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ASIC cancels AFSL of MIS trustee

A managed investment scheme trustee/responsible entity has had its AFSL cancelled after the corporate regulator found it in breach of licensing conditions.

 In a statement issued today, the Australian Securities and Investments Commission announced it has cancelled the licence of Australian Public Trustees Limited (APT), having found the company breached its financial and reporting obligations under the conditions of its AFSL.

APT operates retail and wholesale funds, property funds and offers direct property asset management services.

It is currently trustee/responsible entity to the Government Property Trust, Government Property Trust No. 2, Government Property Trust No. 3, Government Property Trust No. 5, Podco Co-Investment Syndicate No. 2, Centro Property Group and Gersh Development Fund.

“ASIC imposes financial conditions on licensees to help ensure that they have adequate financial resources to provide the services covered by their licence. ASIC will not hesitate to take action where licensees fail to meet these requirements,” said ASIC commissioner Greg Tanzer.

“Companies also have obligations that are central to ensuring the transparency and accountability of the reporting process.”

“These obligations must be complied with to ensure users of financial reports like unit holders and creditors have the information available to help them make informed decisions.”