Corporations Act 2001
If ASIC considers that a benchmark administrator licensee has breached, or is in breach of:
(a) any conditions to which the licence is subject; or
(b) any of its obligations under this Part; or
(c) any of its obligations under rules made under Division 3;
ASIC 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.908BJ(2)
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.908BJ(3)
The person conducting the hearing must:
(a) give the licensee 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 suspend or cancel the licence.
After considering the report and recommendation, ASIC 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: ASIC must also have regard to the matters in section 908BO .908BJ(5)
A notice under subsection (1) is not a legislative instrument.
Disclaimer and notice of copyright applicable to materials provided by CCH Australia Limited
CCH Australia Limited ("CCH") believes that all information which it has provided in this site is accurate and reliable, but gives no warranty of accuracy or reliability of such information to the reader or any third party. The information provided by CCH is not legal or professional advice. To the extent permitted by law, no responsibility for damages or loss arising in any way out of or in connection with or incidental to any errors or omissions in any information provided is accepted by CCH or by persons involved in the preparation and provision of the information, whether arising from negligence or otherwise, from the use of or results obtained from information supplied by CCH.
The information provided by CCH includes history notes and other value-added features which are subject to CCH copyright. No CCH material may be copied, reproduced, republished, uploaded, posted, transmitted, or distributed in any way, except that you may download one copy for your personal use only, provided you keep intact all copyright and other proprietary notices. In particular, the reproduction of any part of the information for sale or incorporation in any product intended for sale is prohibited without CCH's prior consent.