Document ID: chunk:federal_register_of_legislation:C2005C00498:clause:1_915c
Version: federal_register_of_legislation:C2005C00498
Segment Type: clause
Provision Reference: sch 1 cl 915C
Character Range: 305749–307481

915C  Suspension or cancellation after offering a hearing

 (1) ASIC may suspend or cancel an Australian financial services licence (subject to complying with subsection (4)) in any of the following cases:
 (a) the licensee has not complied with their obligations under section 912A;
 (aa) ASIC has reason to believe that the licensee will not comply with their obligations under section 912A;
 (b) ASIC is no longer satisfied of the matter in whichever of subsection 913B(2) or (3) applied at the time the licence was granted (about whether the licensee, or the licensee's representatives, are of good fame or character);
 (c) a banning order or disqualification order under Division 8 is made against the licensee;
 (d) a banning order or disqualification order under Division 8 is made against a representative of the licensee and ASIC considers that the representative's involvement in the provision of the licensee's financial services will significantly impair the licensee's ability to meet its obligations under this Chapter.

 (2) ASIC may also cancel an Australian financial services licence (subject to complying with subsection (4)) if:
 (a) the application for the licence was false in a material particular or materially misleading; or
 (b) there was an omission of a material matter from the application.

 (3) An Australian financial services licence is suspended or cancelled by ASIC giving written notice to the licensee.

 (4) However, ASIC may only suspend or cancel an Australian financial services licence under this section after giving the licensee 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.