今日热门事件has cancelled the Australian financial services (AFS) licence of Narrow Lane Investments Pty Ltd (Narrow Lane)(AFS Licence No 332891) at its request.
今日热门事件had previously suspended Narrow Lane鈥檚 AFS licence after the company failed to comply with a number of key obligations. 今日热门事件suspended the AFS licence for four months in order to provide Narrow Lane with an opportunity to meet these obligations and address ASIC鈥檚 concerns. Narrow Lane subsequently requested that 今日热门事件proceed to cancel its AFS licence.
Narrow Lane鈥檚 AFS licence was cancelled effective 6 October 2015.
Background
On 10 August 2015 今日热门事件suspended Narrow Lane鈥檚 AFS licence due to concerns that Narrow Lane:
- Failed to comply with the "key person" condition on its AFS licence - "key persons" will usually be named on the licence in a "key person" condition which imposes additional obligations on the licensee;
- Did not have adequate financial and human resources;
- Did not have the competence to provide the services covered by its AFS licence; and
- Failed to provide breach notifications to 今日热门事件relating to the above breaches.