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CORPORATIONS ACT 2001 - SECT 915B

Immediate suspension or cancellation

Licence held by a natural person

             (1)  ASIC may suspend or cancel an Australian financial services licence held by a natural person, by giving written notice to the person, if the person:

                     (a)  ceases to carry on the financial services business; or

                     (b)  becomes an insolvent under administration; or

                     (c)  is convicted of serious fraud; or

                     (d)  becomes incapable of managing their affairs because of mental or physical incapacity; or

                     (e)  lodges with ASIC an application for ASIC to do so, which is accompanied by the documents, if any, required by regulations made for the purposes of this paragraph; or

                      (f)  is liable to pay levy imposed by the ASIC Supervisory Cost Recovery Levy Act 2017 and has not paid in full at least 12 months after the due date for payment:

                              (i)  the amount of levy; and

                             (ii)  the amount of any late payment penalty payable in relation to the levy; and

                            (iii)  the amount of any shortfall penalty payable in relation to the levy.

Note:          For fees in respect of lodging applications, see Part 9.10.

Licence held by a partnership

             (2)  ASIC may suspend or cancel an Australian financial services licence held by a partnership, by giving written notice to the partnership, if:

                     (a)  the partnership ceases to carry on the financial services business; or

                     (b)  a creditor's petition or a debtor's petition is presented under Division 2 or 3 of Part IV of the Bankruptcy Act 1966 against the partnership; or

                     (c)  one or more of the partners is convicted of serious fraud; or

                     (d)  the partnership lodges with ASIC an application for ASIC to do so, which is accompanied by the documents, if any, required by regulations made for the purposes of this paragraph; or

                     (e)  in the case of a partnership 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)  an amount of late payment penalty payable (if any) in relation to the levy;

                            (iii)  an amount of shortfall penalty payable (if any) in relation to the levy.

Note:          For fees in respect of lodging applications, see Part 9.10.

Licence held by a body corporate

             (3)  ASIC may suspend or cancel an Australian financial services licence held by a body corporate, by giving written notice to the body, if the body:

                     (a)  ceases to carry on the financial services business; or

                     (b)  becomes a Chapter 5 body corporate; or

                     (c)  is a responsible entity of a registered scheme whose members have suffered, or are likely to suffer, loss or damage because the body has breached this Act; or

                  (caa)  is an operator of a notified foreign passport fund whose members have suffered, or are likely to suffer, loss or damage because the body has breached this Act; or

                    (ca)  is a trustee company whose clients have suffered, or are likely to suffer, loss or damage because the company has breached:

                              (i)  this Act; or

                             (ii)  a financial services law referred to in paragraph (e) of the definition of financial services law in section 761A; or

                     (d)  lodges with ASIC an application for ASIC to do so, which is accompanied by the documents, if any, required by regulations made for the purposes of this paragraph; or

                     (e)  is liable to pay levy imposed by the ASIC Supervisory Cost Recovery Levy Act 2017 and has not paid in full at least 12 months after the due date for payment:

                              (i)  the amount of levy; and

                             (ii)  the amount of any late payment penalty payable in relation to the levy; and

                            (iii)  the amount of any shortfall penalty payable in relation to the levy.

Note:          For fees in respect of lodging applications, see Part 9.10.

             (4)  ASIC may suspend or cancel an Australian financial services licence held by the trustees of a trust, by giving written notice to the trustees, if:

                     (a)  the trustees of the trust cease to carry on the financial services business; or

                     (b)  a trustee who is a natural person:

                              (i)  becomes an insolvent under administration; or

                             (ii)  is convicted of serious fraud; or

                            (iii)  becomes incapable of managing their affairs because of physical or mental incapacity; or

                     (c)  a trustee that is a body corporate becomes a Chapter 5 body corporate; or

                     (d)  the trustees lodge with ASIC an application for ASIC to do so, which is accompanied by the documents, if any, required by regulations made for the purposes of this paragraph; or

                     (e)  in the case of a licensee that is a single legal entity under section 761FA and also 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)  an amount of late payment penalty payable (if any) in relation to the levy;

                            (iii)  an amount of shortfall penalty payable (if any) in relation to the levy.

Note 1:       For fees in respect of lodging applications, see Part 9.10.

Note 2:       If there is only one trustee, subsection (1) will apply (if the trustee is a natural person), and subsection (3) will apply (if the trustee is a body corporate).



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