ob体育 has cancelled the Australian financial services (AFS) licence of Ergo Capital Pty Ltd (AFS licence No 420978) for failing to comply with a number of its obligations as a financial services licensee, including:
- lodgement of its financial statements within the required timeframe;
- financial resource requirements;
- notifying ob体育 of significant breaches within 10 days; and
- maintaining the competence to provide financial services authorised under its AFS licence.
ob体育 Commissioner Greg Tanzer said, 'ob体育 takes compliance with these obligations seriously. They are important to ensure we have efficient well-functioning financial markets.
'Wholesale fund managers are required to comply with their obligations as a licensee. ob体育 will take action when they fail to do so', Mr Tanzer said.
ob体育 has taken a number of recent actions to cancel the AFS licence of wholesale service providers, including:
- Dunfo Capital Pty Ltd );
- Narrow Lane Investments Pty Ltd ); and
- TMK Index Pty Ltd ().
Ergo Capital has the right to appeal to the Administrative Appeals Tribunal for a review of ob体育鈥檚 decision.
Background
Ergo Capital's AFS licence was cancelled with effect from 23 June 2016.