25 November 2022 - ASIC places interim stop orders on two Perpetual Funds
ASIC has issued interim stop orders preventing Perpetual Investment Management Limited (Perpetual) from offering or distributing two funds to retail investors because of deficiencies in their target market determinations (TMDs). These funds are:
- Perpetual Pure Microcap Fund (ARSN 164 986 047); and
- Perpetual Geared Australian Share Fund (ARSN 103 864 688) (together, the funds).
The interim orders stop Perpetual from issuing interests in, giving a product disclosure statement for or providing general advice to retail clients recommending investment in the Funds. The orders are valid for 21 days unless revoked earlier.
ASIC made the interim orders to protect retail investors from potentially investing in funds that may not be suitable for their financial objectives, situation or needs. To date, ASIC has issued 17 DDO interim stop orders, including the orders for these funds.
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