ASIC has cancelled the AFSL of Ricard Securities Pty Ltd after it failed to pay industry levies or an instalment of the CSLR and meet its statutory audit and financial reporting lodgement obligations.
While the cancellation is effective from 28 October 2025, ASIC said in a statement that the Melbourne-based managed investment scheme operator (MIS) will be allowed to continue providing limited financial services until 24 December.
Under the terms of the cancellation, Ricard is permitted to continue conducting activities ASIC deems are reasonably necessary or incidental to the winding up, transfer or day-to-day operations of any unregistered MIS for which it was the trustee on 24 October.
At present, Ricard is the trustee of at least eight investment vehicles, including unregistered MISs, including the:
- Property Investment Fund.
- Ethical Development Fund Australia Pty Ltd.
- Mortgage Income Fund and Equity Income Fund.
- Baron Monthly Income Limited.
- Ricard Securities Property Fund and Investment Fund No 1.
- JPFM Unit Trust-01.
Australian Commercial Mortgage Fund Pty Limited.
During this period, ASIC said Ricard will be required to meet obligations, if applicable, to have a dispute resolution system and be a member of Australian Financial Complaints Authority (AFCA) and hold professional indemnity (PI) insurance cover.
Ricard may apply to the Administrative Appeals Tribunal for a review of ASIC’s decision.
