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 7.4 - LIMITS ON INVOLVEMENT WITH LICENSEES  

Division 2 - Individuals who are not fit and proper are disqualified  

SECTION 853D   PROCEDURE FOR DECLARATION  

853D(1)    
ASIC must not make a declaration under section 853C unless it has followed the procedure in this section.

853D(2)    
Within 42 days after:

(a)    

a body corporate applies for an Australian market licence, an Australian CS facility licence, an Australian derivative trade repository licence or a benchmark administrator licence; or

(b)    

ASIC receives other information that may be relevant to deciding whether to make a declaration under section 853C about an individual who is involved in an applicant for an Australian market licence, an Australian CS facility licence, an Australian derivative trade repository licence or a benchmark administrator licence, or in an existing licensee;

ASIC may give the applicant or licensee written notice that ASIC proposes to make a declaration under section 853C about the individual in question.

853D(3)    

ASIC must give a copy of the notice to the individual.

853D(4)    
The notice must:

(a)    state the grounds on which ASIC proposes to make the declaration; and

(b)    require the applicant or licensee, and the individual, to show, at a hearing before a specified person, why the declaration should not be made; and

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

However, if the applicant or licensee, and the individual, consent, the person conducting the hearing may fix a different time or place.

853D(5)    
The person conducting the hearing must:

(a)    give the applicant or licensee, and the individual, 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 make the declaration.

853D(6)    
As soon as practicable after the hearing, ASIC must:

(a)    decide whether to make the declaration; and

(b)    

give both of the following persons a copy of the declaration, or a written notice of its decision not to make the declaration:

(i) the applicant or licensee;

(ii) the individual.