Commonwealth Consolidated Acts

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The conditions on the licence

             (1)  The Minister may, at any time:

                     (a)  impose conditions, or additional conditions, on an Australian CS facility licence; or

                     (b)  vary or revoke conditions imposed on such a licence;

by giving written notice to the licensee. The Minister must also publish a notice in the Gazette with details of the action and when it took effect.

Note:          As well as the requirements in this section, the Minister must also have regard to the matters in section 827A.

             (2)  The Minister may do so:

                     (a)  on the Minister's own initiative, subject to subsection (3); or

                     (b)  if the licensee lodges with ASIC an application for the Minister to do so, which is accompanied by the documents, if any, required by regulations made for the purposes of this paragraph.

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

             (3)  The Minister may only impose conditions or additional conditions, or vary the conditions, on the licence on his or her own initiative if:

                     (a)  he or she considers it appropriate to do so having regard to:

                              (i)  the licensee's obligations as a CS facility licensee under this Chapter; and

                             (ii)  any change in the facility's operations or the conditions in which the facility is operating; and

                     (b)  the Minister gives the licensee written notice of the proposed action and an opportunity to make a submission before it takes effect.

This subsection does not apply to the Minister imposing conditions when a licence is granted.

             (4)  The Minister must ensure that each Australian CS facility licence is subject to conditions that specify:

                     (a)  the particular facility that the licensee is authorised to operate; and

                     (b)  the class or classes of financial products in respect of which the facility can provide services.

             (5)  ASIC must give the Minister any application and documents lodged under subsection (2).

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