On Friday (November 18), Australia's ASIC has suspended Brenex Investments Pty Ltd's (Brenex) Australian Financial Services (AFS) licence until May 15, 2023.

Under its license, Brenex is authorized to provide certain financial services to wholesale customers, including the issuance of interests in managed investment plans.

The ASIC suspended Brenex's licence because Brenex did not have a suitable experienced and qualified responsible manager. Brenex does not run a financial services business.

If Brenex fails to address ASIC's concerns by May 15, 2023, ASIC may take action to cancel Brenex's licence. Brenex may apply to the Administrative Appeals Tribunal for a review of ASIC's decision.

Brenex has held the AFS license since November 6, 2003.