(1) ASIC may declare in writing that a person is, for the time specified in the declaration (which must be no longer than 5 years from the day the declaration takes effect), banned from making a recognised offer if:
(a) the person, or an associate of the person, has been convicted (whether or not in this jurisdiction) of an offence constituted by conduct engaged in in relation to a recognised offer; or
(b) a court in this jurisdiction has made a civil penalty order against the person, or an associate of the person, for a contravention in relation to a recognised offer; or
(c) a court in a recognised jurisdiction has made an order against the person, or an associate of the person, for a contravention of the law of the recognised jurisdiction (other than an offence) in relation to an offer that is a recognised offer in this jurisdiction.
(2) Before making the declaration, ASIC must give the person an opportunity:
(a) to appear, or be represented, at a hearing before ASIC that takes place in private; or
(b) to make submissions to ASIC on the matter.
This subsection does not apply if the person does not have an address for service in this jurisdiction.
(3) ASIC may, in writing, vary or cancel the declaration, on ASIC's own initiative or on application lodged by the person in the prescribed form (if any) together with any prescribed documents, if ASIC is satisfied that a circumstance on which ASIC based the declaration has changed.
(4) If ASIC proposes to reject an application by the person to vary or cancel the declaration, ASIC must give the person an opportunity:
(a) to appear, or be represented, at a hearing before ASIC that takes place in private; or
(b) to make submissions to ASIC on the matter.
(5) The declaration, and any variation or cancellation of the declaration, takes effect:
(a) if the person to whom the declaration applies has an address for service in this jurisdiction--when it is served on the person at that address; or
(b) if the person to whom the declaration applies does not have an address for service in this jurisdiction--when it is published in the Gazette under subsection (7).
(6) A declaration that is served on a person under paragraph (5)(a) must be accompanied by a statement of ASIC's reasons for the declaration.
(7) ASIC must publish a notice in the Gazette as soon as practicable after making, varying or cancelling the declaration. The notice:
(a) must state when the action takes or took effect; and
(b) in the case of the making of a declaration--set out a copy of the declaration; and
(c) in the case of the varying of a declaration--set out a copy of the declaration as varied.
(8) A declaration under this section is not a legislative instrument.