ASIC cancels licence of WA firm
The Australian Securities and Investments Commission (ASIC) has cancelled the Australian Financial Services (AFS) licence of Western Australian-based Macro All State Investments & Securities Limited (Macro).
ASIC obtained various ex parte interim orders in the Perth Federal Court in part restraining Desiree Macpherson, a director of Macro, and the companies she had been a director of, from providing financial services advice or otherwise carrying on a financial services business.
Earlier this year ASIC also obtained a court travel restraint for Macpherson and the Federal Court in Perth made interim asset preservation orders. According to the corporate regulator, the application was made in order to protect the interests of shareholders, investors and creditors.
Additionally, ASIC informed that its investigation would focus on investments in a land development in the Pilbara region of Western Australia known as "The Newman Estate" that was subject to ASIC action and Federal court permanent restraint orders in May.
Macro AFS licence allowed the company to provide general financial product advice, deal in or issue a financial product, apply for and dispose of financial products on another's behalf, operate a managed investment scheme and provide a custodian or depository service.
ASIC also said it was continuing an investigation into the activities of Macpherson and various companies of which she has been a director.
According to the Corporations Act 2001, ASIC may suspend or cancel an AFS licence held by a body corporate by giving written notice to the body, if the body lodges with ASIC an application for ASIC to do so.
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