Corporations Act 2001
Note: This Chapter applies to a CCIV in a modified form: see Division 4 of Part 8B.7 .
View history note
Hide history noteCCH note - modifying legislative instruments: The application of Pt 7.6 is affected by the following legislative instruments that commenced or were amended on or after 1 January 2022: the ASIC Corporations (Custody Standards for Providers of Custodial and Depository Services) Instrument 2024/17 (other than Divs 4 and 8); the ASIC Corporations (Investor Directed Portfolio Services) Instrument 2023/669 (as amended by ASIC Corporations (Amendment) Instrument 2024/554) (other than Divs 4 and 8); the ASIC Corporations (Record-Keeping Requirements for Australian Financial Services Licensees when Giving Personal Advice) Instrument 2024/508 (other than Divs 4 and 8); and the ASIC Corporations and Credit (Breach Reporting - Reportable Situations) Instrument 2024/620 (other than Divs 4 and 8).
The application of Pt 7.6 is also affected by Class Order 14/1262: Relief for 31 Day Notice Term Deposits (other than Divs 4 and 8).
For other legislative instruments or class orders before 1 January 2022 that affect the application of Pt 7.6, please consult the legislative instruments or class orders directly. These are reproduced in the regulatory-resources section of the company-law practice area in CCH iKnowConnect.
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.
921A(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.
921A(3)
The Court may revoke or vary an order made under subsection (2).
921A(4)
A person against whom such an order is made cannot be granted an Australian financial services licence contrary to the order.
921A(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.
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