ASIC has cancelled the Australian financial services (AFS) licence of Everest Asset Management Pty Ltd (Everest).

Everest’s licence was cancelled because Everest failed to prepare and lodge the required financial statements and auditor opinions with ASIC. ASIC also found that Everest is likely to contravene its obligations as an AFS licensee in the future.

Under the Corporations Act, ASIC may suspend or cancel an AFS licence if a licensee fails to meet its general obligations under s912A. This includes the obligation to comply with financial services laws, including the requirement to lodge financial statements annually with ASIC.

Everest has a right to apply to the Administrative Appeals Tribunal for a review of ASIC’s decision.