The Australian Securities and Investments Commission (ASIC) has suspended the Australian Financial Services (AFS) license of Aurora Funds Management Limited until September 20, 2024.

Aurora is the responsible entity for six registered managed investment schemes, including the Aurora Absolute Return Fund (ARSN 110 303 430); HHY Fund (ARSN 112 579 129); Aurora Property Buy-Write Income Trust (ARSN 125 153 648); Aurora Global Income Trust (ARSN 127 692 406); Aurora Fortitude Absolute Return Fund (ARSN 145 894 800); and Aurora Dividend Income Trust (ARSN 151 947 732).

ASIC found Aurora failed to meet the following statutory audit and financial reporting obligations:

• For the financial years of 2022 and 2023 themselves;
• For the year ending 2023 for the schemes;
• For the half-year ending December 31, 2023, for the financial year ending 2023, except for the Aurora Fortitude Absolute Return Fund.

The suspension of the license means Aurora cannot provide financial services, including issuing any new interests in the schemes. However, to ensure investors in the schemes are not adversely affected by the suspension, ASIC has prescribed the suspension as a condition, allowing Aurora to continue providing necessary financial services reasonably required or ancillary financial services related to the day-to-day operation of the schemes.