The Australian Securities and Investments Commission (ASIC) has revoked the Australian Financial Services (AFS) license of Everest Asset Management Pty Ltd.

The license of Everest was revoked because it failed to prepare and submit financial statements and audit opinions to ASIC as required. ASIC also found that Everest may potentially breach its obligations as an AFS licensee in the future.

Under the Corporations Act, ASIC can suspend or cancel an AFS license if the licensee fails to comply with the general obligations specified in section 912A, which include obligations to comply with financial services laws, including the requirement to submit financial statements to ASIC annually.

Everest has the right to appeal ASIC's decision administratively to the Administrative Appeals Tribunal.

Everest held an AFS license with license number 437924, permitting it to provide services to wholesale clients, including advising and dealing in relation to managed investment schemes.

Prior to the revocation of Everest's AFS license, ASIC successfully applied to the Federal Court for orders to wind up Prospero Markets Pty Ltd for just and equitable reasons and appoint a liquidator for Prospero.

ASIC commenced investigations into Prospero and Everest following the "Avarus-Nightwolf" operation by the Australian Federal Police, which led to charges against former officers and managers of Prospero as well as a current officer of Everest in October 2023 for money laundering related to the Changjiang remittance chain.