ASIC Suspends AFS Licence of Celtic Equities Management

The Australian Securities and Investments Commission (ASIC) announced on Monday (October 23, 2023) the suspension of the Australian Financial Services (AFS) licence of financial services provider, Celtic Equities Management Pty Ltd for six months.

The Australian financial watchdog explained that it took this action because Celtic Equities Management failed to lodge its financial statements and audit report for the financial years ended 30 June 2017 to 30 June 2022; pay its outstanding ASIC Industry Funding Levies; and pay outstanding late payment penalties.

The entity has received the AFS licence 225216 on 11 December 2003.

Moreover, the regulator gives Celtic Equities Management the opportunity to take the necessary steps to demonstrate it could meet its outstanding compliance obligations.

ASIC may revoke the AFS licence if by the end of the suspension period Celtic Equities Management has not complied with the outstanding compliance obligations.

Last month, Fazzaco reported that ASIC has released its annual licensing report ​for the financial year between July 2022 and June 2023, unveiling that it has granted 332 new AFS licences during this period.