Sydney-based firm has AFSL suspended
Sydney-based financial services firm Far East Capital has had its Australian financial services licence suspended by the Australian Securities and Investments Commission (ASIC) for failing to comply with key obligations under that licence.
ASIC found Far East failed to lodge financial statements, auditor reports and auditor opinions over consecutive years despite repeated demands from ASIC; and did not advise ASIC of those breaches.
ASIC Commissioner Dr Peter Boxall said ASIC has a program in place to follow up licence holders regarding lodgement of their accounts, which seeks compliance and may then result in action such as suspension or cancellation of a licence.
ASIC said it may consider revoking the suspension period in the event Far East lodges the outstanding reports.
Far East offers services including research reports on market trends for prospective investors, according to ASIC.
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