Corporations Act 2001

CHAPTER 7 - FINANCIAL SERVICES AND MARKETS  

PART 7.4 - LIMITS ON INVOLVEMENT WITH LICENSEES  

Division 2 - Individuals who are not fit and proper are disqualified  

SECTION 853D   PROCEDURE FOR DECLARATION  

853D(1)  
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.

853D(3)  
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.

853D(6)  
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.

 

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