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 7.6 - LICENSING OF PROVIDERS OF FINANCIAL SERVICES  

Division 4 - Australian financial services licences  

Subdivision B - The conditions on the licence  

SECTION 914B   ASIC MAY REQUEST INFORMATION ETC. IN RELATION TO AN APPLICATION FOR CONDITIONS TO BE VARIED  

914B(1)    
This section applies if a financial services licensee applies under paragraph 914A(2)(b) for ASIC to:

(a)    impose conditions, or additional conditions, on the licence; or

(b)    vary or revoke conditions imposed on the licence.

However, this section does not apply in relation to a power to which paragraph 914A(5)(a) applies.

914B(2)    
Without limiting ASIC ' s power to refuse to grant the application, ASIC may refuse to grant the application if the requirement in section 913BA (fit and proper person test) is not satisfied in relation to the applicant and the licence as proposed to be varied.

ASIC may request information etc. from applicant

914B(3)    

ASIC may give a written notice to the applicant requesting the applicant to lodge with ASIC in a prescribed form, within the time specified in the notice, any of the following:

(a)    information specified in the notice in relation to any matters that ASIC must have regard to for the purposes of deciding whether the requirement in section 913BA is satisfied as mentioned in subsection (2) of this section;

(b)    an audit report, prepared by a suitably qualified person specified in the notice, in relation to matters that ASIC must have regard to for the purposes of deciding whether the requirement in section 913BA is satisfied as mentioned in subsection (2) of this section;

(c)    if ASIC proposes to grant the application - a statement that either:

(i) informs ASIC of any material changes in any information provided to ASIC in, or in connection with, the application; or

(ii) confirms that there have been no such changes.

914B(4)    
To avoid doubt:

(a)    a notice under subsection (3) , and the information, audit report or statement requested in the notice, may relate to any person mentioned in section 913BA in relation to the applicant and the licence as proposed to be varied; and

(b)    subsection (6) applies in relation to such a request even if the applicant is unable to comply with the request.

914B(5)    
ASIC may, by written notice to the applicant within the time specified in the notice:

(a)    withdraw the request; or

(b)    extend the time specified in the notice.

914B(6)    

If the applicant does not lodge with ASIC in a prescribed form the information, audit report or statement requested by ASIC in a notice under subsection (3) within the specified time, the applicant is taken to have withdrawn the application.

914B(7)    
To avoid doubt, subsection (9) does not apply to an application that is taken to have been withdrawn under subsection (6) .

914B(8)    
The regulations may make provision in relation to audit reports that applicants may be requested to lodge under paragraph (3)(b) .

Applicant must be given hearing before refusal of application

914B(9)    
ASIC may only refuse to grant the application after giving the applicant an opportunity:

(a)    to appear, or be represented, at a hearing before ASIC that takes place in private; and

(b)    to make submissions to ASIC in relation to the matter.