Document ID: chunk:federal_register_of_legislation:C2005C00498:clause:1_914a:p1
Version: federal_register_of_legislation:C2005C00498
Segment Type: clause
Provision Reference: sch 1 cl 914A (pt 1/2)
Character Range: 297796–300408

914A  The conditions on the licence

 (1) Subject to this section, 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 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.

 (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:
 (a) 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 paragraph (a) does 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