ASIC Supervisory Cost Recovery Levy (Consequential Amendments) Act 2017 (45 of 2017)

Schedule 1   Amendments

Corporations Act 2001

15   After section 1290

Insert:

1291 Immediate suspension or cancellation

ASIC may cancel or suspend a person's registration as an auditor if:

(a) the person is liable to pay levy imposed by the ASIC Supervisory Cost Recovery Levy Act 2017; and

(b) the following have not been paid in full at least 12 months after the due date for payment:

(i) an amount of levy (if any) payable in respect of the person;

(ii) an amount of late payment penalty payable (if any) in relation to the levy;

(iii) an amount of shortfall penalty payable (if any) in relation to the levy.

Note: See section 1298 for the effect of suspension.

1291A Notice of suspension or cancellation

Application of this section

(1) This section applies if ASIC decides under section 1291 to suspend or cancel the registration of a person as an auditor.

ASIC must give notice of decision

(2) ASIC must, within 10 business days after making the decision, give a written notice setting out the decision, and the reasons for the decision.

When decision comes into effect

(3) The decision comes into effect on the day after the notice is given to the person.

Failure to give notice does not affect validity of decision

(4) A failure by ASIC to give the notice under subsection (2) within 10 business days does not affect the validity of the decision.

1291B ASIC may vary or revoke suspension

(1) This section applies if ASIC has suspended the registration of a person as an auditor under section 1291.

(2) ASIC may at any time vary or revoke the suspension by giving written notice to the person.