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ASIC cancels AFS license of Capital Investment Partners Pty Ltd and DGR Bloodstock Services Pty Ltd
Abstract：On May 10, ASIC has canceled the Australian Financial Services (AFS) licenses of two firms, DGR Bloodstock Services Pty Ltd(DGR) and Capital Investment Partners Pty Ltd (Capital Investment Partners).
On May 10, ASIC has canceled the Australian Financial Services (AFS) licenses of two firms, DGR Bloodstock Services Pty Ltd(DGR) and Capital Investment Partners Pty Ltd (Capital Investment Partners). DGR has been in possession of AFS license no. 288153 since July 8, 2005. DGR was granted a license to offer financial product advice and trade in managed investment schemes related to horse racing for both retail and wholesale clients. However, ASIC has canceled DGR's license due to the cessation of its financial services business. According to ASIC's regulations, they are permitted to cancel an AFS license held by a corporate entity without a hearing if the entity is no longer engaged in a financial services business. DGR does have the option to challenge ASIC's decision by applying for a review with the Administrative Appeals Tribunal.
Capital Investment Partners has held AFS license no. 292416 since October 13, 2005. However, ASIC has recently canceled its license, which authorized them to offer financial product advice for wholesale clients and trade in securities and interests in managed investment schemes. The reason for the cancellation was Capital Investment Partners ceasing to carry on a financial services business. According to ASIC's regulations, they are permitted to cancel an AFS license held by a corporate entity without a hearing if the entity is no longer engaged in a financial services business. Capital Investment Partners does have the option to contest ASIC's decision by applying for a review with the Administrative Appeals Tribunal.
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