ASIC revoked Eden Asset Management's AFS licence after the company entered liquidation, citing reporting, audit and financial management compliance issues and liquidator consent.
ASIC Officially Revokes Eden Asset Management’s Financial Services Licence
The Australian Securities and Investments Commission (ASIC) issued Media Release No. 26-105MR on May 25, 2026, announcing the formal revocation of the Australian Financial Services (AFS) licence held by Eden Asset Management Pty Ltd, licence number 296466, with the revocation taking immediate effect.
(Source: ASIC official Media Release No. 26-105MR, published on May 25, 2026)
Key Facts Behind the Revocation Decision
According to the announcement, the immediate basis for the revocation was that Eden had entered liquidation. The revocation action received the written consent of Eden’s liquidator. Prior to this, ASIC had made inquiries into the company’s failure to meet statutory reporting obligations, audit deficiencies and breaches relating to financial management. The liquidator confirmed to ASIC that Eden had completely ceased trading activities and no longer needed to hold a financial services licence.
Key Timeline from Licensing to Revocation
Eden’s financial licence history spans nearly two decades. From obtaining the licence to its final revocation, the following key stages occurred:
Licence Holding and Compliance Investigation
February 13, 2006: Eden formally obtained AFS licence number 296466, authorising it to provide regulated financial services in Australia.
ASIC’s subsequent investigation confirmed that Eden had multiple issues involving missing statutory reports, non-compliant audits and breaches of financial management requirements.
February 24, 2026: According to records in ASIC’s published notices system, Azzedine Amani of Worrells’ Western Australia office was formally appointed as Eden’s liquidator, and Eden entered liquidation. (Source: ASIC published notices system, notice date: February 24, 2026)
Implementation Process of the Revocation Decision
The revocation process proceeded through the following steps:
ASIC initiated formal inquiries with the company and its liquidator regarding Eden’s multiple compliance breaches.
After verification, the liquidator confirmed that Eden had ceased all trading activities and no longer had a need to remain licensed.
The liquidator provided written consent to ASIC’s revocation decision.
On May 25, 2026, ASIC formally issued the revocation announcement under the relevant legal provisions, without the need to hold a hearing.
(Source: ASIC official Media Release No. 26-105MR, published on May 25, 2026; Mirage News syndicated report, published on May 25, 2026)
Legal Basis and Procedure for the Revocation
Under the relevant provisions of Australia’s Corporations Act, when a body corporate falls within Chapter 5 — meaning it is being wound up or is under external administration — ASIC has the power to directly revoke its AFS licence without holding a hearing. Eden entered liquidation on February 24, 2026. Its liquidation status triggered this statutory power, enabling ASIC to complete the revocation directly with the liquidator’s consent.
Key Data Overview of the Event
| Date | Event | Entity Involved | Information Source |
|---|---|---|---|
| February 13, 2006 | Obtained AFS licence number 296466 | Eden Asset Management | ASIC official announcement |
| February 24, 2026 | Liquidator appointed and company entered liquidation | Worrells Western Australia office | ASIC published notices system |
| May 25, 2026 | AFS licence formally revoked | ASIC | Media Release 26-105MR |
Questions Related to the Revocation of Eden Asset Management’s Licence
What was the specific reason ASIC revoked Eden’s financial services licence?
The immediate basis for the revocation was that Eden had entered liquidation. In its earlier investigation, ASIC found multiple issues, including missing statutory reports, audit deficiencies and breaches of financial management requirements. The liquidator confirmed to ASIC that the company had ceased all trading activities and no longer needed to remain licensed. After receiving written consent, ASIC completed the revocation process.
Under what conditions can ASIC revoke an AFS licence directly without holding a hearing?
Under Chapter 5 of Australia’s Corporations Act, when a licensed body corporate is in liquidation or under external administration, ASIC may exercise its statutory power to revoke its AFS licence without holding a hearing. This mechanism is intended to quickly remove non-compliant licence records when an institution has lost its operational capacity.
How long did Eden Asset Management operate under its licence?
Eden obtained AFS licence number 296466 on February 13, 2006, and the licence was formally revoked on May 25, 2026, meaning it held the licence for approximately 20 years. During this period, the company conducted regulated financial services business in Australia.
What role did the liquidator play in this revocation process?
Azzedine Amani of Worrells’ Western Australia office, acting as Eden’s liquidator, played three roles: confirming to ASIC that Eden had ceased trading and no longer needed to remain licensed; cooperating with ASIC’s inquiries into Eden’s previous compliance breaches; and providing written consent to ASIC’s revocation decision, allowing the process to be completed without a hearing.
