Financial Sector Reform (Hayne Royal Commission Response - Better Advice) Act 2021 (115 of 2021)

Schedule 1 Initial amendments

Repeal the subsection, substitute:

(3) ASIC may make a banning order against a person without giving the person the opportunities mentioned in subsection (2) if:

(a) either:

(i) ASIC has not delegated its power to make the banning order to a Financial Services and Credit Panel; or

(ii) ASIC exercises its power to make the banning order despite such a delegation; and

(b) ASIC's grounds for making the banning order are or include both of the following:

(i) that the suspension or cancellation of the relevant licence took place under section 915B;

(ii) that the person has been convicted of serious fraud.

Note: See section 34AB of the Acts Interpretation Act 1901 (effect of delegation).