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CORPORATIONS ACT 2001

CHAPTER 8 - MUTUAL RECOGNITION OF SECURITIES OFFERS    View history reference

PART 8.2 - FOREIGN OFFERS THAT ARE RECOGNISED IN THIS JURISDICTION    View history reference

Division 5 - ASIC ' s powers in relation to recognised offers    View history reference

SECTION 1200P  BAN ON MAKING SUBSEQUENT RECOGNISED OFFERS  

 View history reference

1200P(1)  [ ASIC may ban persons from making offers]  


ASIC may declare in writing that a person is, for the time specified in the declaration (which must be no longer than 5 years from the day the declaration takes effect), banned from making a recognised offer if:


(a) the person, or an associate of the person, has been convicted (whether or not in this jurisdiction) of an offence constituted by conduct engaged in in relation to a recognised offer; or


(b) a court in this jurisdiction has made a civil penalty order against the person, or an associate of the person, for a contravention in relation to a recognised offer; or


(c) a court in a recognised jurisdiction has made an order against the person, or an associate of the person, for a contravention of the law of the recognised jurisdiction (other than an offence) in relation to an offer that is a recognised offer in this jurisdiction.

1200P(2)  [ Procedure before declaration of ban]  


Before making the declaration, ASIC must give the person an opportunity:


(a) to appear, or be represented, at a hearing before ASIC that takes place in private; or


(b) to make submissions to ASIC on the matter.

This subsection does not apply if the person does not have an address for service in this jurisdiction.

1200P(3)  [ ASIC may vary or cancel ban]  


ASIC may, in writing, vary or cancel the declaration, on ASIC ' s own initiative or on application lodged by the person in the prescribed form (if any) together with any prescribed documents, if ASIC is satisfied that a circumstance on which ASIC based the declaration has changed.

1200P(4)  [ Procedure if ASIC proposes to reject application to vary or cancel ban]  


If ASIC proposes to reject an application by the person to vary or cancel the declaration, ASIC must give the person an opportunity:


(a) to appear, or be represented, at a hearing before ASIC that takes place in private; or


(b) to make submissions to ASIC on the matter.

1200P(5)  [ Time that declaration takes effect]  


The declaration, and any variation or cancellation of the declaration, takes effect:


(a) if the person to whom the declaration applies has an address for service in this jurisdiction - when it is served on the person at that address; or


(b) if the person to whom the declaration applies does not have an address for service in this jurisdiction - when it is published in the Gazette under subsection (7).

1200P(6)  [ Declaration must include statement of reasons]  


A declaration that is served on a person under paragraph (5)(a) must be accompanied by a statement of ASIC ' s reasons for the declaration.

1200P(7)  [ Notice in the Gazette ]  


ASIC must publish a notice in the Gazette as soon as practicable after making, varying or cancelling the declaration. The notice:


(a) must state when the action takes or took effect; and


(b) in the case of the making of a declaration - set out a copy of the declaration; and


(c) in the case of the varying of a declaration - set out a copy of the declaration as varied.

1200P(8)  [ Declaration not a legislative instrument]  


A declaration under this section is not a legislative instrument.


 



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