THE CORPORATIONS LAW

CHAPTER 8 - THE FUTURES INDUSTRY

PART 8.3 - PARTICIPANTS IN THE FUTURES INDUSTRY

Division 5 - Excluding persons from the futures industry

SECTION 1192   POWER TO SUSPEND LICENCE INSTEAD OF REVOKING IT  

1192(1)  (Power of suspension)  

Subject to section 1200, where:

(a)  section 1189A or 1190 empowers the Commission to revoke a licence otherwise than because the licensee has asked for the revocation; or

(b)  the Commission is empowered by virtue of paragraph 1191(1)(c), (d), (e), (f), (g), (h) or (j) to revoke a licence;

the Commission may, if it considers it desirable to do so, instead:

(c)  by written order, suspend the licence for a specified period; or

(d)  by written order, prohibit the licensee, either permanently or for a specified period, from doing specified acts, being acts that section 1142 or 1143 would prohibit the licensee from doing if the licensee did not hold the licence.

1192(2)  [Commission may vary or revoke order]  

The Commission may at any time, by written order, vary or revoke an order in force under this section.

1192(3)  [Effect of suspension]  

For the purposes of sections 1142, 1143, 1172 and 1173 a licensee shall be deemed not to hold the licence at any time during a period for which the licence is suspended.

1192(4)  [Effect of prohibiting order]  

Where an order in force under this section prohibits the licensee as mentioned in paragraph (1)(d):

(a)  the licensee shall not contravene the order; and

(b)  in relation to the doing by a person, as a representative of the licensee, of an act specified in the order, sections 1172 and 1173 apply, or apply during the period specified in the order, as the case requires, as if the licensee did not hold the licence.