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 797C   SUSPENSION OR CANCELLATION FOLLOWING HEARING AND REPORT  

797C(1)   [ Ministerial power to issue show cause notice]  

If the Minister considers that a market licensee has breached, or is in breach of, one or more of its obligations as a market licensee under this Chapter, the Minister may give the licensee a written notice that requires the licensee to show cause, at a hearing before a specified person, why the licence should not be suspended or cancelled.

797C(2)   [ Contents of show cause notice]  

The notice must specify:


(a) the grounds on which it is proposed to suspend or cancel the licence; and


(b) a reasonable time and place at which the hearing is to be held.

However, if the licensee consents, the person conducting the hearing may fix a different time or place.

797C(3)   [ Conduct of hearing]  

The person conducting the hearing must:


(a) give the licensee an opportunity to be heard at the hearing; and


(b) give the Minister:


(i) a report about the hearing; and

(ii) a recommendation about the grounds in the notice on which it is proposed to suspend or cancel the licence.

797C(4)   [ Ministerial power to cancel or suspend licence]  

After considering the report and recommendation, the Minister may:


(a) decide to take no further action in relation to the matter and give written advice of that decision to the licensee; or


(b) suspend the licence for a specified period, or cancel the licence, by giving written notice to the licensee.

Note: The Minister must also have regard to the matters in section 798A .


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