Document ID: chunk:federal_register_of_legislation:C2025C00185:section:920a:p3
Version: federal_register_of_legislation:C2025C00185
Segment Type: section
Provision Reference: s 920A (pt 3/4)
Character Range: 3755294–3757926

a financial services law
 (1B) To avoid doubt, a person contravenes a financial services law if a person fails to comply with a duty imposed under that law, even if the provision imposing the duty is not an offence provision or a civil penalty provision.

When a person has been an officer of a corporation unable to pay its debts
 (1C) This subsection applies to a person in relation to a corporation if, within the last 7 years:
 (a) the person was an officer of the corporation when the corporation was:
 (i) carrying on a financial services business; or
 (ii) engaging in credit activities (within the meaning of the National Consumer Credit Protection Act 2009); and
 (b) the corporation was wound up either:
 (i) while the person was an officer of the corporation; or
 (ii) within the 12 months after the person ceased to be an officer of the corporation; and
 (c) a liquidator lodged a report under subsection 533(1) (including that subsection as applied by section 526‑35 of the Corporations (Aboriginal and Torres Strait Islander) Act 2006) about the corporation's inability to pay its debts.

Person to be given an opportunity to be heard
 (2) Subject to subsection (3), if ASIC has not delegated its power to make a banning order against a person to a Financial Services and Credit Panel, ASIC may make the order only after giving the person an opportunity:
 (a) to appear, or be represented, at a hearing before ASIC that takes place in private; and
 (b) to make submissions to ASIC on the matter.
Note: If ASIC delegates its power to make a banning order against a person to a Financial Services and Credit Panel, the panel may make the order only after holding a hearing in relation to the proposed order (see section 157 of the ASIC Act).
 (3) ASIC may make a banning order against a person without giving the person the opportunities mentioned in subsection (2) if:
 (a) either:
 (i) ASIC has not delegated its power to make the banning order to a Financial Services and Credit Panel; or
 (ii) ASIC exercises its power to make the banning order despite such a delegation; and
 (b) ASIC's grounds for making the banning order are or include both of the following:
 (i) that the suspension or cancellation of the relevant licence took place under section 915B;
 (ii) that the person has been convicted of serious fraud.
Note: See section 34AB of the Acts Interpretation Act 1901 (effect of delegation).

Special procedure for RSE licensees
 (3A) If a person against whom ASIC proposes to make a banning order is a financial services licensee who is authorised to provide a superannuation trustee service, the following