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ASIC to appeal AAT dismissal of its Opus decision
ASIC has filed an appeal in the Federal Court against the Administrative Appeal Tribunal’s dismissal of its decision regarding a financial services licence.
The New Lawyer
ASIC has filed an appeal in the Federal Court against the Administrative Appeal Tribunal’s dismissal of ASIC’s decision to can the financial services license held by Opus Capital.
ASIC warned last month that it was considering an appeal of the decision. ASIC had planned to cancel Opus’ licence after the company failed to rectify an ongoing breach of the Net Tangible Assets (NTA) condition of its licence to ASIC’s satisfaction. “The Corporations Act 2001 requires that a financial services licensee must have adequate resources, including financial, to provide the financial services covered by their licence and to carry out supervisory arrangements,” it said in a statement in September. The basis of the appeal as filed in the Federal Court is that the AAT erred in law in concluding that a deferred tax asset was not an intangible asset and could therefore be included for the purpose of complying with the Net Tangible Asset requirement of the AFS licence held by Opus, ASIC said. Opus previously applied to the AAT and obtained orders staying ASIC’s decision and suppressing the release of any information concerning the decision and the matters before the AAT.
