ASIC cancels Everest Asset Management’s AFS licence


ASIC has cancelled the Australian financial services (AFS) licence of Everest Asset Management Pty Ltd (Everest).

Everest’s licence was cancelled because Everest failed to prepare and lodge the required financial statements and auditor opinions with ASIC. ASIC also found that Everest is likely to contravene its obligations as an AFS licensee in the future.

Under the 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.

Everest has a right to apply to the Administrative Appeals Tribunal for a review of ASIC’s decision.


Everest held AFS licence number 437924. Everest was licenced to provide services to wholesale clients which included the authority to advise and deal in managed investment schemes.

The cancellation of Everest’s AFS licence follows ASIC’s successful application to the Federal Court for orders that Prospero Markets Pty Ltd (Prospero) be wound up on just and equitable grounds and that liquidators be appointed to Prospero (24-070MR).

ASIC commenced its investigation into Prospero and Everest following the Australian Federal Police’s Operation Avarus-Nightwolf which resulted in former officers and responsible managers of Prospero and a current officer of Everest being charged with money-laundering offences in October 2023 relating to the Changjiang Currency Exchange money remitting chain.

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