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CORPORATIONS ACT 2001 - SECT 853D

Procedure for declaration

             (1)  ASIC must not make a declaration under section 853C unless it has followed the procedure in this section.

             (2)  Within 42 days after:

                     (a)  a body corporate applies for an Australian market licence, an Australian CS facility licence, an Australian derivative trade repository licence or a benchmark administrator licence; or

                     (b)  ASIC receives other information that may be relevant to deciding whether to make a declaration under section 853C about an individual who is involved in an applicant for an Australian market licence, an Australian CS facility licence, an Australian derivative trade repository licence or a benchmark administrator licence, or in an existing licensee;

ASIC may give the applicant or licensee written notice that ASIC proposes to make a declaration under section 853C about the individual in question.

             (3)  ASIC must give a copy of the notice to the individual and to the Minister.

             (4)  The notice must:

                     (a)  state the grounds on which ASIC proposes to make the declaration; and

                     (b)  require the applicant or licensee, and the individual, to show, at a hearing before a specified person, why the declaration should not be made; and

                     (c)  specify a reasonable time and place at which the hearing is to be held.

However, if the applicant or licensee, and the individual, consent, the person conducting the hearing may fix a different time or place.

             (5)  The person conducting the hearing must:

                     (a)  give the applicant or licensee, and the individual, an opportunity to be heard at the hearing; and

                     (b)  give ASIC:

                              (i)  a report about the hearing; and

                             (ii)  a recommendation about the grounds in the notice on which it is proposed to make the declaration.

             (6)  As soon as practicable after the hearing, ASIC must:

                     (a)  decide whether to make the declaration; and

                     (b)  give each of the following persons a copy of the declaration, or a written notice of its decision not to make the declaration:

                              (i)  the applicant or licensee;

                             (ii)  the individual;

                            (iii)  the Minister.



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