Corporations Act 2001
Note: This Chapter applies to a CCIV in a modified form: see Division 4 of Part 8B.7 .
View history note
Hide history noteASIC may declare in writing that an individual who is involved in a market licensee, a CS facility licensee, a derivative trade repository licensee or a benchmark administrator licensee, or in an applicant for a licence of any of those kinds, is disqualified for the purposes of this Division.
853C(2)
ASIC may make such a declaration only if ASIC is satisfied that, because the individual is unfit to be involved in the licensee or applicant, there is a risk that the licensee or applicant will breach its obligations under this Chapter if the declaration is not made.
[ CCH Note: S 853C(2) will be substituted by No 87 of 2024, s 3, Sch 2[128] (effective 17 March 2025). S 853C(2) will read:
853C(2)
ASIC may make such a declaration only if ASIC is satisfied that the individual is unfit to be involved in the licensee or applicant.]
853C(3)
In deciding whether an individual is unfit as mentioned in subsection (2) , ASIC must take into account such matters as the individual ' s fame, character and integrity, rather than his or her competence, experience, knowledge or other such attributes.
[ CCH Note: S 853C(3) will be substituted by No 87 of 2024, s 3, Sch 2[128] (effective 17 March 2025). S 853C(3) will read:
853C(3)
In deciding whether an individual is unfit as mentioned in subsection (2) , ASIC must take into account such matters as the individual ' s fame, character and integrity.]
853C(4)
A declaration may be expressed to remain in effect for a specified period or until a specified event occurs. Otherwise, it remains in effect indefinitely (unless it is revoked under section 853E ).
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