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 7.5B - REGULATION OF FINANCIAL BENCHMARKS  

Division 2 - Licensing of financial benchmarks  

Subdivision C - Conditions on licences  

SECTION 908BG   CONDITIONS, INCLUDING VARYING AND REVOKING CONDITIONS  

908BG(1)    
ASIC may, at any time, take action to:

(a) impose conditions, or additional conditions, on a benchmark administrator licence; or

(b) vary or revoke any conditions to which a benchmark administrator licence is subject (whether imposed under paragraph (a) or under subsection 908BC(1) );

by giving written notice to the licensee. ASIC must also publish a notice with details of the action and when it took effect.

Note 1: As well as complying with the requirements in this section, ASIC must have regard to the matters in section 908BO .

Note 2: A licensee is also subject to other obligations in this Part (for example, see Divisions 3 and 4 ).

908BG(2)    
ASIC may take action under subsection (1):

(a) on its own initiative, subject to subsection (3); or

(b) if the licensee lodges an application with ASIC, in a form approved by ASIC in writing, seeking:

(i) the imposition of conditions; or

(ii) the variation or revocation of conditions.

Note: For fees for lodging applications, see Part 9.10 .

908BG(3)    
ASIC may only take action on its own initiative to impose conditions or additional conditions, or to vary or revoke conditions, to which the licence is subject if:

(a) ASIC considers it appropriate to do so having regard to:

(i) the licensee ' s obligations under this Part; and

(ii) the licensee ' s obligations under rules made under Division 3; and

(iii) any change in the administration of the financial benchmark specified in the licence; and

(b) ASIC gives the licensee written notice of the proposed action and an opportunity to make a submission before the proposed action is to take effect.

This subsection does not apply to ASIC imposing conditions when a licence is granted.