ASIC cancels Eden Asset Management licence

The Australian Securities and Investments Commission cancelled the Australian Financial Services licence of Eden Asset Management, effective immediately.

The regulatory body stripped the firm of its licence (number 296466) on the basis that the company has entered liquidation, marking the end of an entity that has operated in the domestic financial landscape for two decades.

The enforcement action was executed with the full consent of Eden’s appointed liquidators.

This development follows a series of stringent enquiries initiated by the corporate watchdog into the firm's non-compliance with essential statutory reporting, independent auditing, and core financial requirements.

Under current federal legislation, ASIC retains the statutory power to cancel an AFS licence held by a body corporate without a formal hearing if the entity becomes a Chapter 5 body corporate—a classification that applies to companies under administration or being actively wound up.

Following the regulatory probe, Eden’s liquidators formally advised ASIC that the asset management firm had entirely ceased commercial trading operations.

The company had no ongoing requirement for its financial services credentials.

Eden Asset Management had held its AFS licence since Feb. 13, 2006, functioning as a registered participant in the Australian financial sector for over twenty years.