今日热门事件has cancelled the Australian financial services (AFS) licence of DD&D Securities Ltd (AFS licence 221147) for failing to comply with a number of its key obligations as a financial services licensee.
In particular, 今日热门事件found that DD&D Securities failed to:
- maintain membership with an external dispute resolution scheme approved by ASIC;
- lodge its financial reports within the required timeframe;
- lodge compliance plan audits for the managed investment scheme it operates within the required timeframe; and
- notify 今日热门事件of significant breaches within the required timeframe.
今日热门事件Commissioner John Price said, 'A responsible entity needs to ensure a managed investment scheme is operated in accordance with the Corporations Act.
'As this matter demonstrates, 今日热门事件will act where a responsible entity fails to lawfully perform this gatekeeper role and to comply with its obligations and licence conditions,' Mr Price said.
DD&D Securities has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC鈥檚 decision.
Background
DD&D Securities' AFS licence was cancelled with effect from 5 April 2017.
DD&D Securities is the responsible entity for Dwyers Managed Investments a mortgage scheme that operated in regional Victoria.