ASIC has suspended the Australian financial services (AFS) licence of fund manager Edisons Global Pty Ltd (Edisons) for six months, from 31 October 2024 to 30 May 2025.
ASIC suspended the licence after Edisons failed to comply with certain obligations required of AFS licensees. Since its AFS licence was granted in 2021, Edisons failed to lodge its industry funding metrics or its annual financial statement, auditor report and audit opinion by the due date for the financial years, ending 30 June 2022 and 30 June 2023.
While the licence is suspended, Edisons may:
- continue to provide financial services reasonably necessary for, or incidental to, the winding down of any managed investment scheme it operates for wholesale clients; and
- appoint a new trustee to any such scheme or the daily operation of such a scheme.
Edisons must not issue interests in any managed investment scheme it operates to new members during the period of the suspension.
Background
Edisons has held AFS licence 526694 since 7 July 2021. The licence authorises Edisons to deal in financial products, provide financial advice and custodial or depository services to wholesale clients. Edisons currently operates a managed investment scheme open to wholesale clients.
