Document ID: chunk:federal_register_of_legislation:C2025C00185:section:920a:p2
Version: federal_register_of_legislation:C2025C00185
Segment Type: section
Provision Reference: s 920A (pt 2/4)
Character Range: 3752959–3755518

Ethics)); or
 (f) ASIC has reason to believe that the person is likely to contravene a financial services law; or
 (g) the person has been involved in the contravention of a financial services law by another person; or
 (h) ASIC has reason to believe that the person is likely to become involved in the contravention of a financial services law by another person; or
 (i) the person is the operator of, or another person connected with, an Australian passport fund, and each of the following is satisfied:
 (i) a host regulator for the fund has notified ASIC in writing that it is of the opinion that the person or the fund has not complied, is not complying or is not likely to comply with the law of that host economy to the extent that the law is administered by the host regulator for the fund (including the Passport Rules for the host economy for the fund);
 (ii) ASIC is of the opinion that it should make the banning order, given the potential impact of the failure, or potential failure, to comply on members or potential members of the fund; or
 (j) the person has, at least twice, been linked to a refusal or failure to give effect to a determination made by AFCA relating to a complaint that relates to:
 (i) a financial services business; or
 (ii) credit activities (within the meaning of the National Consumer Credit Protection Act 2009); or
 (ja) all of the following apply:
 (i) an individual who holds an Australian financial services licence, a partner in a partnership, a body corporate or a trustee of a trust is required to pay an amount in accordance with a relevant AFCA determination;
 (ii) the CSLR operator has paid, under section 1063, an amount of compensation for the relevant AFCA determination;
 (iii) at the time the payment is made by the CSLR operator, the person is the individual licensee, a partner in the partnership, an officer of the body corporate or the trustee of the trust; or
 (k) subsection (1C) applies to the person in relation to 2 or more corporations.
Note: To work out whether a person has been linked as described in paragraph (j), see section 910C.
 (1AA) Subsection (1) has effect subject to subsection (2).

When a person is not a fit and proper person
 (1A) For the purposes of paragraph (1)(d), ASIC must have regard to the matters in section 913BB.

When a person contravenes a financial services law
 (1B) To avoid doubt, a person contravenes a financial services law if a person fails to comply with a duty imposed under that law, even if the provision imposing the duty is not an offence provision