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CORPORATIONS ACT 2001

CHAPTER 7 - FINANCIAL SERVICES AND MARKETS    View history reference

PART 7.3 - LICENSING OF CLEARING AND SETTLEMENT FACILITIES    View history reference

Division 3 - The Australian CS facility licence    View history reference

Subdivision C - When a licence can be varied, suspended or cancelled    View history reference

SECTION 826B  

826B  IMMEDIATE SUSPENSION OR CANCELLATION  

 View history reference
The Minister may, by giving written notice to a CS facility licensee, suspend the licence for a specified period, or cancel it, if:


(a) the licensee ceases to carry on the business of operating the facility; or


(b) the licensee becomes a Chapter 5 body corporate; or


(c) the licensee asks the Minister to do so; or


(d) in the case of a licence granted under subsection 824B(2) (overseas clearing and settlement facilities):


(i) the licensee ceases to be authorised to operate a clearing and settlement facility in the foreign country in which the licensee's principal place of business is located; or

(ii) there is a change to the regulatory regime applying in relation to the facility to which the licence relates in the country in which the licensee's principal place of business is located, and, because of that change, the Minister is no longer satisfied as mentioned in paragraph 824B(2)(c); or


(e) in the case of a licensee that is a leviable entity (within the meaning of the ASIC Supervisory Cost Recovery Levy Act 2017) - the following have not been paid in full at least 12 months after the due date for payment:

(i) an amount of levy (if any) payable in respect of the licensee;

(ii) the amount of late payment penalty payable (if any) in relation to the levy;

(iii) the amount of shortfall penalty payable (if any) in relation to the levy.
 View history reference


 



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