Subject to section 837, ASIC may make a banning order against a natural person (other than a licensee) if:

(a)

he or she becomes an insolvent under administration; or

(b)

he or she is convicted of serious fraud; or

(c)

he or she becomes incapable, through mental or physical incapacity, of managing his or her affairs; or

(d)

he or she contravenes a securities law; or

(e)

ASIC has reason to believe that he or she is not of good fame and character; or

(f)

ASIC has reason to believe that he or she has not performed efficiently, honestly and fairly the duties of:

(i)

a representative of a dealer; or

(ii)

a representative of an investment adviser; or

(g)

ASIC has reason to believe that he or she will not perform efficiently, honestly and fairly the duties of:

(i)

a representative of a dealer; or

(ii)

a representative of an investment adviser.