(1) ASIC may apply to the Court for an order or orders under this section in relation to a person if ASIC:
(a) cancels an Australian financial services licence held by the person; or
(b) makes a banning order against the person that is to operate permanently.
(2) The Court may make:
(a) one or more orders disqualifying the person, permanently or for a specified period, from doing one or more of the following:
(i) providing any financial services;
(ii) providing specified financial services in specified circumstances or capacities;
(iii) controlling, whether alone or in concert with one or more other entities, an entity that carries on a financial services business;
(iv) performing any function involved in the carrying on of a financial services business (including as an officer, manager, employee, contractor or in some other capacity);
(v) performing specified functions involved in the carrying on of a financial services business; or
(b) any other order the Court considers appropriate.
(3) The Court may revoke or vary an order made under subsection (2).
(4) A person against whom such an order is made cannot be granted an Australian financial services licence contrary to the order.
(5) If the Court makes or varies an order under this section in relation to a person who is a participant in a licensed market or a licensed CS facility, ASIC must give the operator of the market or facility written notice of the making of the order or the variation.