Commonwealth Consolidated Acts

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Conditions, including varying and revoking conditions

             (1)  ASIC may, at any time, take action to:

                     (a)  impose conditions, or additional conditions, on a benchmark administrator licence; or

                     (b)  vary or revoke any conditions to which a benchmark administrator licence is subject (whether imposed under paragraph (a) or under subsection 908BC(1));

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

Note 1:       As well as complying with the requirements in this section, ASIC must have regard to the matters in section 908BO.

Note 2:       A licensee is also subject to other obligations in this Part (for example, see Divisions 3 and 4).

             (2)  ASIC may take action under subsection (1):

                     (a)  on its own initiative, subject to subsection (3); or

                     (b)  if the licensee lodges an application with ASIC, in a form approved by ASIC in writing, seeking:

                              (i)  the imposition of conditions; or

                             (ii)  the variation or revocation of conditions.

Note:          For fees for lodging applications, see Part 9.10.

             (3)  ASIC may only take action on its own initiative to impose conditions or additional conditions, or to vary or revoke conditions, to which the licence is subject if:

                     (a)  ASIC considers it appropriate to do so having regard to:

                              (i)  the licensee's obligations under this Part; and

                             (ii)  the licensee's obligations under rules made under Division 3; and

                            (iii)  any change in the administration of the financial benchmark specified in the licence; and

                     (b)  ASIC gives the licensee written notice of the proposed action and an opportunity to make a submission before the proposed action is to take effect.

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

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