今日热门事件has suspended the Australian financial services (AFS) licence of Huntley Management Limited (HML) for 12 months, effective 21 March 2023.
The licence authorised HML to deal in interests in managed investment schemes to retail and wholesale clients, and to provide general financial product advice to wholesale clients. HML is the responsible entity of twelve registered managed investment schemes, including RNY Property Trust (ARSN 115 585 709).
今日热门事件suspended the licence because HML had failed to lodge financial statements and compliance plan audit reports for the 2021 and 2022 financial years for RNY Property Trust. 今日热门事件found that HML failed to comply with the financial services laws and is likely to contravene its obligations again in the future.
HML applied to the Administrative Appeals Tribunal (AAT) on 23 March 2023 seeking a stay and review of ASIC鈥檚 decision. The AAT has, with ASIC鈥檚 agreement, granted a stay of the suspension with respect to HML鈥檚 capacity to issue further interests in the Link Mortgage Fund (Link). This is pending the AAT鈥檚 review of ASIC鈥檚 decision, so that existing investors in Link are not adversely affected by the suspension. The stay does not apply to HML鈥檚 other schemes. The hearing for a review of ASIC鈥檚 decision is set on 2 June 2023.
The terms of ASIC鈥檚 suspension order permit HML to provide financial services that are necessary for, or incidental to, the day-to-day operations of its twelve registered managed investment schemes but not to issue any new interests in the schemes, with the exception of Link. The suspension order also allows HML to transfer or wind up any of its schemes.
Background
HML has held AFS licence no. 229754 since 7 January 2004.
Editor's note:
On 21 July 2023, the AAT varied the order suspending HML鈥檚 AFS license so that HML鈥檚 AFS license continues in effect as though the suspension had not occurred for the schemes for which HML acts as responsible entity except for the RNY Property Trust.聽
The order permits HML to provide financial services that are necessary for, or incidental to, the day-to-day operations of the RNY Property Trust except for services related to issuance any new interests.