A recent decision of the Administrative Appeals Tribunal (AAT)
looked at whether ASIC could be prohibited from publishing the
cancellation of an AFSL belonging to Centurion Custodian Funds
Management. As lawyer Sarah Sherman explains, the Tribunal's
rationale in deciding whether to prohibit ASIC from sharing the
news may be relevant where a licensee or other organisation wants
ASIC to hold off on publicising certain information.
BACKGROUND
Centurion held an AFSL authorising it to provide specified
financial services, including financial product advice and dealing
with interests in managed investment schemes for wholesale
clients.
On 18 January 2023, ASIC made a reviewable decision to cancel
Centurion's AFSL on the basis it had not used the licence and
there was no evidence suggesting it would.
