CORPORATIONS ACT 2001
Ch 7 inserted by No 122 of 2001, s 3, Sch 1, Pt 1
1] (effective 11 March 2002).
As Act No 122 of 2001 repealed Ch 7 and 8 the history notes for Ch 7 use
and references to the former provisions have been removed.
Pt 7.5A inserted by No 178 of 2012, s 3, Sch 1, Pt 1 (effective 3 January 2013).
Div 6 inserted by No 178 of 2012, s 3, Sch 1, Pt 1 (effective 3 January 2013).
Subdiv D inserted by No 178 of 2012, s 3, Sch 1, Pt 1 (effective 3 January 2013).
If ASIC considers that a derivative trade repository licensee has breached, or is in breach of, one or more of its obligations as a derivative trade repository licensee under this Part, ASIC may give the licensee a written notice that requires the licensee to show cause, at a hearing before a specified person, why the licence should not be suspended or cancelled.
The notice must specify:
(a) the grounds on which it is proposed to suspend or cancel the licence; and
(b) a reasonable time and place at which the hearing is to be held.
However, if the licensee consents, the person conducting the hearing may fix a different time or place.
The person conducting the hearing must:
(a) give the licensee 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 suspend or cancel the licence.
After considering the report and recommendation, ASIC may:
(a) decide to take no further action in relation to the matter and give written advice of that decision to the licensee; or
(b) suspend the licence for a specified period, or cancel the licence, by giving written notice to the licensee.
Note: ASIC must also have regard to the matters in section
None of the following is a legislative instrument:
(a) a notice under subsection (1);
(b) a report under subsection (3) (if it is in writing).
S 905J inserted by No 178 of 2012, s 3, Sch 1, Pt 1 (effective 3 January 2013).