Commonwealth Consolidated Acts

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CORPORATIONS ACT 2001 - SECT 797B

Immediate suspension or cancellation

    The Minister may, by giving written notice to a market licensee, suspend the licence for a specified period, or cancel it, if:

  (a)   the licensee ceases to carry on the business of operating the market; or

  (b)   the licensee becomes a Chapter   5 body corporate; or

  (c)   the licensee asks the Minister to do so; or

  (d)   in the case of a licence granted under subsection   795B(2) (overseas markets):

  (i)   the licensee ceases to be authorised to operate a financial market in the foreign country in which the licensee's principal place of business is located; or

  (ii)   there is a change to the regulatory regime applying in relation to the market to which the licence relates in the country in which the licensee's principal place of business is located, and, because of that change, the Minister is no longer satisfied as mentioned in paragraph   795B(2)(c); or

  (e)   in the case of a licensee 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.


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