A responsible entity has had its AFS licence suspension revoked and sought a review of ASIC’s decision.
In April, ASIC suspended Ausfunds Management Limited’s AFS licence because it failed to maintain sufficient financial resources.
Responsible entities with an AFS licence are required to meet the minimum level of net tangible assets of $150,000. Ausfunds had not maintained this level of financial resources over two consecutive financial reporting periods, despite reminders from its auditor.
In response to the suspension order, Ausfunds raised sufficient funds to rectify its net tangible assets deficiency and ASIC revoked the suspension.
Ausfunds operates the Ausfunds Special Opportunities Fund managed investment scheme.
Ausfunds has sought a review of ASIC’s decision to suspend its AFS licence in the Administrative Appeals Tribunal. A hearing date has not been set.
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