Document ID: chunk:federal_register_of_legislation:C2024A00087:clause:2_853h
Version: federal_register_of_legislation:C2024A00087
Segment Type: clause
Provision Reference: sch 2 cl 853H
Character Range: 291710–293181

853H  ASIC's power to make financial market infrastructure banning orders
 (1) ASIC may, in writing, make one or more orders (FMI banning orders) against an individual if:
 (a) the individual becomes an insolvent under administration; or
 (b) the individual is convicted of fraud; or
 (c) ASIC has reason to believe that the individual is not a fit and proper person to:
 (i) perform one or more functions of a core officer of an FMI licensee; or
 (ii) control an FMI licensee; or
 (d) without limiting paragraph (c)—ASIC has reason to believe that the individual is not capable of:
 (i) performing one or more functions of a core officer of an FMI licensee; or
 (ii) controlling an FMI licensee;
  including because the individual is not competent to perform the functions or control an FMI licensee; or
 (e) the individual has not complied with a financial services law; or
 (f) ASIC has reason to believe that the individual is likely to contravene a financial services law; or
 (g) the individual has been involved in the contravention of a financial services law by another person; or
 (h) ASIC has reason to believe that the individual is likely to become involved in the contravention of a financial services law by another person; or
 (i) section 853M applies to the individual in relation to one or more corporations.

Copy of banning order to be given to the individual
 (2) ASIC must give a copy of a banning order to the individual against whom it was made.