Document ID: chunk:federal_register_of_legislation:C2024C00826:section:80:p1
Version: federal_register_of_legislation:C2024C00826
Segment Type: section
Provision Reference: s 80 (pt 1/3)
Character Range: 193388–195954

80  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:
 (a) if ASIC suspends or cancels a licence of the person; or
 (b) if the person becomes insolvent; or
 (c) for a natural person—if the person is convicted of fraud; or
 (d) if the person has:
 (i) contravened any credit legislation; or
 (ii) been involved in a contravention of a provision of any credit legislation by another person; or
 (e) if ASIC has reason to believe that the person is likely to:
 (i) contravene any credit legislation; or
 (ii) be involved in a contravention of a provision of any credit legislation by another person; or
 (f) if ASIC has reason to believe that the person is not a fit and proper person to:
 (i) engage in one or more credit activities; or
 (ii) perform one or more functions as an officer (within the meaning of the Corporations Act 2001) of another person who engages in credit activities; or
 (iii) control another person who engages in credit activities; or
 (fa) if ASIC has reason to believe that the person is not adequately trained, or is not competent, to:
 (i) engage in one or more credit activities; or
 (ii) perform one or more functions as an officer (within the meaning of the Corporations Act 2001) of another person who engages in credit activities; or
 (iii) control another person who engages in credit activities; or
 (fb) if the person has, at least twice, been linked to a refusal or failure to give effect to a determination made by AFCA (within the meaning of the Corporations Act 2001) relating to a complaint that relates to:
 (i) credit activities; or
 (ii) a financial services business (within the meaning of the Corporations Act 2001); or
 (fba) if all of the following apply:
 (i) an individual who holds a 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 (within the meaning of the Corporations Act 2001);
 (ii) the CSLR operator (within the meaning of that Act) has paid, under section 1063 of that Act, 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 (within the meaning of that Act) of the body corporate or the trustee of the trust; or
 (fc) if subsection (3) applies to the person in relation to 2 or more corporations; or
 (g) if a prescribed State or Territory order is in