Corporations Act 2001
Note: This Chapter applies to a CCIV in a modified form: see Division 4 of Part 8B.7 .
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Hide history noteIf ASIC considers that a CS facility licensee has breached one or more of its obligations as a CS facility licensee under this Chapter, 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.
826C(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.
826C(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.
826C(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 have regard to the matters in section 827A .
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