The Australian Securities and Investments Commission (ASIC) announced today that it has cancelled the Australian financial services (AFS) licence of Global Merces Funds Management Limited (Global Merces).
The licence cancellation became effective as of 20th July 2020. According to the Australian regulator, the licence was cancelled because the company has gone into liquidation.
Global Merces is the responsible entity for Global Merces Access Fund ARSN 604 201 952, Global Merces Equities Fund ARSN 604 220 662 and Covesta ARSN 625 625 803, collectively referred to as schemes.
The licence cancellation follows on from the Aussie watchdog suspending the licence of Global Merces after an external administrator was appointed on the 13th of January 2020. The asset manager has held its AFS licence no. 460883 since 26th February 2015.
ACY Securities Supports ASIC’s Product Intervention OrderGo to article >>
On 31st January 2020, Michael John Hill and Anthony Norman Connelly of McGrath Nicol were appointed as joint and several liquidators to the asset manager.
Until 31st July 2020, the liquidators will still be able to transfer Global Merces Access Fund, Global Merces Equities Fund and Covesta to a new responsible entity. Under the cancellation, the liquidators will also be able to investigate or preserve the assets and affairs of the schemes, as well as wind them up during this period.
ASIC Suspends USGFX Licence, Cancels Forex CT
In recent months there has been a notable uptick in the number of licences either being suspended or cancelled by ASIC. As Finance Magnates reported, the regulator recently suspended the AFS licence of Union Standard International Group, which operated under the brand USGFX.
Earlier in July, the Australian authority also cancelled the AFS licence of Forex Capital Trading Pty Ltd (Forex CT), a retail over the counter (OTC) derivatives issuer, alleging unconscionable conduct, misleading and deceptive conduct and a failure to manage conflicts of interest.