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ASIC suspends AFSL for six managed investment schemes

The Australian Securities and Investments Commission (ASIC) has suspended the Australian financial services licence (AFSL) of Aurora Funds Management until 20 September 2024.

Aurora is the responsible entity of six registered managed investment schemes: the Aurora Absolute Return Fund, HHY Fund, Aurora Property Buy-Write Income Trust, Aurora Global Income Trust, Aurora Fortitude Absolute Return Fund and Aurora Dividend Income Trust.

ASIC found Aurora failed to meet statutory audit and financial reporting lodgement obligations for itself for the financial years ending 2022 and 2023, and the six managed investment schemes for the financial year ending 2023, excluding the Aurora Fortitude Absolute Return Fund for the half-year ending 31 December 2023.

The licence suspension means that Aurora cannot provide financial services including issuing any new interests in the schemes.

However, ASIC said in the interest of ensuring investors in the schemes are not disadvantaged by the suspension order, the regulator has made the suspension subject to a specification enabling Aurora to continue to provide financial services that are reasonably necessary for, or incidental to, the day-to-day operation of the schemes.

ASIC said the suspension will be lifted earlier if Aurora complies with its audit and financial reporting lodgement obligations.

ASIC added that it may consider further action if Aurora has not complied with its obligations at the end of the suspension period.

Aurora has held its AFSL since 2 September 2002. It is authorised under the licence to operate the schemes as responsible entity.

Read more: ASICAurora FortitudeAurora Funds ManagementAurora Dividend Income TrustAurora Global Income TrustAurora Property Buy-Write Income TrustHHY Fund