Document ID: chunk:federal_register_of_legislation:C2005C00498:clause:1_920a
Version: federal_register_of_legislation:C2005C00498
Segment Type: clause
Provision Reference: sch 1 cl 920A
Character Range: 329098–330401

920A  ASIC's power to make a banning order

 (1) ASIC may make a banning order against a person, by giving written notice to the person, if:
 (a) ASIC suspends or cancels an Australian financial services licence held by the person; or
 (b) the person has not complied with their obligations under section 912A; or
 (ba) ASIC has reason to believe that the person will not comply with their obligations under section 912A; or
 (bb) the person becomes an insolvent under administration; or
 (c) the person is convicted of fraud; or
 (d) if the person is a declared professional body—ASIC revokes the declaration; or
 (e) the person has not complied with a financial services law; or
 (f) ASIC has reason to believe that the person will not comply with a financial services law.

 (2) However, ASIC may only make a banning order against a person 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.

 (3) Subsection (2) does not apply in so far as ASIC's grounds for making the banning order are or include the following:
 (a) that the suspension or cancellation of the relevant licence took place under section 915B;
 (b) that the person has been convicted of serious fraud.