meta_id 3334413

On November 26, 2024, the Australian Securities and Investments Commission (ASIC) suspended the Australian financial services (AFS) licence of Prime Value Asset Management Limited (Prime Value) until August 7, 2026. ASIC suspended Prime Value's AFS licence (number 222055) because the firm failed to meet its statutory audit and financial reporting lodgement obligations for the financial years ending 2024 and 2025. ASIC also identified that Prime Value had previously failed to meet financial resource requirements and lodge compliance plan audit reports for some of its retail schemes, though Prime Value has since rectified these breaches. Prime Value is the responsible entity of eight registered managed investment schemes: 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, and Prime Value Growth Fund. Prime Value also acts as trustee of 53 unregistered managed investment schemes and provides a wholesale managed discretionary account service. The suspension conditions restrict Prime Value from issuing interests in its managed investment schemes to new investors. However, Prime Value may continue to provide financial services reasonably necessary for, or incidental to, the day-to-day operation or management of the schemes and reinvestment of income distributions by existing investors. Prime Value must continue to meet its licence obligations during the suspension period. Prime Value may apply to the Administrative Review Tribunal for a review of ASIC's decision. The suspension remains in effect until August 7, 2026, unless earlier revoked or varied by ASIC.