Commonwealth Consolidated Acts

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CORPORATIONS ACT 2001 - SECT 826B

Immediate suspension or cancellation

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

                     (a)  the licensee ceases to carry on the business of operating the facility; 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 824B(2) (overseas clearing and settlement facilities):

                              (i)  the licensee ceases to be authorised to operate a clearing and settlement facility 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 facility 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 824B(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)  the amount of late payment penalty payable (if any) in relation to the levy;

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



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