Document ID: chunk:federal_register_of_legislation:C2005C00498:clause:1_915b:p1
Version: federal_register_of_legislation:C2005C00498
Segment Type: clause
Provision Reference: sch 1 cl 915B (pt 1/2)
Character Range: 302629–305350

915B  Immediate suspension or cancellation

Licence held by a natural person

 (1) ASIC may suspend or cancel an Australian financial services licence held by a natural person, 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 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.

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
 (c) one or more of the partners is convicted of serious fraud; or
 (d) the partnership 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.

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 the body:
 (a) ceases to carry on the financial services business; or
 (b) becomes an externally‑administered body corporate; or
 (c) is a responsible entity of a registered scheme whose members have suffered, or are likely to suffer, loss or damage because the body has breached this Act; or
 (d) 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.

 (4) ASIC may suspend or cancel an Australian financial services licence held by the trustees of a trust, by giving written notice to the trustees, if:
 (a) the trustees of the trust cease to carry on the financial services business; or
 (b) a trustee who is a natural person:
 (i) becomes an insolvent under administration; or
 (ii) is convicted of serious fraud; or
 (iii) becomes incapable of managing their affairs because of physical or mental incapacity; or
 (c) a trustee that is a body corporate becomes an externally‑administered body corporate; or
 (d) the trustees lodge