ASIC Suspends AFS Licence of Lantern RE Ltd

The Australian Securities and Investments Commission (ASIC) announced yesterday the suspension of the Australian financial services (AFS) licence of Lantern RE Ltd (Lantern) until 29 May 2024. Lantern is the responsible entity of the registered management investment scheme, Fracprop Fund ARSN 638 586 795 (Fracprop). 

The Australian regulator expained that it took this action due to Lantern's failure to lodge financial statements and audit reports for the financial years 2019-2022, and lodge compliance plan audit reports for Fracprop for financial years 2020-2022.

Lantern has recieved the AFS license since 4 January 2011, which allows it to deal in interests in managed investment schemes and offer general financial product advice to wholesale and retail clients.

Moreover, ASIC noted that it may take further action if Lantern fails to rectify these breaches at the end of the suspension period.

Late last month, ASIC announced that it would extend the registration deadline​ for financial advisors who provide personal advice to retail clients on relevant financial products to October 1st, 2023.