ASIC said it had cancelled the AFSL of Narrow Lane Investments Pty Ltd at the company's request. The regulator had previously suspended the company's licence after it failed to comply with a number of key obligations. ASIC gave the company four months to meet the obligations, but Narrow Lane subsequently requested that ASIC proceed with the cancellation of its licence.
ASIC originally suspended Narrow Lane's licence due to a number of concerns the regulator raised with the company, including that Narrow Lane:
Failed to comply with the "key person" condition on its AFS licence - "key persons" will usually be named on the licence in a "key person" condition which imposes additional obligations on the licensee;
Did not have adequate financial and human resources;
Did not have the competence to provide the services covered by its AFS licence; and
Failed to provide breach notifications to ASIC relating to the above breaches.
ASIC has cancelled a service provider's AFSL at its request after it failed to meet obligations.