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CORPORATIONS ACT 2001

CHAPTER 7 - FINANCIAL SERVICES AND MARKETS    View history reference

PART 7.6 - LICENSING OF PROVIDERS OF FINANCIAL SERVICES    View history reference

Division 4 - Australian financial services licences    View history reference

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

SECTION 915B  IMMEDIATE SUSPENSION OR CANCELLATION  

 View history reference

Licence held by a natural person

915B(1)  

ASIC may suspend or cancel an Australian financial services licence held by a natural person, by giving written notice to the person, if the person:


(a) ceases to carry on the financial services business; or


(b) becomes an insolvent under administration; or


(c) is convicted of serious fraud; or


(d) becomes incapable of managing their affairs because of mental or physical incapacity; or


(e) lodges with ASIC an application for ASIC to do so, which is accompanied by the documents, if any, required by regulations made for the purposes of this paragraph; or


(f) is liable to pay levy imposed by the ASIC Supervisory Cost Recovery Levy Act 2017 and has not paid in full at least 12 months after the due date for payment:

(i) the amount of levy; and

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

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

Note: For fees in respect of lodging applications, see Part 9.10.

Licence held by a partnership

915B(2)  

ASIC may suspend or cancel an Australian financial services licence held by a partnership, by giving written notice to the partnership, if:


(a) the partnership ceases to carry on the financial services business; or


(b) a creditor's petition or a debtor's petition is presented under Division 2 or 3 of Part IV of the Bankruptcy Act 1966 against the partnership; or


(c) one or more of the partners is convicted of serious fraud; or


(d) the partnership lodges with ASIC an application for ASIC to do so, which is accompanied by the documents, if any, required by regulations made for the purposes of this paragraph; or


(e) in the case of a partnership 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) an amount of late payment penalty payable (if any) in relation to the levy;

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

Note: For fees in respect of lodging applications, see Part 9.10.

Licence held by a body corporate

915B(3)  

ASIC may suspend or cancel an Australian financial services licence held by a body corporate, by giving written notice to the body, if the body:


(a) ceases to carry on the financial services business; or


(b) becomes a Chapter 5 body corporate; or
 View history reference


(c) is a responsible entity of a registered scheme whose members have suffered, or are likely to suffer, loss or damage because the body has breached this Act; or


(ca) is a trustee company whose clients have suffered, or are likely to suffer, loss or damage because the company has breached:

(i) this Act; or

(ii) a financial services law referred to in paragraph (e) of the definition of financial services law in section 761A; or
 View history reference


(d) lodges with ASIC an application for ASIC to do so, which is accompanied by the documents, if any, required by regulations made for the purposes of this paragraph; or


(e) is liable to pay levy imposed by the ASIC Supervisory Cost Recovery Levy Act 2017 and has not paid in full at least 12 months after the due date for payment:

(i) the amount of levy; and

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

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

Note: For fees in respect of lodging applications, see Part 9.10.

915B(4)  

ASIC may suspend or cancel an Australian financial services licence held by the trustees of a trust, by giving written notice to the trustees, if:


(a) the trustees of the trust cease to carry on the financial services business; or


(b) a trustee who is a natural person:


(i) becomes an insolvent under administration; or

(ii) is convicted of serious fraud; or

(iii) becomes incapable of managing their affairs because of physical or mental incapacity; or


(c) a trustee that is a body corporate becomes a Chapter 5 body corporate; or


(d) the trustees lodge with ASIC an application for ASIC to do so, which is accompanied by the documents, if any, required by regulations made for the purposes of this paragraph; or


(e) in the case of a licensee that is a single legal entity under section 761FA and also 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) an amount of late payment penalty payable (if any) in relation to the levy;

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

Note 1: For fees in respect of lodging applications, see Part 9.10.

Note 2: If there is only one trustee, subsection (1) will apply (if the trustee is a natural person), and subsection (3) will apply (if the trustee is a body corporate).


 



This information is provided by CCH Australia Limited. View the disclaimer and notice of copyright.
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