ASIC media releases are point-in-time statements. Please note the date of issue and use the internal search function on the site to check for other media releases on the same or related matters.

Friday 1 July 2016

16-214MR ASIC cancels AFS licence for failing to lodge financial statements

ASIC has cancelled the Australian financial services (AFS) licence of Sydney-based Etern Wisdom Global Pty Ltd (Etern Wisdom) for failing to comply with a number of its key obligations as a financial services licensee.

In particular, ASIC found that Etern Wisdom:

  • failed to lodge financial statements, auditor reports and auditor opinions over consecutive years. This is in breach of both its legal obligations and licence conditions; and
  • failed to advise ASIC in writing, within 10 business days, of becoming aware of this significant breach.

Deputy Chair Peter Kell said, ‘Licencees are required to lodge financial statements with ASIC to demonstrate their capacity to provide financial services. Failure to comply with reporting obligations can be an indicator of broader compliance concerns.

'We are disappointed that some licensees have not heeded the message that their failure to lodge audited financial statements, a key obligation of licensees, may result in the cancellation of their licence. We continue to focus on this obligation and will take further action where licensees do not comply', Mr Kell said.

Etern Wisdom has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision.


ASIC cancelled Etern Wisdom's AFS licence on 6 June 2016.

Etern Wisdom was authorised to provide general financial product advice in relation to derivatives and foreign exchange contracts to Australian retail clients. 

The annual lodgement of audited accounts is an important part of a licensee demonstrating it has adequate financial resources to provide the services covered by its licence and to conduct the business in compliance with the Corporations Act.

Last updated: 30/03/2021 09:33