THE CORPORATIONS LAW

CHAPTER 7 - SECURITIES

PART 7.3 - PARTICIPANTS IN THE SECURITIES INDUSTRY

Division 5 - Excluding persons from the securities industry

SECTION 826   POWER TO REVOKE LICENCE AFTER A HEARING  

826(1)  (When licence may be revoked)  

Subject to section 837, the Commission 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;

(b)  there was an omission of material matter from the application for the licence;

(c)  the licensee contravenes a securities law;

(d)  the licensee contravenes a condition of the licence;

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

(f)  the licensee is a body corporate and the Commission is satisfied that the educational qualifications or experience of a person who:

(i) is an officer of the body; and

(ii) was not an officer of the body 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;

(g)  the licensee is a body corporate and the Commission is satisfied that:

(i) an officer of the body 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 the Commission 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;

(h)  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 830 against such a director, secretary or executive officer;

(j)  the Commission has reason to believe that the licensee has not performed efficiently, honestly and fairly the duties of a holder of a dealers licence or an investment advisers licence, as the case requires; or

(k)  the Commission has reason to believe that the licensee will not perform those duties efficiently, honestly and fairly.

826(2)  [Matters arising before grant of licence]  

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