This article is from the Australian Property Journal archive
THE Australian Securities and Investments Commission has filed an appeal against a Administrative Appeal Tribunal decision to upheld the financial services licence held by boutique property fund manager Opus Capital.
Opus is the responsible entity for 14 unlisted property funds and late last month, the AAT set aside ASIC’s decision to cancel Opus’ Australian financial services license.
ASIC’s decision to cancel Opus’ licence was made after the company failed to rectify an ongoing breach of the Net Tangible Asset condition of its licence to the Commission’s satisfaction. ASIC amended its register to reflect its decision to cancel the AFS licence on 31 August 2010.
Opus applied to the AAT and obtained orders staying ASIC’s decision and suppressing the release of any information concerning the decision. ASIC opposed the suppression orders.
ASIC said yesterday it has file an appeal in the Federal Court and said that the AAT erred in law in concluding that a deferred tax asset was not an intangible asset and could therefore be included for the purpose of complying with the Net Tangible Asset requirement of the AFS licence held by Opus.
Australian Property Journal