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 7.2 - LICENSING OF FINANCIAL MARKETS  

Division 4 - The Australian market licence  

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

SECTION 797B  

797B   IMMEDIATE SUSPENSION OR CANCELLATION  

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

(a)    

the licensee ceases to carry on the business of operating the financial market 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, there has been no acceptance of any offers made through the market to acquire or dispose of financial products; 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 the market;

(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 licence granted under subsection 795B(2) (overseas markets):

(i) the licensee ceases to be authorised to operate a financial market in the foreign country in which the licensee ' s principal place of business is located; or

(ii) there is a change to the regulatory regime applying in relation to the financial market to which the licence relates in that country and, because of that change, ASIC is no longer satisfied of the matters in paragraph 795B(2)(c) ; or

(iii) the cooperation (including information sharing) between ASIC and the authority or authorities responsible for supervising the operation of that market in that country has materially deteriorated or is otherwise inadequate; or

(e)    

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

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