ASIC suspends AFS licence of Lantern RE Ltd

On 05 June, 2023 ASIC suspended the Australian financial services (AFS) licence of Lantern RE Ltd (Lantern) until 29 May 2024.

The licence authorises Lantern to deal in interests in managed investment schemes and provide general financial product advice to wholesale and retail clients. Lantern is the responsible entity of the registered management investment scheme, Fracprop Fund ARSN 638 586 795 (Fracprop).

Lantern has held AFS Licence no. 386569 since 4 January 2011. The license was suspended because Lantern failed to lodge financial statements and audit reports for the financial years 2019-2022 and did not lodge compliance plan audit reports for Fracprop for financial years 2020-2022.

At the end of the suspension period, ASIC may take further action if Lantern fails to rectify these breaches.

About ASIC

The Australian Securities and Investment Commission (ASIC) is a government agency responsible for regulating and enforcing company and financial services laws to protect consumers, investors and creditors. Its role includes monitoring financial markets, licensing and regulating financial services providers, enforcing laws against misconduct and fraud, and educating consumers about financial matters. ASIC plays a crucial role in maintaining the integrity and stability of Australia's financial system.

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