Corporations Act 2001
Note: See section 600K .
PART 2 - REGISTERING AND DISCIPLINING PRACTITIONERS Division 40 - Disciplinary and other action Subdivision G - Action initiated by industry body SECTION 40-100 NOTICE BY INDUSTRY BODIES OF POSSIBLE GROUNDS FOR DISCIPLINARY ACTIONIndustry body may lodge notice
40-100(1)
An industry body may lodge with ASIC a notice in the approved form (an industry notice ):
(a) stating that the body reasonably suspects that there are grounds for ASIC:
(i) to suspend the registration of a registered liquidator under section 40-25 ; or
(ii) to cancel the registration of a registered liquidator under section 40-30 ; or
(iii) to give a registered liquidator a notice under section 40-40 (a show-cause notice); or
(iv) to impose a condition on a registered liquidator under another provision of this Schedule; and
(b) identifying the registered liquidator; and
(c) including the information and copies of any documents upon which the suspicion is founded.
ASIC must consider information and documents
40-100(2)
ASIC must consider the information and the copies of any documents included with the industry notice.
ASIC must give notice if no action to be taken
40-100(3)
If, after such consideration, ASIC decides to take no action in relation to the matters raised by the industry notice, ASIC must give the industry body written notice of that fact.
45 business days to consider and decide
40-100(4)
The consideration of the information and the copies of any documents included with the industry notice must be completed and, if ASIC decides to take no action, a notice under subsection (3) given, within 45 business days after the industry notice is lodged.
ASIC not precluded from taking action
40-100(5)
ASIC is not precluded from:
(a) suspending the registration of a registered liquidator under section 40-25 ; or
(b) cancelling the registration of a registered liquidator under section 40-30 ; or
(c) giving a registered liquidator a notice under section 40-40 (a show-cause notice); or
(d) imposing a condition on a registered liquidator under another provision of this Schedule;
wholly or partly on the basis of information or a copy of a document included with the industry notice, merely because ASIC has given a notice under subsection (3) in relation to the matters raised by the industry notice.
Notice to industry body if ASIC takes action
40-100(6)
If ASIC does take action of the kind mentioned in subsection (5) wholly or partly on the basis of information or a copy of a document included with the industry notice, ASIC must give the industry body notice of that fact.
Notices are not legislative instruments
40-100(7)
A notice under subsection (3) or (6) is not a legislative instrument.
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