(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.