ASIC suspends AFS licence of Aurora Funds Management Limited

ASIC

ASIC has suspended the Australian financial services (AFS) licence of Aurora Funds Management Limited (Aurora) (AFSL 222110) until 20 September2024.

Aurora is the responsible entity of 6 registered managed investment schemes, the Aurora Absolute Return Fund (ARSN 110 303 430); HHY Fund (ARSN 112 579 129); Aurora Property Buy-Write Income Trust (ARSN 125 153 648); Aurora Global Income Trust (ARSN 127 692 406); Aurora Fortitude Absolute Return Fund (ARSN 145 894 800); and Aurora Dividend Income Trust (ARSN 151 947 732) (collectively referred to as ‘the Schemes’).

ASIC found Aurora failed to meet statutory audit and financial reporting lodgement obligations for:

  • itself for the financial years ending 2022 and 2023;
  • the Schemes:
    • for the financial year ending 2023 and,
    • excluding the Aurora Fortitude Absolute Return Fund, for the half-year ending 31 December 2023.

The licence suspension means that Aurora cannot provide financial services including issuing any new interests in the Schemes. However, in the interest of ensuring investors in the Schemes are not disadvantaged by the suspension order, ASIC has made the suspension subject to a specification enabling Aurora to continue to provide financial services that are reasonably necessary for, or incidental to, the day-to-day operation of the Schemes.

The suspension will be lifted earlier if Aurora complies with its audit and financial reporting lodgement obligations.  ASIC may consider further action if Aurora has not complied with its obligations at the end of the suspension period.

Aurora may apply to the Administrative Appeals Tribunal for a review of ASIC’s decision.

Background

Aurora has held AFS licence number 222110 since 2 September 2002. It is authorised under the licence to operate the Schemes as responsible entity.

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