Document ID: chunk:federal_register_of_legislation:C2004A01287:clause:1_29g
Version: federal_register_of_legislation:C2004A01287
Segment Type: clause
Provision Reference: sch 1 cl 29G
Character Range: 51520–52922

29G  Cancellation of RSE licences

 (1) Subject to subsection (2), APRA may, in writing, cancel an RSE licence.

Note: In some circumstances, APRA needs the consent of the Minister (see subsection (3)) or must inform or consult ASIC (see section 29GA).

 (2) Without limiting subsection (1), APRA may cancel an RSE licence under that subsection if:
 (a) the RSE licensee has requested, in the approved form, that the licence be cancelled; or
 (b) the RSE licensee is a body corporate and is a disqualified person for the purposes of Part 15; or
 (c) the RSE licensee has breached a condition imposed on the licence; or
 (d) APRA has reason to believe that the RSE licensee will breach a condition imposed on the licence; or
 (e) the RSE licensee has failed to comply with a direction by APRA under section 29EB; or
 (f) APRA has reason to believe that the RSE licensee will fail to comply with a direction by APRA under section 29EB.

 (3) APRA must not cancel an RSE licence under subsection (1) without the Minister's written consent, unless paragraph (2)(a) or (b) applies to the cancellation.

 (4) If APRA cancels an RSE licence it must take all reasonable steps to ensure that the body corporate or a member of the group that held the RSE licensee is given a notice informing the body corporate or group:
 (a) that APRA has cancelled the licence; and
 (b) of the reasons for the cancellation.