(1) Subject to section 1200, ASIC may, by written order, revoke a licence if:

(a)

the application for the licence contained matter that was false in a material particular or materially misleading; or

(b)

there was an omission of material matter from the application for the licence; or

(c)

the licensee contravenes a futures law; or

(d)

the licensee contravenes a condition of the licence; or

(ea)

the licensee is a natural person and ASIC has reason to believe that he or she is not of good fame and character; or

(e)

the licensee is a body corporate and ASIC is satisfied that the educational qualifications or experience of a person who:

(i)

is an officer of the licensee; and

(ii)

was not an officer of the licensee when the licence was granted;

are or is inadequate having regard to the duties that the officer performs, or will perform, in connection with the holding of the licence; or

(f)

the licensee is a body corporate and ASIC is satisfied that:

(i)

an officer of the licensee performs, or will perform, in connection with the holding of the licence, duties that are or include duties (in this paragraph called the different duties ) other than those having regard to which ASIC was satisfied, before granting the licence, that the officer's educational qualifications and experience were adequate; and

(ii)

the officer's educational qualifications or experience are or is inadequate having regard to the different duties; or

(g)

the licensee is a body corporate and:

(i)

a licence held by a director, secretary or executive officer of the body is suspended or revoked; or

(ii)

an order is made under section 1194 against such a director, secretary or executive officer; or

(h)

ASIC has reason to believe that the licensee has not performed efficiently, honestly and fairly the duties of a holder of a futures brokers licence or a futures advisers licence, as the case requires; or

(j)

ASIC has reason to believe that the licensee will not perform those duties efficiently, honestly and fairly.

(2) In determining whether or not it has reason to believe as mentioned in paragraph (1)(ea) or (j) in relation to a licensee, ASIC is not precluded from having regard to a matter that arose before the time when the licence was granted unless ASIC was aware of the matter at that time.