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, at any time, take action to:
(a) impose conditions, or additional conditions, on a benchmark administrator licence; or
(b) vary or revoke any conditions to which a benchmark administrator licence is subject (whether imposed under paragraph (a) or under subsection 908BC(1) );
by giving written notice to the licensee. ASIC must also publish a notice with details of the action and when it took effect.
Note 1: As well as complying with the requirements in this section, ASIC must have regard to the matters in section 908BO .
Note 2: A licensee is also subject to other obligations in this Part (for example, see Divisions 3 and 4 ).
908BG(2)
ASIC may take action under subsection (1):
(a) on its own initiative, subject to subsection (3); or
(b) if the licensee lodges an application with ASIC, in a form approved by ASIC in writing, seeking:
(i) the imposition of conditions; or
(ii) the variation or revocation of conditions.
Note: For fees for lodging applications, see Part 9.10 .
908BG(3)
ASIC may only take action on its own initiative to impose conditions or additional conditions, or to vary or revoke conditions, to which the licence is subject if:
(a) ASIC considers it appropriate to do so having regard to:
(i) the licensee ' s obligations under this Part; and
(ii) the licensee ' s obligations under rules made under Division 3; and
(iii) any change in the administration of the financial benchmark specified in the licence; and
(b) ASIC gives the licensee written notice of the proposed action and an opportunity to make a submission before the proposed action is to take effect.
This subsection does not apply to ASIC imposing conditions when a licence is granted.
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