Corporations Act 2001

CHAPTER 7 - FINANCIAL SERVICES AND MARKETS  

Note: This Chapter applies to a CCIV in a modified form: see Division 4 of Part 8B.7 .

PART 7.5A - REGULATION OF DERIVATIVE TRANSACTIONS AND DERIVATIVE TRADE REPOSITORIES  

Division 6 - Regulation of licensed derivative trade repositories: licensing  

Subdivision D - When a licence can be varied, suspended or cancelled  

SECTION 905H  

905H   IMMEDIATE SUSPENSION OR CANCELLATION  

ASIC may, by giving written notice to a derivative trade repository licensee, suspend the licence for a specified period, or cancel it, if:

(a)    

the licensee ceases to carry on the business of operating the repository to which the licence relates; or

(aa)    

both of the following subparagraphs apply:

(i) it has been at least 12 months since ASIC granted the licence;

(ii) during the last 12 months, the licensee has not provided the repository ' s services to which the licence relates; or

(ab)    

all of the following subparagraphs apply:

(i) it has been at least 12 months since ASIC granted the licence;

(ii) the licence is subject to a condition specifying that the licensee is authorised to engage in specified conduct or activity that constitutes operating that repository;

(iii) during the last 12 months, the licensee has not engaged in any such specified conduct or activity; or

(b)    the licensee becomes a Chapter 5 body corporate; or

(c)    the licensee asks ASIC to do so; or

(ca)    

an application has been made under section 601AA to deregister the licensee as a company; or

(cb)    

ASIC has decided under section 601AB to deregister the licensee as a company; or

(d)    

in the case of a licensee that is a leviable entity (within the meaning of the ASIC Supervisory Cost Recovery Levy Act 2017 ) - the following have not been paid in full at least 12 months after the due date for payment:

(i) an amount of levy (if any) payable in respect of the licensee;

(ii) the amount of late payment penalty payable (if any) in relation to the levy;

(iii) the amount of shortfall penalty payable (if any) in relation to the levy.