AFS licence suspension of Gigi Investment ends
The Australian Securities and Investments Commission (ASIC) announces that the AFS licence suspension of Sydney financial service provider Gigi Investment Group Pty Ltd has ended following compliance of the firm with its obligations.
On 10 November 2022, ASIC suspended the Australian financial services (AFS) licence of Gigi Investment for a period of three months.
An ASIC surveillance found that Gigi Investment failed to:
- lodge its financial statements and audit report for the financial year ended 30 June 2021;
- pay its ASIC Industry Funding Levies; and
- maintain membership of the AFCA scheme.
ASIC suspended Gigi Investment’s AFS licence for three months to give Gigi Investment the opportunity to take the necessary steps to demonstrate it could meet its obligations as an AFS licensee before recommencing its financial services business.
Prior to the conclusion of the suspension, Gigi Investment had lodged the outstanding financial statement and audit report, paid the ASIC Industry Funding Levies and obtained AFCA membership. The suspension ended on 13 February 2023.