Document ID: chunk:federal_register_of_legislation:C2025C00185:section:920a:p4
Version: federal_register_of_legislation:C2025C00185
Segment Type: section
Provision Reference: s 920A (pt 4/4)
Character Range: 3757663–3758783

Interpretation Act 1901 (effect of delegation).

Special procedure for RSE licensees
 (3A) If a person against whom ASIC proposes to make a banning order is a financial services licensee who is authorised to provide a superannuation trustee service, the following provisions apply:
 (a) ASIC cannot make the banning order if doing so would, in ASIC's opinion, have the result of preventing the licensee from providing that service, unless:
 (i) APRA agrees in writing to the making of the banning order; or
 (ii) the licensee's RSE licence is not in effect, and is not treated by section 29GB of the Superannuation Industry (Supervision) Act 1993 as if it were in effect;
 (b) if ASIC makes the banning order and paragraph (a) does not apply to that action, ASIC must, within one week, inform APRA of the action that has been taken.
 (3B) A failure to comply with a requirement of subsection (3A) to get the agreement of APRA about a banning order does not invalidate the action taken.

Copy of banning order to be given to the person
 (4) ASIC must give a copy of a banning order to the person against whom it was made.