Commonwealth Consolidated Acts

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Immediate suspension or cancellation

             (1)  ASIC may, by giving written notice to a benchmark administrator licensee, suspend the licensee's licence for a specified period, or cancel it, if:

                     (a)  the licensee ceases to carry on the business of administering the financial benchmark specified in the licence; or

                     (b)  the licensee is a Chapter 5 body corporate, or under a foreign law is in a similar position to a Chapter 5 body corporate; or

                     (c)  the licensee asks ASIC to do so; or

                     (d)  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.

             (2)  However, before doing so, ASIC must have regard to anything that is required, or could be required, of the licensee under the compelled financial benchmark rules.

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