Document ID: chunk:federal_register_of_legislation:C2023C00275:clause:2_23
Version: federal_register_of_legislation:C2023C00275
Segment Type: clause
Provision Reference: sch 2 cl 23
Character Range: 82139–84834

23  Suspension or cancellation without hearing
(1) ASIC may suspend or cancel a registered person's registration if:
 (a) the registered person lodges with ASIC an application for the suspension or cancellation; or
 (b) the registered person does not engage, or ceases to engage, in credit activities; or
 (c) a banning order or disqualification order under Part 2‑4 of the National Credit Act is in force against the registered person; or
 (d) a banning order or disqualification order under Division 8 of Part 7.6 of the Corporations Act 2001 is in force against the registered person; or
 (e) the registered person is banned from engaging in a credit activity under a law of a State or Territory; or
 (f) an Australian financial services licence of the registered person is suspended, or has been cancelled within the last 7 years, under:
 (i) paragraph 915B(1)(d) or subparagraph 915B(4)(b)(iii) of the Corporations Act 2001 (which deals with suspension or cancellation because of mental or physical incapacity); or
 (ii) section 915C of the Corporations Act 2001 (which deals with suspension or cancellation after offering a hearing); or
 (g) if the registered person is not the trustees of a trust—the registered person is insolvent; or
 (h) the registered person is a single natural person and:
 (i) is disqualified from managing corporations under Part 2D.6 of the Corporations Act 2001; or
 (ii) is convicted of serious fraud; or
 (iii) is incapable of managing his or her affairs because of physical or mental incapacity; or
 (iv) a prescribed State or Territory order is in force against the registered person; or
 (i) the registered person is not a single natural person and a prescribed State or Territory order is in force against any of the following persons:
 (i) if the registered person is a body corporate—a director or secretary of the body corporate who performs duties in relation to credit activities;
 (ii) if the registered person is a partnership or the trustees of a trust—a partner or trustee who performs duties in relation to credit activities.
(1A) For the purposes of paragraph (1)(e), a reference to a credit activity in the definitions of banned from engaging in a credit activity under a law of a State or Territory and State or Territory credit licence in subsection 5(1) of the National Credit Act (as those definitions apply for the purposes of this Act because of subsection 4(2) of this Act) includes a reference to an activity that would be a credit activity if the new Credit Code had applied from the day section 3 of the National Credit Act commences.
(2) An application for suspension or cancellation of a registration must be in the approved form.