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 B - Matters relating to financial market infrastructure banning orders  

SECTION 853N   WHAT A FINANCIAL MARKET INFRASTRUCTURE BANNING ORDER PROHIBITS  

853N(1)    
An FMI banning order made against an individual may specify that the individual is prohibited from doing one or more of the following:

(a)    controlling, whether alone or in concert with one or more other entities, an FMI licensee;

(b)    performing any functions of a core officer of an FMI licensee;

(c)    performing specified functions of a core officer of an FMI licensee.

853N(2)    
An FMI banning order may specify that a particular prohibition specified in the order applies against the individual:

(a)    for a specified period; or

(b)    permanently.

Note: This subsection applies separately to each prohibition specified in the order.

853N(3)    
A FMI banning order may include a provision allowing the individual against whom it was made, subject to any specified conditions:

(a)    to do specified acts; or

(b)    to do specified acts in specified circumstances;

that the order would otherwise prohibit them from doing.