THE CORPORATIONS LAW

CHAPTER 7 - SECURITIES

PART 7.3 - PARTICIPANTS IN THE SECURITIES INDUSTRY

Division 5 - Excluding persons from the securities industry

SECTION 832   VARIATION OR REVOCATION OF BANNING ORDER ON APPLICATION  

832(1)  [Application of section]  

Subject to sections 833 and 837, this section has effect where a person applies to the Commission to vary or revoke a banning order relating to the person.

832(2)  [Circumstances allowing variation or revocation]  

If:

(a)  the person is not an insolvent under administration;

(b)  the Commission has no reason to believe that the person is not of good fame and character; and

(c)  the Commission has no reason to believe that the person will not perform efficiently, honestly and fairly the duties of:

(i) a representative of a dealer; or

(ii) a representative of an investment adviser;

the Commission shall, by written order:

(d)  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

(e)  in any other case - revoke the banning order.

832(3)  [Refusal]  

Otherwise, the Commission shall refuse the application.

832(4)  [Fraud conviction to be taken into account]  

In determining whether or not it has reason to believe as mentioned in paragraph (2)(b) or (c), the Commission shall have regard to any conviction of the person, during the 10 years ending on the day of the application, of serious fraud.

832(5)  [No limit on matters to be considered]  

Nothing in subsection (4) limits the matters to which the Commission may have regard:

(a)  in deciding on the application; or

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