The Australian Securities and Investments Commission (ASIC) has revoked the Australian Financial Services (AFS) licence of First City Corporate Advisory Services Pty Limited for failing to file annual financial statements and audit reports.。

The suspension of the licence, which is valid until 27 March 2024, provides an opportunity for First City to meet its outstanding compliance obligations.。If, at the end of the suspension period, First City still fails to meet its outstanding obligations, ASIC will consider revoking its AFS licence。

First City holds an AFS licence numbered 225858 from 15 April 2003, which authorizes First City to advise wholesale customers on financial products and to trade securities。

Timely submission of financial statements and audit reports enhances market confidence by demonstrating AFS licensees "ability to meet their financial requirements。