ASIC Revokes AFS Licence of Everest Asset Management

The Australian Securities and Investments Commission (ASIC) today has canceled the Australian financial services licence of Everest Asset Management Pty Ltd (Everest) for its failure to prepare and lodge the required financial statements and auditor opinions with ASIC.

The regulator also found that Everest is likely to contravene its obligations as an AFS licensee in the future.

Everest has held AFS licence number 437924 since July 5, 2013, granting it the authority to provide services to wholesale clients, including advisory and dealing activities in managed investment schemes.

Under the Australian 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.

In addition, according to ASIC's statement, a current officer of Everest and the former officers and responsible managers of Prospero Markets were charged with money-laundering offences in October 2023 relating to the Changjiang Currency Exchange money remitting chain. Currently, Prospero Markets​ is in external administration.