Document ID: chunk:federal_register_of_legislation:C2005C00498:clause:1_853d
Version: federal_register_of_legislation:C2005C00498
Segment Type: clause
Provision Reference: sch 1 cl 853D
Character Range: 197013–198878

853D  Procedure for declaration

 (1) ASIC must not make a declaration under section 853C unless it has followed the procedure in this section.

 (2) Within 42 days after:
 (a) a body corporate applies for an Australian market licence or an Australian CS facility licence; or
 (b) ASIC receives other information that may be relevant to deciding whether to make a declaration under section 853C about an individual who is involved in an applicant for an Australian market licence or an Australian CS facility licence, or in an existing licensee;
ASIC may give the applicant or licensee written notice that ASIC proposes to make a declaration under section 853C about the individual in question.

 (3) ASIC must give a copy of the notice to the individual and to the Minister.

 (4) The notice must:
 (a) state the grounds on which ASIC proposes to make the declaration; and
 (b) require the applicant or licensee, and the individual, to show, at a hearing before a specified person, why the declaration should not be made; and
 (c) specify a reasonable time and place at which the hearing is to be held.
However, if the applicant or licensee, and the individual, consent, the person conducting the hearing may fix a different time or place.

 (5) The person conducting the hearing must:
 (a) give the applicant or licensee, and the individual, an opportunity to be heard at the hearing; and
 (b) give ASIC:
 (i) a report about the hearing; and
 (ii) a recommendation about the grounds in the notice on which it is proposed to make the declaration.

 (6) As soon as practicable after the hearing, ASIC must:
 (a) decide whether to make the declaration; and
 (b) give each of the following persons a copy of the declaration, or a written notice of its decision not to make the declaration:
 (i) the applicant or licensee;
 (ii) the individual;
 (iii) the Minister.