The corporate watchdog has suspended the Australian financial services licence (AFSL) of Global Merces Funds Management for six months, effective 21 January, 2020.
The suspension follows the appointment of Jarvis Lee Archer of Revive Financial as administrator to Global Merces on 13 January, 2020, the Australian Securities and Investments Commission (ASIC) said in an announcement.
ASIC said Global Merces was the responsible entity of Global Merces Access Fund, Global Merces Equities Fund, and Covesta.
Global Merces has held its AFSL since 26 February, 2015.
Though ASIC had suspended the licence the firm has used its power under S915H of the Corporations Act to allow the administrators to conduct activities under the licence during the administration.
These activities were:
- Transferring the Schemes to a new responsible entity;
- Investigating or the preserving of the assets and affairs of the schemes; and
- Winding up the schemes.
