Nov 25 (Reuters) - AUSTRALIA'S ASIC:
- PLACES INTERIM STOP ORDERS ON TWO PERPETUAL FUNDS
- HAS ISSUED INTERIM STOP ORDERS PREVENTING PERPETUAL INVESTMENT MANAGEMENT LTD FROM OFFERING OR DISTRIBUTING TWO FUNDS TO RETAIL INVESTORS
- INTERIM ORDERS STOP FUNDS FROM ISSUING INTERESTS IN, GIVING A PRODUCT DISCLOSURE STATEMENT FOR OR PROVIDING GENERAL ADVICE TO RETAIL CLIENTS
- FUNDS ARE PERPETUAL PURE MICROCAP FUND AND PERPETUAL GEARED AUSTRALIAN SHARE FUND
- INTERIM STOP ORDERS BECAUSE OF DEFICIENCIES IN FUNDS' TARGET MARKET DETERMINATIONS
- ORDERS ARE VALID FOR 21 DAYS UNLESS REVOKED EARLIER
- EXPECTS PERPETUAL TO CONSIDER CONCERNS RAISED REGARDING TMDS AND TAKE IMMEDIATE STEPS TO ENSURE COMPLIANCE
- CONCERNED PERPETUAL NOT APPROPRIATELY CONSIDERED FEATURES AND RISKS IN DETERMINING THE WIDE TARGET MARKETS FOR FUNDS
- CONSIDERED THAT TMDS DID NOT MEET APPROPRIATENESS REQUIREMENTS UNDER DDO BECAUSE THEY DID NOT INCLUDE ANY DISTRIBUTION CONDITIONS.
- WILL CONSIDER MAKING A FINAL ORDER IF CONCERNS ARE NOT ADDRESSED IN A TIMELY MANNER
News: PPT Australia's ASIC Places Interim Stop Orders On Two Perpetual Funds
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Change
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Mkt cap ! $2.222B | |||
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|---|---|---|
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