The Australian Securities and Investments Commission (ASIC) announced yesterday that it has suspended Lantern RE Ltd's (Lantern) Australian Financial Services (AFS) licence until 29 May 2024. Lantern is the responsible entity for the registered managed investment scheme Fracprop Fund ARSN 638 586 795 (Fracprop).

The regulator explained that it took this action because Lantern did not file financial statements and audit reports for the financial years 2019-2022, and did not file audit reports for the compliance program of Fracprop for the financial years 2020-2022.

Lantern was granted an Australian Financial Services licence on 4 January 2011, which allows it to trade interests in managed investment schemes and provide general financial product advice to institutional and retail clients.

Further, ASIC noted that if Lantern fails to correct these breaches at the end of the suspension period, it may take further action.