ASIC has suspended Prime Value Asset Management’s AFS licence until 7 August 2026 over outstanding audit and financial reporting obligations, restricting new investor subscriptions while permitting essential services for existing schemes.
ASIC Suspends Prime Value Licence Until 7 August 2026
The Australian Securities and Investments Commission announced on 17 July 2026 that it had suspended the Australian financial services licence held by Prime Value Asset Management Limited until 7 August 2026. The company holds licence number 222055.
ASICstated that the regulatory decision relates to Prime Value’s failure to meet its statutory audit and financial reporting lodgement obligations. The company did not submit the required documents for the 2024 and 2025 financial years, resulting in the licence suspension.
(Source: ASIC, ASIC suspends AFS licence of Prime Value Asset Management Limited, published: 17 July 2026, sections covering the regulatory decision and reasons for suspension.)
Suspension Relates to Reporting Obligations for Two Consecutive Financial Years
According to ASIC, the direct reason for the suspension of Prime Value’sAFSlicence was the company’s failure to complete and lodge the required company audits and financial reports within the prescribed timeframes. The issue concerns both the 2024 and 2025 financial years, rather than an isolated delay affecting a single year.
ASIC also noted that Prime Value had previously experienced other compliance issues. However, the regulatory announcement explicitly stated that those breaches had been rectified, including:
Certain managed investment schemes offered to retail investors did not meet the applicable financial resource requirements.
Certain retail managed investment schemes did not lodge compliance plan audit reports as required.
The financial resource and compliance plan audit issues had been rectified before the publication of the announcement.
Therefore, the principal basis for the suspension remains the failure to meet statutory audit and financial reporting lodgement obligations for the 2024 and 2025 financial years. The regulatory announcement does not classify the historical issues that have already been rectified as continuing breaches.
No Scheme Interests May Be Issued to New Investors During the Suspension
A licence suspension is not equivalent to the permanent cancellation of the company’s licence, nor does it mean that all investment schemes managed by Prime Value must immediately cease operating. ASIC has defined the specific financial services that may continue during the suspension, focusing on restricting new investor business while preserving services reasonably necessary to maintain the normal management of existing schemes.
(Source: ASIC, ASIC suspends AFS licence of Prime Value Asset Management Limited, published: 17 July 2026, Conditions of the suspension section.)
Different Arrangements Apply to New and Existing Investors
New investors: During the licence suspension, Prime Value must not issue interests in its managed investment schemes to new investors and therefore cannot accept new subscriptions for those scheme interests.
Existing investors: The company may continue providing financial services that are reasonably necessary, directly related or incidental to the day-to-day operation or management of the investment schemes.
Income reinvestment: Existing investors may continue reinvesting income distributions generated by the investment schemes in accordance with the applicable arrangements.
Continuing compliance: Prime Value must continue meeting its obligations as an AFS licensee during the suspension. The suspension does not exempt the company from its ongoing compliance responsibilities.
| Regulatory matter | Date or number | Official explanation | Direct impact |
|---|---|---|---|
| Regulatory announcement published | 17 July 2026 | ASIC announced the suspension of the AFS licence | The company entered a temporary licence restriction period |
| Current suspension period | Until 7 August 2026 | Licence number 222055 was suspended | Scheme interests may not be issued to new investors |
| Registered managed investment schemes | 8 | Prime Value acts as the responsible entity | Day-to-day operations and management may continue within the permitted limits |
| Unregistered managed investment schemes | 53 | Prime Value acts as trustee | Included in the regulatory background as part of the company’s existing business activities |
Prime Value Is Responsible for Eight Registered Managed Investment Schemes
ASIC disclosed that Prime Value is the responsible entity for eight registered managed investment schemes. A responsible entity is generally responsible for scheme operations, compliance management and fiduciary duties, and must perform its obligations in accordance with financial services laws and the scheme documents.
(Source: ASIC, ASIC suspends AFS licence of Prime Value Asset Management Limited, published: 17 July 2026, Background section.)
Eight Registered Schemes Listed in ASIC’s Announcement
Prime Value Diversified High Income Plus Fund
Prime Value Diversified High Income Fund
Prime Value Enhance Income Fund
Prime Value Emerging Opportunities Fund
Prime Value Microcap Fund
Prime Value Opportunities Fund
Prime Value Equity Income Fund
Prime Value Growth Fund
In addition to the eight registered managed investment schemes listed above, Prime Value acts as trustee for 53 unregistered managed investment schemes and provides managed discretionary account services to wholesale clients. ASIC disclosed these activities to explain the licensee’s business scope and its management responsibilities across different investment structures.
The Suspension Does Not Mean All Existing Schemes Must Cease Operating
Based on the conditions published by ASIC, the measure primarily restricts Prime Value’s ability to attract new investors and issue additional scheme interests during the suspension. The company may continue carrying out work reasonably necessary to maintain the day-to-day operation of existing schemes, including scheme management, administrative processing and the reinvestment of income distributions for existing investors.
It is important to distinguish between permission to maintain necessary operations and a temporary exemption from licence obligations. Prime Value must continue complying with applicable financial services laws, licence conditions, scheme compliance requirements and other ongoing obligations during the suspension.
Prime Value May Apply for a Review of the Regulatory Decision
ASIC stated that Prime Value may apply to the Administrative Review Tribunal for a review of the suspension decision. TheARTindependently reviews eligible administrative decisions made by the Australian Government.
(Source: ASIC, ASIC suspends AFS licence of Prime Value Asset Management Limited, published: 17 July 2026, Review rights section.)
Current Regulatory Arrangements Include Three Clear Points
ASIC’s announcement states that the licence suspension will remain in effect until 7 August 2026.
Prime Value must continue meeting its obligations as a licensee during the suspension and address the outstanding audit and financial reporting compliance matters.
The company is entitled to apply to the ART for a review, but ASIC’s announcement does not state whether Prime Value has submitted such an application.
ASIC’s announcement only specifies the current duration of the suspension and does not state that the licence will automatically return to unrestricted status on 7 August 2026. The actual regulatory status at that time should be confirmed through ASIC’s registers, subsequent decisions or other formal announcements.
Questions About the Prime Value Licence Suspension
Has Prime Value’s AFS licence been cancelled?
No. ASIC announced a temporary suspension on 17 July 2026, not a permanent cancellation. The current announcement states that the suspension will remain in effect until 7 August 2026, and the licence number remains 222055.
Can Prime Value accept new investors during the suspension?
No. Under the suspension conditions published by ASIC, Prime Value must not issue interests in its managed investment schemes to new investors and therefore cannot accept new investor subscriptions through the relevant schemes during the suspension.
Must existing investment schemes immediately cease operating?
No, not all operations must cease. Prime Value may continue providing financial services that are reasonably necessary or incidental to the day-to-day operation or management of the schemes. It may also process the reinvestment of income distributions for existing investors, provided that these services comply with ASIC’s restrictions.
Why did ASIC suspend Prime Value’s licence?
The direct reason was Prime Value’s failure to meet its statutory audit and financial reporting lodgement obligations for the 2024 and 2025 financial years. ASIC also disclosed previous issues involving financial resources and compliance plan audits, but confirmed that those historical issues had been rectified.
How many investment schemes does Prime Value manage?
According to ASIC’s announcement as at 17 July 2026, Prime Value is the responsible entity for eight registered managed investment schemes and the trustee of 53 unregistered managed investment schemes. It also provides managed discretionary account services to wholesale clients.
Can Prime Value request a review of ASIC’s decision?
Yes. Prime Value is entitled to apply to the Administrative Review Tribunal for a review of ASIC’s licence suspension decision. However, as at the publication of ASIC’s announcement on 17 July 2026, the official information did not state whether the company had submitted a review application.
