Commonwealth Consolidated Acts

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CORPORATIONS ACT 2001 - SECT 905J

Suspension or cancellation following hearing and report

  (1)   If ASIC considers that a derivative trade repository licensee has breached, or is in breach of, one or more of its obligations as a derivative trade repository licensee under this Part, 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.

  (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.

  (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.

  (4)   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   905P.

  (5)   None of the following is a legislative instrument:

  (a)   a notice under subsection   (1);

  (b)   a report under subsection   (3) (if it is in writing).


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