Corporations Act 2001

CHAPTER 7 - FINANCIAL SERVICES AND MARKETS  

Note: This Chapter applies to a CCIV in a modified form: see Division 4 of Part 8B.7 .

PART 7.4 - LIMITS ON INVOLVEMENT WITH LICENSEES  

Division 2A - Financial market infrastructure banning orders  

Subdivision B - Matters relating to financial market infrastructure banning orders  

SECTION 853R   DATE OF EFFECT AND PUBLICATION OF FINANCIAL MARKET INFRASTRUCTURE BANNING ORDERS, VARIATION OR CANCELLATION  

Date of effect

853R(1)    
An FMI banning order, or variation or cancellation of an FMI banning order, takes effect when it is given to the individual against whom the order is made.

Publication

853R(2)    
If ASIC makes, varies or cancels an FMI banning order, ASIC must publish a notice on ASIC ' s website. ASIC must do so:

(a)    as soon as practicable after the action takes effect; or

(b)    sooner.

853R(3)    
The notice must state:

(a)    when the action takes effect; and

(b)    subject to subsection (4) :

(i) in the case of the making of an FMI banning order - set out a copy of the FMI banning order; or

(ii) in the case of the variation of an FMI banning order - set out a copy of the FMI banning order as varied.

853R(4)    
However, if:

(a)    the FMI banning order contains a provision of the kind referred to in subsection 853N(3) ; and

(b)    ASIC considers that the notice on ASIC ' s website would be unreasonably long if that provision were included;

the notice may instead set out a summary of the provision ' s effect.