THE CORPORATIONS LAW

CHAPTER 7 - SECURITIES

PART 7.3 - PARTICIPANTS IN THE SECURITIES INDUSTRY

Division 5 - Excluding persons from the securities industry

SECTION 827   POWER TO SUSPEND LICENCE INSTEAD OF REVOKING IT  

827(1)  [Suspension or prohibition of acts]  

Subject to section 837, where:

(a)  section 824, 825 or 825A 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 826(1)(c), (d), (f), (g), (h), (j) or (k) 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 780 or 781 would prohibit the licensee from doing if he, she or it did not hold the licence.

827(2)  [Commission may revoke suspension]  

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

827(3)  [Effect of suspension]  

For the purposes of sections 780, 781, 806 and 807, a licensee shall be deemed not to hold the licence at any time during a period for which the licence is suspended.

827(4)  [When acts prohibited]  

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 806 and 807 apply, or apply during the period specified in the order, as the case requires, as if the licensee did not hold the licence.