Corporations Act 2001
The Minister may, by giving written notice to a CS facility licensee, suspend the licence for a specified period, or cancel it, if:
(a) the licensee ceases to carry on the business of operating the facility; 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 824B(2) (overseas clearing and settlement facilities):
(i) the licensee ceases to be authorised to operate a clearing and settlement facility 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 facility 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 824B(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) the amount of late payment penalty payable (if any) in relation to the levy;
(iii) the amount of shortfall penalty payable (if any) in relation to the levy.
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