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Thursday 13 October 2016

16-350MR ASIC cancels the Australian Financial Services licence of Macro All State Investments & Securities Limited

ASIC has cancelled the Australian Financial Services (AFS) licence of Western Australian-based Macro All State Investments & Securities Limited (Macro).

In general, the Macro AFS licence allowed Macro to:

  1. provide general financial product advice;
  2. deal in a financial product, issue or vary a financial product;
  3. apply for, acquire, dispose of financial products on another's behalf;
  4. operate a managed investment scheme, and
  5. provide a Custodian or Depository service.

The directors of Macro included Ms Desiree Veronica Macpherson. 

Background

ASIC obtained various ex parte interim orders in the Perth Federal Court on 21 July 2016 in part restraining Ms Macpherson and various companies that she was a director of, including Macro, from providing financial services advice, dealing in financial products, promoting financial products and otherwise carrying on a financial services business (see: 16-258MR).

Section 915B(3)(d) of the Corporations Act 2001 states ASIC may suspend or cancel an AFS licence held by a body corporate by giving written notice to the body, if the body lodges with ASIC an application for ASIC to do so, which is accompanied by any documents required by regulations.

ASIC's investigation is continuing into the activities of Ms Macpherson and various companies of which she has been a director.

Last updated: 30/03/2021 09:33