Recently, the Australian Securities and Investment Commission ASIC announced the suspension of Huntley Management Limited HML's Australian Financial Services AFS license. The suspension will last for 12 months and take effect on March 21, 2023. Meanwhile, ASIC announced the cancellation of Centurion's Australian Financial Services AFS license, also known as Centurion Custodian Funds Management Ltd. The cancellation took effect on January 18, 2023, but was announced on May 23, 2023.
ASIC suspended HML's license due to HML's failure to submit financial statements and compliance plan audit reports for the fiscal years 2021 and 2022 of RNY Property Trust. ASIC has found that HML has failed to comply with financial services laws and is likely to violate its obligations again in the future.
HML applied to the Administrative Appeals Tribunal (AAT) on March 23, 2023 to suspend the hearing of ASIC. AAT has suspended HML's ability to further issue Link Mortgage Fund equity with the consent of ASIC. This requires AAT to review ASIC's decision so that Link's existing investors will not be adversely affected by the suspension. Suspend other plans that are not applicable to HML.
The review hearing of ASIC's decision is scheduled to be held on June 2, 2023.
ASIC has cancelled Centurion's license as it has not provided any financial services under the license since its issuance.
On January 20, 2023, Centurion applied to the Administrative Appeals Tribunal (AAT) for a review and suspension of ASIC's decision. AAT rejected the suspension application on May 4, 2023, and a substantive review hearing on ASIC's decision is scheduled for July 10, 2023.
According to the Company Law, if a corporate body fails to provide financial services covered by the license within six months after the grant of the license, ASIC may cancel its AFSL license without holding a hearing.
