Document ID: chunk:federal_register_of_legislation:C2025C00185:section:826c
Version: federal_register_of_legislation:C2025C00185
Segment Type: section
Provision Reference: s 826C
Character Range: 3224227–3225537

826C  Suspension or cancellation following hearing and report
 (1) If ASIC considers that a CS facility licensee has breached one or more of its obligations as a CS facility licensee under this Chapter, ASIC may give the licensee a written notice that requires the licensee to show cause, at a hearing before a specified person, why the licence should not be suspended or cancelled.
 (2) The notice must specify:
 (a) the grounds on which it is proposed to suspend or cancel the licence; and
 (b) a reasonable time and place at which the hearing is to be held.
However, if the licensee consents, the person conducting the hearing may fix a different time or place.
 (3) The person conducting the hearing must:
 (a) give the licensee 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 suspend or cancel the licence.
 (4) After considering the report and recommendation, ASIC may:
 (a) decide to take no further action in relation to the matter and give written advice of that decision to the licensee; or
 (b) suspend the licence for a specified period, or cancel the licence, by giving written notice to the licensee.
Note: ASIC must have regard to the matters in section 827A.