HLB Mann Judd in voluntary exclusion
Mid-tier accounting and financial services firm, HLB Mann Judd has voluntarily excluded itself from providing advice as an independent expert under an arrangement entered into with the Australian Securities and Investments Commission (ASIC).
The change effectively excludes the company from undertaking a substantial slice of corporate transaction work, including takeover bids, schemes of arrangements and corporate restructures.
The regulator announced that the company had made a voluntary variation to its Australian Financial Services License (AFSL) which included the exclusion.
ASIC said this meant that HLB Mann Judd could not prepare or provide independent expert reports (IERs), opinions or valuations in connection with corporate transactions, including takeover bids, corporate schemes of arrangement and corporate restructures.
However, under the revised licence, HLB Mann Judd Corporate Finance is still permitted to provide investigating accountant's reports.
ASIC said the variation was effective 20 December 2017 and replaced an interim undertaking by the licensee to cease IER engagements.
Commenting on the move, ASIC Commissioner John Price said AFS licensees active in the provision of IERs had heightened responsibilities as financial system gatekeepers.
“We will continue to monitor licensees and, where necessary, take licensing and enforcement actions,” he said.
The ASIC move emerged out of a review of HLM Mann Judd Corporate Finance as part of a surveillance program out of which the regulator said it was not satisfied the company had met its obligations as a licensee.
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