Corporations Act 2001

CHAPTER 7 - FINANCIAL SERVICES AND MARKETS  

Note: This Chapter applies to a CCIV in a modified form: see Division 4 of Part 8B.7 .

PART 7.4 - LIMITS ON INVOLVEMENT WITH LICENSEES  

Division 2A - Financial market infrastructure banning orders  

Subdivision A - Making financial market infrastructure banning orders  

SECTION 853H   ASIC ' S POWER TO MAKE FINANCIAL MARKET INFRASTRUCTURE BANNING ORDERS  

853H(1)    
ASIC may, in writing, make one or more orders ( FMI banning orders ) against an individual if:

(a)    the individual becomes an insolvent under administration; or

(b)    the individual is convicted of fraud; or

(c)    ASIC has reason to believe that the individual is not a fit and proper person to:

(i) perform one or more functions of a core officer of an FMI licensee; or

(ii) control an FMI licensee; or

(d)    without limiting paragraph (c) - ASIC has reason to believe that the individual is not capable of:

(i) performing one or more functions of a core officer of an FMI licensee; or

(ii) controlling an FMI licensee;

including because the individual is not competent to perform the functions or control an FMI licensee; or

(e)    the individual has not complied with a financial services law; or

(f)    ASIC has reason to believe that the individual is likely to contravene a financial services law; or

(g)    the individual has been involved in the contravention of a financial services law by another person; or

(h)    ASIC has reason to believe that the individual is likely to become involved in the contravention of a financial services law by another person; or

(i)    section 853M applies to the individual in relation to one or more corporations.

Copy of banning order to be given to the individual

853H(2)    
ASIC must give a copy of a banning order to the individual against whom it was made.