Commonwealth Consolidated Acts

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CORPORATIONS ACT 2001 - SECT 908BJ

Suspension or cancellation following hearing and report

             (1)  If ASIC considers that a benchmark administrator licensee has breached, or is in breach of:

                     (a)  any conditions to which the licence is subject; or

                     (b)  any of its obligations under this Part; or

                     (c)  any of its obligations under rules made under Division 3;

ASIC may give the licensee a written notice that requires the licensee to show cause, at a hearing before a specified person, why the licence should not be suspended or cancelled.

             (2)  The notice must specify:

                     (a)  the grounds on which it is proposed to suspend or cancel the licence; and

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

However, if the licensee consents, the person conducting the hearing may fix a different time or place.

             (3)  The person conducting the hearing must:

                     (a)  give the licensee 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 suspend or cancel the licence.

             (4)  After considering the report and recommendation, ASIC may:

                     (a)  decide to take no further action in relation to the matter and give written advice of that decision to the licensee; or

                     (b)  suspend the licence for a specified period, or cancel the licence, by giving written notice to the licensee.

Note:          ASIC must also have regard to the matters in section 908BO.

             (5)  A notice under subsection (1) is not a legislative instrument.



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