ASIC suspends Huntley Management Ltd AFSL

The Australian Securities and Investments Commission (ASIC) has suspected the license of a Huntley Management Limited – the responsible entity for 12 registered Managed Investment Schemes (MISs).

ASIC announced today that Huntley Management Limited’s AFSL had been suspected for 12 months because the firm had failed to lodge financial statement and compliance plan audit reports for the 2021 and 2022 financial years for RNY Property Trust.

ASIC said HML failed to comply with financial services laws and was likely to contravene its obligations again in the future.

The ASIC announcement noted that HML applied to the Administrative Appeals Tribunal on 23 March seeking a stay and review of ASIC’s decision and that the tribunal had, with ASIC’s agreement, granted a stay of the suspension with respect to HML’s capacity to issue further interests in the Link Mortgage Fund.

It said this was pending the AAT’s review of ASIC’s decision, so that existing investors in Link are not adversely affected by the suspension. It said the stay did not apply to HML’s other scheme.

The terms of ASIC’s suspension order permit HML to provide financial services that are necessary for, or incidental to, the day-to-day operations of its twelve registered managed investment schemes but not to issue any new interests in the schemes, with the exception of Link. The suspension order also allows HML to transfer or wind up any of its schemes.