ASIC cancels responsible entity AFSL

The Australian Securities and Investment Commission cancelled the AFSL of a responsible entity for failing to comply with a number of its key obligations as a financial services licensee.

The company, DD&D Securities, is the responsible entity for Dwyers Managed Investments, a mortgage scheme that operates in regional Victoria.

In particular, ASIC found that DD&D Securities failed to:

  • maintain membership with an external dispute resolution scheme approved by ASIC;
  • lodge its financial reports within the required timeframe;
  • lodge compliance plan audits for the managed investment scheme it operates within the required timeframe; and
  • notify ASIC of significant breaches within the required timeframe.
Commenting on the cancellation, ASIC commissioner John Price said, "A responsible entity needs to ensure a managed investment scheme is operated in accordance with the Corporations Act."

"As this matter demonstrates, ASIC will act where a responsible entity fails to lawfully perform this gatekeeper role and to comply with its obligations and licence conditions."

DD&D Securities has the right to appeal to the Administrative Appeals Tribunal for a review of the regulator's decision.

Read more: ASICDD&D SecuritiesAustralian SecuritiesInvestment CommissionAdministrative Appeals Tribunal forDwyers Managed InvestmentsJohn Priceregional Victoria
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