Document ID: chunk:federal_register_of_legislation:C2017A00007:clause:1_921k:p2
Version: federal_register_of_legislation:C2017A00007
Segment Type: clause
Provision Reference: sch 1 cl 921K (pt 2/2)
Character Range: 23524–24738

with the Code of Ethics under the scheme.
 (8) ASIC must not take an action specified under subsection (9) unless:
 (a) ASIC gives a written notice to the monitoring body:
 (i) providing reasons why ASIC is considering taking the action; and
 (ii) stating that the monitoring body has 90 business days to make submissions to ASIC, in accordance with the notice, about the possible action; and
 (b) ASIC has considered any submissions made by the monitoring body in accordance with the notice.
 (9) The following actions are specified:
 (a) revoking the approval of the scheme;
 (b) varying a condition imposed in relation to the approval of the scheme;
 (c) imposing an additional condition in relation to the approval of the scheme.

Revocation of conditions etc.
 (10) ASIC may revoke or vary a condition imposed in relation to the approval of the scheme if ASIC is satisfied that compliance with the Code of Ethics will continue to be appropriately monitored and enforced under the scheme if ASIC revokes or varies the condition.
 (11) ASIC must, within a reasonable period, notify the monitoring body if ASIC revokes or varies a condition under subsection (10).

Subdivision C—Investigations by monitoring body