Equitise fined for failed financial statements

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The Autorité des marchés financiers (FMA) issued a notice of violation to crowdfunding service provider Equitise Pty Ltd for failing to file financial statements by their due date.

Wednesday July 14, 2021, 10:26 a.m.

by Matthieu Martin

Equitise has been approved by the FMA as a crowdfunding service provider since December 22, 2014.

As an approved crowdfunding service provider, Equitise was required to file audited financial statements for the year ended June 30, 2020 by October 30, 2020.

To date, the company has not yet filed its financial statements, but has paid a violation fee of $ 7,500 for the violation.

The purpose of financial statements is to provide investors and other stakeholders with information useful for decision-making. For licensed crowdfunding service providers, this includes information about the performance of the entity under the license.

Reliable and supportable financial statements must be made available to the public in a timely manner. For many reporting entities, financial statements are the only source of financial information available to investors and other stakeholders.

The FMA recently published a report concerning the regulator’s control of financial information filing obligations.

In 2020, the FMA issued an exemption which granted reporting entities under the Financial Markets Conduct Act an additional two months to file financial statements.

The FMA has a wide range of regulatory tools (both formal statutory tools and informal non-statutory tools) to consider the appropriate regulatory response to a filing violation.

Tags: Equitise FMA crowdfunding

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