global uncertainty weighs on...
Subscribe to our newsletter
Get notifications in real-time for staying up to date with content that matters to you.
