The Australian Securities and Investments Commission (ASIC) has revoked the Australian Financial Services License (AFSL) held by Sydney-based Brava Capital Pty Ltd, formerly known as Dayton Way Securities Pty Ltd between 2010 and August 2023.
The cancellation of the license took effect on 5 February 2024 after ASIC was notified by Brava Capital that it was no longer providing financial services.
Brava Capital has held an AFSL since March 15, 2011, under which the company is authorized to provide financial product advice to retail and wholesale clients. In October 2023 Brava Capital was charged with criminal offenses relating to the failure to file financial accounts following an investigation by ASIC.
Brava Capital is associated with Sydney businessman David Sutton, who was previously a director of the company between 2010 and 2023. ASIC permanently banned David Sutton on 29 June 2023 from providing any financial services, performing any function involved in conducting financial services business and the control of an entity engaged in financial services. Mr Sutton was also banned by ASIC from managing companies for five years.