Corporations Act 2001
Ch 7 inserted by No 122 of 2001, s 3, Sch 1, Pt 1 [ 1] (effective 11 March 2002).
As Act No 122 of 2001 repealed Ch 7 and 8 the history notes for Ch 7 use " inserted " and references to the former provisions have been removed.
ASIC must not make a declaration under section 853C unless it has followed the procedure in this section. 853D(2)
Within 42 days after:
(a) a body corporate applies for an Australian market licence, an Australian CS facility licence, an Australian derivative trade repository licence or a benchmark administrator licence; or
(b) ASIC receives other information that may be relevant to deciding whether to make a declaration under section 853C about an individual who is involved in an applicant for an Australian market licence, an Australian CS facility licence, an Australian derivative trade repository licence or a benchmark administrator licence, or in an existing licensee;
ASIC may give the applicant or licensee written notice that ASIC proposes to make a declaration under section 853C about the individual in question.
S 853D(2) amended by No 27 of 2018, s 3, Sch 1 [ 11] (effective 12 April 2018).
S 853D(2) amended by No 178 of 2012, s 3, Sch 1, Pt 1 (effective 3 January 2013).
ASIC must give a copy of the notice to the individual and to the Minister. 853D(4)
The notice must:
(a) state the grounds on which ASIC proposes to make the declaration; and
(b) require the applicant or licensee, and the individual, to show, at a hearing before a specified person, why the declaration should not be made; and
(c) specify a reasonable time and place at which the hearing is to be held.
However, if the applicant or licensee, and the individual, consent, the person conducting the hearing may fix a different time or place.853D(5)
The person conducting the hearing must:
(a) give the applicant or licensee, and the individual, an opportunity to be heard at the hearing; and
(b) give ASIC:
(i) a report about the hearing; and
(ii) a recommendation about the grounds in the notice on which it is proposed to make the declaration.
As soon as practicable after the hearing, ASIC must:
(a) decide whether to make the declaration; and
(b) give each of the following persons a copy of the declaration, or a written notice of its decision not to make the declaration:
(i) the applicant or licensee;
(ii) the individual;
(iii) the Minister.
S 853D inserted by No 122 of 2001, s 3, Sch 1, Pt 1 [ 1].
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