Document ID: chunk:federal_register_of_legislation:C2025C00185:section:920a:p1
Version: federal_register_of_legislation:C2025C00185
Segment Type: section
Provision Reference: s 920A (pt 1/4)
Character Range: 3750489–3753187

920A  ASIC's power to make a banning order

Making a banning order
 (1) ASIC may, in writing, make one or more orders (banning orders) against a person if:
 (a) ASIC suspends or cancels an Australian financial services licence held by the person; or
 (b) the person has not complied with their obligations under section 912A; or
 (ba) ASIC has reason to believe that the person is likely to contravene their obligations under section 912A; or
 (bb) the person becomes a Chapter 5 body corporate or an insolvent under administration; or
 (c) the person is convicted of fraud; or
 (d) ASIC has reason to believe that the person is not a fit and proper person to:
 (i) provide one or more financial services; or
 (ii) perform one or more functions as an officer of an entity that carries on a financial services business; or
 (iii) control an entity that carries on a financial services business; or
 (da) ASIC has reason to believe that the person is not adequately trained, or is not competent, to:
 (i) provide one or more financial services; or
 (ii) perform one or more functions as an officer of an entity that carries on a financial services business; or
 (iii) control an entity that carries on a financial services business; or
 (db) the person has not complied with any one or more of his or her obligations under section 921F (requirements relating to provisional relevant providers); or
 (dc) both of the following apply:
 (i) a supervisor referred to in section 921F has not complied with any one or more of his or her obligations under that section in relation to a provisional relevant provider;
 (ii) both the supervisor and the provisional relevant provider are authorised to provide personal advice to retail clients, on behalf of the person, in relation to relevant financial products; or
 (dd) both of the following apply:
 (i) a provisional relevant provider has not complied with his or her obligations under subsection 921F(7);
 (ii) the provisional relevant provider is authorised to provide personal advice to retail clients, on behalf of the person, in relation to relevant financial products; or
 (de) ASIC has reason to believe that the person was authorised, in contravention of subsection 921C(2), (3) or (4), to provide personal advice to retail clients in relation to relevant financial products; or
 (e) the person has not complied with a financial services law (other than subsection 921E(3) (relevant providers to comply with the Code of 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