CORPORATIONS ACT 2001

CHAPTER 7 - FINANCIAL SERVICES AND MARKETS  

PART 7.2 - LICENSING OF FINANCIAL MARKETS  

Division 4 - The Australian market licence  

Subdivision C - When a licence can be varied, suspended or cancelled  

SECTION 797B   797B   IMMEDIATE SUSPENSION OR CANCELLATION  


The Minister may, by giving written notice to a market licensee, suspend the licence for a specified period, or cancel it, if:


(a) the licensee ceases to carry on the business of operating the market; or


(b) the licensee becomes a Chapter 5 body corporate; or


(c) the licensee asks the Minister to do so; or


(d) in the case of a licence granted under subsection 795B(2) (overseas markets):


(i) the licensee ceases to be authorised to operate a financial market in the foreign country in which the licensee ' s principal place of business is located; or

(ii) there is a change to the regulatory regime applying in relation to the market to which the licence relates in the country in which the licensee ' s principal place of business is located, and, because of that change, the Minister is no longer satisfied as mentioned in paragraph 795B(2) (c); or


(e) in the case of a licensee that is a leviable entity (within the meaning of the ASIC Supervisory Cost Recovery Levy Act 2017 ) - the following have not been paid in full at least 12 months after the due date for payment:


(i) an amount of levy (if any) payable in respect of the licensee;

(ii) an amount of late payment penalty payable (if any) in relation to the levy;

(iii) an amount of shortfall penalty payable (if any) in relation to the levy.

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