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CORPORATIONS ACT 2001

CHAPTER 7 - FINANCIAL SERVICES AND MARKETS    View history reference

PART 7.5A - REGULATION OF DERIVATIVE TRANSACTIONS AND DERIVATIVE TRADE REPOSITORIES    View history reference

Division 6 - Regulation of licensed derivative trade repositories: licensing    View history reference

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

SECTION 905J  SUSPENSION OR CANCELLATION FOLLOWING HEARING AND REPORT  

 View history reference

905J(1)  

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.

905J(2)  

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.

905J(3)  

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.

905J(4)  

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 905P.

905J(5)  

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).


 



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