ASIC has issued a stop order on a product disclosure statement (PDS) issued by Investors Exchange Limited (IEL).

The PDS, Investors Exchange Craft Brewery Investment #1 (dated 15 March 2019), was for a class of interests in the Investors Exchange Investment Fund.

ASIC was concerned the PDS didn’t adequately disclose risks and conflicts of interests, that it omitted important information about the investment and associated expenses such as fees and costs, and included outdated and incorrect references.

ASIC issued an interim stop order on the PDS on 10 May 2019, and IEL subsequently consented to a final stop order.

While the final stop order is in force, no offers, issues, sales or transfers of interests in Investors Exchange Craft Brewery Investment #1 can be made under the PDS.