Document ID: chunk:federal_register_of_legislation:C2025C00185:section:915b:p2
Version: federal_register_of_legislation:C2025C00185
Segment Type: section
Provision Reference: s 915B (pt 2/5)
Character Range: 3715283–3717885

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 under administration; or
 (c) one or more of the partners is convicted of serious fraud; or
 (d) the partnership 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
 (e) in the case of a partnership that is a leviable entity (within the meaning of the ASIC Supervisory Cost Recovery Levy Act 2017)—the following have not been paid in full at least 12 months after the due date for payment:
 (i) an amount of levy (if any) payable in respect of the licensee;
 (ii) an amount of late payment penalty payable (if any) in relation to the levy;
 (iii) an amount of shortfall penalty payable (if any) in relation to the levy; or
 (f) in the case of a partnership that is liable to pay an instalment of levy (within the meaning of the Financial Services Compensation Scheme of Last Resort Levy (Collection) Act 2023)—the following have not been paid in full at least 12 months after the due date for payment:
 (i) the amount of the instalment of levy;
 (ii) the amount of any late payment penalty in relation to the instalment of levy;
 (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.
 (2A) ASIC may also cancel an Australian financial services licence held by a partnership, by giving written notice to the partnership, if the partnership does not provide a financial service covered by the licence before the end of 6 months after the licence is granted.
 (2B) ASIC must cancel an Australian financial services licence held by a partnership, by giving written notice to the partnership, if:
 (a) one or more of the partners is required to pay an amount to a person in accordance with a relevant AFCA determination; and
 (b) the CSLR operator has paid, under section 1063, an amount of compensation to the person for the relevant AFCA determination.

Licence held by a body corporate
 (3) ASIC may suspend or cancel an Australian financial services licence held by a body corporate, by giving written notice to the body, if:
 (a) the body ceases to carry on the financial services business; or
 (b) the body becomes a Chapter 5 body corporate; or
 (ba) an officer of the body becomes an insolvent under administration; or
 (c)