CORPORATIONS ACT 2001

CHAPTER 7 - FINANCIAL SERVICES AND MARKETS  

PART 7.6 - LICENSING OF PROVIDERS OF FINANCIAL SERVICES  

Division 8 - Banning or disqualification of persons from providing financial services  

Subdivision B - Disqualification by the Court  

SECTION 921A   DISQUALIFICATION BY THE COURT  

921A(1)   [ When ASIC may apply]  

ASIC may apply to the Court for an order or orders under this section in relation to a person if ASIC:


(a) cancels an Australian financial services licence held by the person; or


(b) makes a banning order against the person that is to operate permanently.

921A(2)   [ Court may make orders]  

The Court may make:


(a) an order disqualifying the person, permanently or for a specified period, from providing any financial services, or specified financial services, in specified circumstances or capacities; or


(b) any other order the Court considers appropriate.

921A(3)   [ Variation or revocation]  

The Court may revoke or vary an order made under subsection (2).

921A(4)   [ Effect of order]  

A person against whom such an order is made cannot be granted an Australian financial services licence contrary to the order.

921A(5)   [ Licensed market or CS facility]  

If the Court makes or varies an order under this section in relation to a person who is a participant in a licensed market or a licensed CS facility, ASIC must give the operator of the market or facility written notice of the making of the order or the variation.


 

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