The Australian Securities and Investments Commission (ASIC) today announced that it has suspended the Australian Financial Services (AFS) licence of Cartesian Corporate Finance Limited (Cartesian) until 25 August 2023.

The Australian regulator explained that it was taking the action because Cartesian had ceased to conduct financial services business. The Australian Financial Services licence authorises the firm to trade securities and manage interests in investment schemes and to advise institutional clients on financial products. Cartesian has held the licence since 18 February 2004.

In addition, the regulator noted that if at the end of the suspension period, Cartesian does not have the ability to restart its financial services business, it may cancel the company's license.

Last week, ASIC suspended Lendfin Private Pty Ltd's Australian financial services licence suspension until March 1, 2024.