Commonwealth Consolidated Acts

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Date of effect and publication of banning order, variation or cancellation

             (1)  A banning order, or variation or cancellation of a banning order, takes effect when it is given to the person against whom the order is or was made.

             (2)  ASIC must publish a notice in the Gazette as soon as practicable after making, varying or cancelling a banning order. The notice must state when the action took effect and:

                     (a)  in the case of the making of a banning order--set out a copy of the banning order; or

                     (b)  in the case of the variation of a banning order--set out a copy of the banning order as varied.

             (3)  However, if the banning order contains a provision of the kind referred to in subsection 920B(3) and ASIC considers that the Gazette notice would be unreasonably long if that provision were included, the notice may instead set out a summary of the provision's effect.

             (4)  If ASIC makes a banning order against a person who is a participant in a licensed market or a licensed CS facility, or varies a banning order against such a person, ASIC must give the operator of the market or facility written notice of the making of the order or the variation.

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