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ASIC Revokes AFS License of Everest Asset Management

ASIC Revokes AFS License of Everest Asset Management

NEWS

The Australian Securities and Investments Commission (ASIC) has announced the cancellation of the Australian financial services license held by Everest Asset Management Pty Ltd (Everest) due to its failure to prepare and submit the necessary financial statements and auditor opinions to ASIC.

ASIC also determined that Everest is likely to breach its obligations as an AFS licensee in the future.

Everest has been in possession of AFS license number 437924 since July 5, 2013, allowing it to offer services to wholesale clients, including advisory and dealing activities in managed investment schemes.

In accordance with the Australian Corporations Act, ASIC has the authority to suspend or revoke an AFS license if the licensee fails to fulfill its general obligations under s912A. This encompasses compliance with financial services laws, such as the annual requirement to lodge financial statements with ASIC.

This comes after ASIC recently revoked the AFS license of JB Markets in April, citing the firm’s failure to meet financial requirements.

Furthermore, ASIC’s statement reveals that a current officer of Everest, along with former officers and responsible managers of Prospero Markets, faced charges of money-laundering offenses in October 2023 related to the Changjiang Currency Exchange money remitting chain. Presently, Prospero Markets is undergoing external administration.

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