ASIC has cancelled the Australian financial services (AFS) licence of DGR Bloodstock Services Pty Ltd (DGR).

The licence authorised DGR to provide financial product advice and deal in interests in managed investment schemes limited to horse racing to retail and wholesale clients.

ASIC cancelled the licence because DGR has ceased to carry on a financial services business.

ASIC may cancel an AFS licence held by a body corporate without a hearing if the body ceases to carry on a financial services business.

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

Background

DGR has held AFS licence no. 288153 since 8 July 2005.