Document ID: chunk:federal_register_of_legislation:C2025C00185:section:915b:p3
Version: federal_register_of_legislation:C2025C00185
Segment Type: section
Provision Reference: s 915B (pt 3/5)
Character Range: 3717660–3720173

notice to the body, if:
 (a) the body ceases to carry on the financial services business; or
 (b) the body becomes a Chapter 5 body corporate; or
 (ba) an officer of the body becomes an insolvent under administration; or
 (c) the body is a responsible entity of a registered scheme whose members have suffered, or are likely to suffer, loss or damage because the body has breached this Act; or
 (caa) the body is an operator of a notified foreign passport fund whose members have suffered, or are likely to suffer, loss or damage because the body has breached this Act; or
 (ca) the body is a trustee company whose clients have suffered, or are likely to suffer, loss or damage because the company has breached:
 (i) this Act; or
 (ii) a financial services law referred to in paragraph (f) of the definition of financial services law in section 761A; or
 (d) the body lodges with ASIC in a prescribed form an application for ASIC to do so, which is accompanied by the documents, if any, required by regulations made for the purposes of this paragraph; or
 (e) the body is liable to pay levy imposed by the ASIC Supervisory Cost Recovery Levy Act 2017 and has not paid in full at least 12 months after the due date for payment:
 (i) the amount of levy; and
 (ii) the amount of any late payment penalty payable in relation to the levy; and
 (iii) the amount of any shortfall penalty payable in relation to the levy; or
 (f) the body is liable to pay an instalment of levy (within the meaning of the Financial Services Compensation Scheme of Last Resort Levy (Collection) Act 2023) and has not paid in full at least 12 months after the due date for payment:
 (i) the amount of the instalment of levy; and
 (ii) the amount of any late payment penalty in relation to the instalment of levy; and
 (iii) the amount of any shortfall penalty payable in relation to the instalment of levy.
Note: For fees in respect of lodging applications, see Part 9.10.
 (3A) ASIC may also cancel an Australian financial services licence held by a body corporate, by giving written notice to the body, if the body does not provide a financial service covered by the licence before the end of 6 months after the licence is granted.
 (3B) ASIC must cancel an Australian financial services licence held by a body corporate, by giving written notice to the body, if:
 (a) the body is required to pay an amount to a person in accordance with a relevant AFCA determination; and
 (b) the CSLR operator has paid, under section 1063, an amount of