ASIC has suspended the Australian financial services (AFS) licence of Lantern RE Ltd (Lantern) until 30 May 2024.

The licence authorises Lantern to deal in interests in managed investment schemes and provide general financial product advice to wholesale and retail clients. Lantern is the responsible entity of the registered management investment scheme, Fracprop Fund ARSN 638 586 795 (Fracprop).

The license was suspended because Lantern failed to lodge financial statements and audit reports for the financial years 2019-2022 and did not lodge compliance plan audit reports for Fracprop for financial years 2020-2022.

At the end of the suspension period, ASIC may take further action if Lantern fails to rectify these breaches.

Lantern may apply to the Administrative Appeals Tribunal for a review of ASIC's decision.

Background

Lantern has held AFS Licence no. 386569 since 4 January 2011.

Editor's Note:

On 21 May 2024, ASIC extended the period of suspension of Lantern's AFS licence to 30 November 2024.