Australian regulator cancels licence of RVM Capital

Maria Nikolova

The company has failed to lodge its annual financial statements and auditor’s reports for three consecutive years.

The Australian Securities and Investments Commission (ASIC) today announced the cancellation of the Australian financial services (AFS) licence of RVM Capital Pty Ltd. The regulatory decision stems from the company’s failure to lodge its annual financial statements and auditor’s reports for three years in a row.

RVM Capital Pty Ltd held the AFS licence no. 457140. The licence cancellation was effective from January 21, 2020 but was reported just today by the regulator.

ASIC notes that licensees must have the financial resources to provide the services covered by their licence and to conduct their business lawfully. They must demonstrate this by lodging their financial statements and auditor’s reports annually.

The regulator may suspend or cancel a licence if the licensee fails to meet this obligation.

The cancellation of RVM’s AFS licence forms part of ASIC’s ongoing efforts to improve standards across the financial services industry. Earlier this week, the regulator published an update on its enforcement work showing a rise of 10% in the number of enforcement investigations for the year to January 2020.

Among the latest AFS license cancellations by ASIC is that of Financial Options. In cancelling the AFS licence, ASIC said it found that Financial Options had not complied with its financial requirements and had not done all things necessary to address ASIC’s concerns in relation to organisational competence, human resources and compliance requirements.

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