Document ID: chunk:federal_register_of_legislation:C2025C00185:section:826b
Version: federal_register_of_legislation:C2025C00185
Segment Type: section
Provision Reference: s 826B
Character Range: 3221651–3224227

826B  Immediate suspension or cancellation
  ASIC may, by giving written notice to a CS facility licensee, suspend the licence for a specified period, or cancel it, if:
 (a) the licensee ceases to carry on the business of operating the facility to which the licence relates; or
 (aa) both of the following subparagraphs apply:
 (i) it has been at least 12 months since ASIC granted the licence;
 (ii) during the last 12 months, the licensee has not provided the facility's services; or
 (ab) all of the following subparagraphs apply:
 (i) it has been at least 12 months since ASIC granted the licence;
 (ii) the licence is subject to a condition specifying that the licensee is authorised to engage in specified conduct or activity that constitutes operating the facility;
 (iii) during the last 12 months, the licensee has not engaged in any such specified conduct or activity; or
 (b) the licensee becomes a Chapter 5 body corporate; or
 (c) the licensee asks ASIC to do so; or
 (ca) in the case of a licence granted under subsection 824B(2) (overseas clearing and settlement facilities)—the licensee ceases to be registered under Division 2 of Part 5B.2; or
 (cb) an application has been made under section 601AA to deregister the licensee as a company; or
 (cc) ASIC has decided under section 601AB to deregister the licensee as a company; or
 (d) in the case of a licence granted under subsection 824B(2) (overseas clearing and settlement facilities):
 (i) the licensee ceases to be authorised to operate a clearing and settlement facility in the foreign country in which the licensee's principal place of business is located; or
 (ii) there is a change to the regulatory regime applying in relation to the facility to which the licence relates in that country and, because of that change, ASIC is no longer satisfied of the matters in paragraph 824B(2)(c); or
 (iii) the cooperation (including information sharing) between ASIC or the Reserve Bank and the authority or authorities responsible for supervising the operation of that facility in that country has materially deteriorated or is otherwise inadequate; or
 (e) in the case of a licensee that is a leviable entity (within the meaning of the ASIC Supervisory Cost Recovery Levy Act 2017)—the following have not been paid in full at least 12 months after the due date for payment:
 (i) an amount of levy (if any) payable in respect of the licensee;
 (ii) the amount of late payment penalty payable (if any) in relation to the levy;
 (iii) the amount of shortfall penalty payable (if any) in relation to the levy.