ASIC cancels AFSL
The Perth-based Responsible Entity (RE) for four unlisted residential property funds, Devgroup Funds Management Limited, has had its Australian Financial Services Licence (AFSL) cancelled by the Australian Securities and Investments Commission (ASIC).
ASIC announced that the AFSL had been cancelled because of ongoing breaches of the company’s licence conditions and following extensive discussion regarding its inability to meet net tangible assets and reporting obligations under the Corporations Act 2001.
It said the licence cancellation had been agreed to by Devgroup, which was now in discussions with parties to formalise a winding up of the four funds.
Commenting on the AFSL cancellation, ASIC commissioner Greg Medcraft said the regulator expected licensees to meet the conditions of their licences on an ongoing basis.
The ASIC announcement said that in deciding to exercise its power to cancel Devgroup’s licence, its primary consideration had been the interests of investors in the funds.
AUTHOR
Mike Taylor
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