Document ID: chunk:federal_register_of_legislation:C2025C00185:section:915b:p1
Version: federal_register_of_legislation:C2025C00185
Segment Type: section
Provision Reference: s 915B (pt 1/5)
Character Range: 3712867–3715522

915B  Immediate suspension or cancellation

Licence held by an individual
 (1) ASIC may suspend or cancel an Australian financial services licence held by an individual, by giving written notice to the person, if the person:
 (a) ceases to carry on the financial services business; or
 (b) becomes an insolvent under administration; or
 (c) is convicted of serious fraud; or
 (d) becomes incapable of managing their affairs because of mental or physical incapacity; or
 (e) 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; or
 (f) is liable to pay levy imposed by the ASIC Supervisory Cost Recovery Levy Act 2017 and has not paid in full at least 12 months after the due date for payment:
 (i) the amount of levy; and
 (ii) the amount of any late payment penalty payable in relation to the levy; and
 (iii) the amount of any shortfall penalty payable in relation to the levy; or
 (g) is liable to pay an instalment of levy (within the meaning of the Financial Services Compensation Scheme of Last Resort Levy (Collection) Act 2023) and has not paid in full at least 12 months after the due date for payment:
 (i) the amount of the instalment of levy; and
 (ii) the amount of any late payment penalty in relation to the instalment of levy; and
 (iii) the amount of any shortfall penalty payable in relation to the instalment of levy.
Note: For fees in respect of lodging applications, see Part 9.10.
 (1A) ASIC may also cancel an Australian financial services licence held by an individual, by giving written notice to the individual, if the individual does not provide a financial service covered by the licence before the end of 6 months after the licence is granted.
 (1B) ASIC must cancel an Australian financial services licence held by an individual, by giving written notice to the individual, if:
 (a) the individual is required to pay an amount to another person in accordance with a relevant AFCA determination; and
 (b) the CSLR operator has paid, under section 1063, an amount of compensation to the other person for the relevant AFCA determination.

Licence held by a partnership
 (2) ASIC may suspend or cancel an Australian financial services licence held by a partnership, by giving written notice to the partnership, if:
 (a) the partnership ceases to carry on the financial services business; or
 (b) a creditor's petition or a debtor's petition is presented under Division 2 or 3 of Part IV of the Bankruptcy Act 1966 against the partnership; or
 (ba) an officer of the partnership becomes an insolvent