ASIC has suspended the Australian financial services (AFS) licence of Brenex Investments Pty Ltd (Brenex) until 15 May 2023.

Under its licence, Brenex was authorised to provide specified financial services to wholesale clients, including issuing interests in a managed investment scheme.

ASIC suspended Brenex’s licence because Brenex did not have a suitably experienced and qualified responsible manager. Brenex has not been operating a financial services business.

In the event that Brenex fails to address ASIC’s concerns by 15 May 2023, ASIC may take action to cancel Brenex’s licence.

Brenex may apply to the Administrative Appeals Tribunal for a review of ASIC’s decision.

Background

Brenex has held AFS licence no. 234 523 since 6 November 2003.

Editor's note:

On 11 May 2023, ASIC extended the AFS licence suspension of Brenex until 15 November 2023. The extended suspension gives Brenex an opportunity to appoint a suitably experienced and qualified responsible manager for the license.

Editor's note 2:

On 15 November 2023, ASIC extended the AFS licence suspension of Brenex until 14 April 2024. The extended suspension gives Brenex an opportunity to appoint a suitably experienced and qualified responsible manager for the license.