Document ID: chunk:federal_register_of_legislation:C2025C00185:section:914a:p1
Version: federal_register_of_legislation:C2025C00185
Segment Type: section
Provision Reference: s 914A (pt 1/3)
Character Range: 3704208–3706889

914A  The conditions on the licence
 (1) Subject to this section and section 914B, ASIC may, at any time, by giving written notice to a financial services licensee:
 (a) impose conditions, or additional conditions, on the licence; and
 (b) vary or revoke conditions imposed on the licence.
Note: Subsection 923B(3) restricts the circumstances in which ASIC can impose a condition authorising a person to assume or use a restricted word or expression under that section.
 (2) ASIC may do so:
 (a) on its own initiative; or
 (b) if the licensee lodges with ASIC in a prescribed form an application for ASIC to do so, which is accompanied by the documents, if any, required by regulations made for the purposes of this paragraph.
Note: For fees in respect of lodging applications, see Part 9.10.
 (3) ASIC may only impose conditions or additional conditions, or vary the conditions, on the licence 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 in relation to the matter.
This subsection does not apply to ASIC imposing conditions when a licence is granted, or imposing or varying conditions in accordance with an application under paragraph (2)(b).
 (4) If the licensee, or a related body corporate, is a body (the APRA body) regulated by APRA, other than an ADI (within the meaning of the Banking Act 1959), then the following provisions apply:
 (aa) ASIC cannot impose, vary or revoke a condition on the licence if the licensee is authorised to provide a superannuation trustee service and doing so would, in ASIC's opinion, have the result of preventing the licensee from providing that service, unless:
 (i) APRA has agreed in writing with the proposed action; or
 (ii) the licensee applied under paragraph 914A(2)(b) for ASIC to take the proposed action; or
 (iii) the licensee's RSE licence is not in effect, and is not treated by section 29GB of the Superannuation Industry (Supervision) Act 1993 as if it were in effect;
 (a) if paragraph (aa) does not apply, ASIC cannot:
 (i) impose, vary or revoke a condition on the licence that, in ASIC's opinion, has or would have the result of preventing the APRA body from being able to carry on all or any of its usual activities (being activities in relation to which APRA has regulatory or supervisory responsibilities); or
 (ii) vary a condition so that it would, 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