Commonwealth Numbered Acts

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CORPORATIONS ACT 2001 No. 50, 2001 - SECT 832

Variation or revocation of banning order on application

(1) Subject to sections 833 and 837, this section has effect where a person applies to ASIC to vary or revoke a banning order relating to the person. (2) If:

the person is not an insolvent under administration; and

ASIC has no reason to believe that the person is not of good fame and character; and

ASIC has no reason to believe that the person will not perform efficiently, honestly and fairly the duties of:

a representative of a dealer; or
a representative of an investment adviser;
ASIC must, by written order:

if only one of subparagraphs (c)(i) and (ii) applies—vary the banning order so that it no longer prohibits the person from doing an act as a representative of a dealer, or of an investment adviser, as the case may be; or

in any other case—revoke the banning order.

(3) Otherwise, ASIC must refuse the application. (4) In determining whether or not it has reason to believe as mentioned in paragraph (2)(b) or (c), ASIC must have regard to any conviction of the person, during the 10 years ending on the day of the application, of serious fraud. (5) Nothing in subsection (4) limits the matters to which ASIC may have regard:

in deciding on the application; or

in connection with performing or exercising any other function or power under this Part.

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