Financial adviser Walter Yaolong Guan, of Sydney, New South Wales, has been banned for five years from providing any financial services or controlling an entity that carries on a financial services business.

ASIC found that between March 2017 and August 2021, Mr Guan, through his company Perennial Growth Pty Ltd, carried on a financial services business when he traded shares on behalf of clients and used managed discretionary accounts, despite neither he nor his company holding an Australian financial services (AFS) licence.

For part of that period, Mr Guan was an authorised representative of an AFS licensee. However, Mr Guan’s authorisation did not permit him to trade shares on, or operate, managed discretionary accounts.

ASIC also found that Mr Guan was not competent to provide financial services as he had failed to identify that he required an AFS licence to conduct a financial services business in Australia, failed to maintain adequate client records and breached his authorised representative agreement with his AFS licensee.

Mr Guan’s banning is recorded on ASIC’s banned and disqualified register.

Mr Guan has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision.

Editor's note 1:

On 22 July 2022, ASIC were notified that Mr Guan has appealed ASIC's decision. 

Editor's note 2:

Following a case management hearing in the Administrative Appeals Tribunal on 7 October 2022, the matter has been listed for hearing on 5 December 2022 to consider Mr Guan’s application for a stay of the banning order.

Editor's note 3:

Following a hearing on 5 December 2022, the AAT refused Mr Guan’s application for a stay of the implementation of the banning order.

The matter is next listed for a case management hearing on 3 March 2023.

Editor's note 4:

The matter has been listed for a directions hearing on 16 February 2023.

Editor's note 5:

Following a directions hearing on 16 February 2023, the matter has been adjourned for a case management conference in the week commencing 24 July 2023.

Editor's note 6:

Following a case management conference on 26 July 2023, the matter has been listed for a directions hearing on 17 August 2023.

Editor's note 7:

On 17 August 2023, various timetabling orders were made with a substantive hearing of the appeal expected some time in February 2024.