Document ID: chunk:federal_register_of_legislation:C2024C00826:section:55
Version: federal_register_of_legislation:C2024C00826
Segment Type: section
Provision Reference: s 55
Character Range: 168118–169841

55  Suspension or cancellation after offering a hearing
 (1) ASIC may suspend or cancel a licensee's licence (subject to complying with subsection (4)) if:
 (a) the licensee has contravened an obligation under section 47 (which deals with general conduct obligations of licensees); or
 (b) ASIC has reason to believe that the licensee is likely to contravene an obligation under that section; or
 (c) the requirement in section 37A (fit and proper person test) is not satisfied in relation to the licensee and the licence; or
 (d) the application for the licence:
 (i) was false in a material particular or materially misleading; or
 (ii) omitted a material matter; or
 (e) any information, audit report or statement lodged with ASIC in accordance with a request under subsection 37(4) in relation to the application for the licence:
 (i) was false in a material particular or materially misleading; or
 (ii) omitted a material matter; or
 (f) an application made by the licensee under paragraph 45(2)(b) in relation to the licence:
 (i) was false in a material particular or materially misleading; or
 (ii) omitted a material matter; or
 (g) any information, audit report or statement lodged with ASIC in accordance with a request under subsection 46A(3) in relation to an application made by the licensee under paragraph 45(2)(b) in relation to the licence:
 (i) was false in a material particular or materially misleading; or
 (ii) omitted a material matter.
 (4) ASIC may only suspend or cancel a licensee's licence under this section after giving the licensee an opportunity:
 (a) to appear, or be represented, at a hearing before ASIC that takes place in private; and
 (b) to make submissions to ASIC on the matter.