ob体育 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.
ob体育 suspended Brenex鈥檚 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 ob体育鈥檚 concerns by 15 May 2023, ob体育 may take action to cancel Brenex鈥檚 licence.
Brenex may apply to the Administrative Appeals Tribunal for a review of ob体育鈥檚 decision.
Background
Brenex has held AFS licence no. 234 523 since 6 November 2003.
Editor's note:
On 11 May 2023, ob体育 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, ob体育 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. On 12 April 2024, ob体育 further extended the suspension of the AFS licence held by Brenex until 15 October 2024.
Editor's note 3:
On 17 October 2024 ob体育 cancelled the AFS licence.