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

SECTION 908BJ   SUSPENSION OR CANCELLATION FOLLOWING HEARING AND REPORT  

908BJ(1)    
If ASIC considers that a benchmark administrator licensee has breached, or is in breach of:

(a) any conditions to which the licence is subject; or

(b) any of its obligations under this Part; or

(c) any of its obligations under rules made under Division 3;

ASIC may give the licensee a written notice that requires the licensee to show cause, at a hearing before a specified person, why the licence should not be suspended or cancelled.

908BJ(2)    
The notice must specify:

(a) the grounds on which it is proposed to suspend or cancel the licence; and

(b) a reasonable time and place at which the hearing is to be held.

However, if the licensee consents, the person conducting the hearing may fix a different time or place.

908BJ(3)    
The person conducting the hearing must:

(a) give the licensee an opportunity to be heard at the hearing; and

(b) give ASIC:

(i) a report about the hearing; and

(ii) a recommendation about the grounds in the notice on which it is proposed to suspend or cancel the licence.

908BJ(4)    
After considering the report and recommendation, ASIC may:

(a) decide to take no further action in relation to the matter and give written advice of that decision to the licensee; or

(b) suspend the licence for a specified period, or cancel the licence, by giving written notice to the licensee.

Note: ASIC must also have regard to the matters in section 908BO .

908BJ(5)    
A notice under subsection (1) is not a legislative instrument.