Document ID: chunk:federal_register_of_legislation:C2025C00185:section:915b:p4
Version: federal_register_of_legislation:C2025C00185
Segment Type: section
Provision Reference: s 915B (pt 4/5)
Character Range: 3719957–3722528

by giving written notice to the body, if:
 (a) the body is required to pay an amount to a person in accordance with a relevant AFCA determination; and
 (b) the CSLR operator has paid, under section 1063, an amount of compensation to the person for the relevant AFCA determination.
 (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 an individual:
 (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 a Chapter 5 body corporate; or
 (ca) an officer of a trustee becomes an insolvent under administration; or
 (d) the trustees lodge with ASIC in a prescribed form 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; or
 (e) in the case of a licensee that is a single legal entity under section 761FA and also a leviable entity (within the meaning of the ASIC Supervisory Cost Recovery Levy Act 2017)—the following have not been paid in full at least 12 months after the due date for payment:
 (i) an amount of levy (if any) payable in respect of the licensee;
 (ii) an amount of late payment penalty payable (if any) in relation to the levy;
 (iii) an amount of shortfall penalty payable (if any) in relation to the levy; or
 (f) in the case of a licensee that is a single legal entity under section 761FA of this Act and also liable to pay an instalment of levy (within the meaning of the Financial Services Compensation Scheme of Last Resort Levy (Collection) Act 2023)—the following have not been paid in full at least 12 months after the due date for payment:
 (i) the amount of the instalment of levy;
 (ii) the amount of any late payment penalty in relation to the instalment of levy;
 (iii) the amount of any shortfall penalty payable in relation to the instalment of levy.
Note: For fees in respect of lodging applications, see Part 9.10.
 (4A) ASIC may also cancel an Australian financial services licence held by the trustees of a trust, by giving written notice to the trustees, if the trustees of the trust do not provide a financial service covered by the licence before the end of 6 months after the licence is granted.
 (4B) ASIC must cancel an Australian financial services