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CORPORATIONS ACT 2001

CHAPTER 7 - FINANCIAL SERVICES AND MARKETS    View history reference

PART 7.4 - LIMITS ON INVOLVEMENT WITH LICENSEES    View history reference

Division 2 - Individuals who are not fit and proper are disqualified    View history reference

SECTION 853D  PROCEDURE FOR DECLARATION  

 View history reference

853D(1)  

ASIC must not make a declaration under section 853C unless it has followed the procedure in this section.

853D(2)  

Within 42 days after:


(a) a body corporate applies for an Australian market licence, an Australian CS facility licence or an Australian derivative trade repository licence; or
 View history reference


(b) ASIC receives other information that may be relevant to deciding whether to make a declaration under section 853C about an individual who is involved in an applicant for an Australian market licence, an Australian CS facility licence or an Australian derivative trade repository licence, or in an existing licensee;
 View history reference

ASIC may give the applicant or licensee written notice that ASIC proposes to make a declaration under section 853C about the individual in question.

853D(3)  

ASIC must give a copy of the notice to the individual and to the Minister.

853D(4)  

The notice must:


(a) state the grounds on which ASIC proposes to make the declaration; and


(b) require the applicant or licensee, and the individual, to show, at a hearing before a specified person, why the declaration should not be made; and


(c) specify a reasonable time and place at which the hearing is to be held.

However, if the applicant or licensee, and the individual, consent, the person conducting the hearing may fix a different time or place.

853D(5)  

The person conducting the hearing must:


(a) give the applicant or licensee, and the individual, an opportunity to be heard at the hearing; and


(b) give ASIC:


(i) a report about the hearing; and

(ii) a recommendation about the grounds in the notice on which it is proposed to make the declaration.

853D(6)  

As soon as practicable after the hearing, ASIC must:


(a) decide whether to make the declaration; and


(b) give each of the following persons a copy of the declaration, or a written notice of its decision not to make the declaration:


(i) the applicant or licensee;

(ii) the individual;

(iii) the Minister.


 



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