Document ID: chunk:federal_register_of_legislation:C2022C00218:clause:1_34
Version: federal_register_of_legislation:C2022C00218
Segment Type: clause
Provision Reference: sch 1 cl 34
Character Range: 41221–41943

34  Subsection 920A(3)
Repeal the subsection, substitute:
 (3) ASIC may make a banning order against a person without giving the person the opportunities mentioned in subsection (2) if:
 (a) either:
 (i) ASIC has not delegated its power to make the banning order to a Financial Services and Credit Panel; or
 (ii) ASIC exercises its power to make the banning order despite such a delegation; and
 (b) ASIC's grounds for making the banning order are or include both of the following:
 (i) that the suspension or cancellation of the relevant licence took place under section 915B;
 (ii) that the person has been convicted of serious fraud.
Note: See section 34AB of the Acts Interpretation Act 1901 (effect of delegation).