Document ID: chunk:federal_register_of_legislation:C2025C00185:section:914a:p2
Version: federal_register_of_legislation:C2025C00185
Segment Type: section
Provision Reference: s 914A (pt 2/3)
Character Range: 3706645–3709224

in ASIC's opinion, become a condition that would have a result as described in subparagraph (i);
  unless ASIC has first consulted APRA about the proposed action;
 (b) if ASIC imposes, varies or revokes a condition on the licence and paragraphs (aa) and (a) do not apply to that action, ASIC must, within one week, inform APRA of the action that has been taken.
 (5) If the licensee, or a related body corporate, is an ADI (within the meaning of the Banking Act 1959), then the following provisions apply:
 (a) subject to paragraphs (b) and (c), the powers that ASIC would otherwise have under this section:
 (i) to impose, vary or revoke a condition on the licence that, in ASIC's opinion, has or would have the result of preventing the ADI from being able to carry on all or any of its banking business (within the meaning of the Banking Act 1959); or
 (ii) to vary a condition so that it would, in ASIC's opinion, become a condition that would have a result as described in subparagraph (i);
  are instead powers of the Minister;
 (b) the following provisions apply in relation to a power to which paragraph (a) applies:
 (i) the procedures for the exercise of the power are the same as would apply if ASIC could exercise the power, except that the Minister must not exercise the power unless he or she has first considered advice from ASIC on the proposed action, being advice given after ASIC has consulted APRA about the proposed action;
 (ii) ASIC (rather than the Minister) must still conduct any hearing required under paragraph (3)(a) and receive any submissions under paragraph (3)(b);
 (c) if ASIC imposes, varies or revokes a condition on the licence and paragraph (a) does not apply to that action, ASIC must, within one week, inform APRA of the action that has been taken.
 (5A) A failure to comply with a requirement of this section to consult or inform APRA about, or to consider advice from ASIC about, or to get the agreement of APRA about, an imposition, variation or revocation of a condition does not invalidate the action taken.
 (6) ASIC must ensure that the licence is subject to a condition that specifies the particular financial services or class of financial services that the licensee is authorised to provide.
 (7) The financial services or class of financial services may be specified by reference to particular financial products, or classes of financial products.
 (8) The licence is subject to such other conditions as are prescribed by regulations made for the purposes of this subsection. However, ASIC cannot vary or revoke those conditions.