Document ID: chunk:federal_register_of_legislation:C2025C00185:schedule:2:p22
Version: federal_register_of_legislation:C2025C00185
Segment Type: schedule
Provision Reference: sch 2 (pt 22/73)
Character Range: 6366556–6369361

is to be shortened—specify when the suspension is to end.

40‑90  Committee to report
  The committee must give the applicant and ASIC a report setting out:
 (a) the committee's decision on the application; and
 (b) the committee's reasons for that decision; and
 (c) if the committee decides that the period of the suspension should be shortened—when the suspension is to end.

40‑95  Committee's decision given effect
  If the committee decides that a suspension is to be lifted or shortened, the suspension is lifted or shortened in accordance with the decision.

Subdivision G—Action initiated by industry body

40‑100  Notice by industry bodies of possible grounds for disciplinary action

Industry body may lodge notice
 (1) An industry body may lodge with ASIC a notice in the approved form (an industry notice):
 (a) stating that the body reasonably suspects that there are grounds for ASIC:
 (i) to suspend the registration of a registered liquidator under section 40‑25; or
 (ii) to cancel the registration of a registered liquidator under section 40‑30; or
 (iii) to give a registered liquidator a notice under section 40‑40 (a show‑cause notice); or
 (iv) to impose a condition on a registered liquidator under another provision of this Schedule; and
 (b) identifying the registered liquidator; and
 (c) including the information and copies of any documents upon which the suspicion is founded.

ASIC must consider information and documents
 (2) ASIC must consider the information and the copies of any documents included with the industry notice.

ASIC must give notice if no action to be taken
 (3) If, after such consideration, ASIC decides to take no action in relation to the matters raised by the industry notice, ASIC must give the industry body written notice of that fact.

45 business days to consider and decide
 (4) The consideration of the information and the copies of any documents included with the industry notice must be completed and, if ASIC decides to take no action, a notice under subsection (3) given, within 45 business days after the industry notice is lodged.

ASIC not precluded from taking action
 (5) ASIC is not precluded from:
 (a) suspending the registration of a registered liquidator under section 40‑25; or
 (b) cancelling the registration of a registered liquidator under section 40‑30; or
 (c) giving a registered liquidator a notice under section 40‑40 (a show‑cause notice); or
 (d) imposing a condition on a registered liquidator under another provision of this Schedule;
wholly or partly on the basis of information or a copy of a document included with the industry notice, merely because ASIC has given a notice under subsection (3) in relation to the matters raised by the industry notice.

Notice to industry body if ASIC takes action
 (6) If ASIC