Celtic Equities Management's License Suspended for 6 Months

The Australian Securities and Investments Commission (ASIC) has taken a significant regulatory step by suspending the Australian Financial Services (AFS) license of Celtic Equities Management Pty Ltd for a duration of six months. This decisive action was prompted by ASIC's comprehensive surveillance, which brought to light multiple breaches of regulatory obligations committed by this financial services provider.

Effective from October 19, 2023, ASIC's regulatory move directly addresses Celtic Equities Management's failure to meet critical compliance requirements. These non-compliance issues are twofold: first, the company failed to fulfil its obligation to submit financial statements and audit reports for the financial years ending between June 30, 2017, and June 30, 2022. Secondly, Celtic Equities Management was found to have outstanding ASIC Industry Funding Levies that remained unpaid, in addition to the accumulation of unsettled late payment penalties.

Celtic Equities Management Pty Ltd, which holds the AFS number 245486, has maintained AFS license 225216 since December 11, 2003. The suspension of Celtic Equities Management's AFS license is a measure designed to provide the company with an opportunity to address these compliance matters appropriately.

Over the course of this six-month period, the firm is expected to take all necessary actions to clearly demonstrate its commitment and capability to meet its pending obligations to ASIC. It is imperative to emphasize that should Celtic Equities Management fail to rectify its compliance issues by the conclusion of the six-month suspension, ASIC has unequivocally stated its intention to consider further regulatory actions. These actions could potentially result in the revocation of the company's AFS license.