Document ID: chunk:federal_register_of_legislation:C2023C00275:clause:2_14
Version: federal_register_of_legislation:C2023C00275
Segment Type: clause
Provision Reference: sch 2 cl 14
Character Range: 70582–72392

14  The conditions on the registration

ASIC may impose, vary or revoke conditions on registrations
(1) ASIC may, at any time:
 (a) impose conditions, or additional conditions, on a person's registration; and
 (b) vary or revoke conditions imposed on a person's registration.
(2) ASIC may do so:
 (a) on its own initiative; or
 (b) if the registered person lodges an application with ASIC for the imposition, variation or revocation.
(3) The application must be in the approved form.

Notice and effect of imposition, variation or revocation of conditions
(4) ASIC must give the registered person written notice of the imposition, variation or revocation of the conditions. The imposition, variation or revocation of the conditions comes into force on the day specified in the notice, which must not be before the day on which the decision to impose, vary or revoke the conditions was made.

ASIC must give the registered person a hearing
(5) Despite subitem (1), ASIC may only impose conditions or additional conditions, or vary or revoke the conditions, on the registration after giving the registered person 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 conditions.
This subitem does not apply to ASIC imposing conditions when a person becomes registered.

Condition in relation to credit activities authorised
(6) ASIC must ensure that the registration is subject to a condition that specifies the credit activities or classes of credit activities that the registered person is authorised to engage in.

Regulations may prescribe conditions
(7) The registration is subject to such other conditions as are prescribed by the regulations. However, ASIC cannot vary or revoke those conditions.