Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) ASIC may suspend or cancel an Australian financial services licence (subject to complying with subsection (4)) in any of the following cases:
(a) the licensee has not complied with their obligations under section 912A;
(aa) ASIC has reason to believe that the licensee is likely to contravene their obligations under section 912A;
(b) the requirement in section 913BA (fit and proper person test) is not satisfied in relation to the licensee and the licence;
(c) a banning order or disqualification order under Division 8 is made against the licensee;
(d) a banning order or disqualification order under Division 8 is made against a representative of the licensee and ASIC considers that the representative's involvement in the provision of the licensee's financial services will significantly impair the licensee's ability to meet its obligations under this Chapter;
(e) the licensee is the operator of an Australian passport fund, or a person (other than a regulator) who has functions or duties in relation to an Australian passport fund under the Passport Rules for this jurisdiction, and each of the following is satisfied:
(i) a host regulator for the fund has notified ASIC in writing that it is of the opinion that the person or the fund has not complied, is not complying or is not likely to comply with the law of that host economy to the extent that the law is administered by the host regulator for the fund (including the Passport Rules for the host economy for the fund);
(ii) ASIC is of the opinion that it should suspend or cancel the licence, given the potential impact of the failure, or potential failure, to comply on members or potential members of the fund;
(f) the application for the licence:
(i) was false in a material particular or materially misleading; or
(ii) omitted a material matter;
(g) any information, audit report or statement lodged with ASIC in accordance with a request under subsection 913B(3) in relation to the application for the licence:
(i) was false in a material particular or materially misleading; or
(ii) omitted a material matter;
(h) an application made by the licensee under paragraph 914A(2)(b) in relation to the licence:
(i) was false in a material particular or materially misleading; or
(ii) omitted a material matter;
(i) any information, audit report or statement lodged with ASIC in accordance with a request under subsection 914B(3) in relation to an application made by the licensee under paragraph 914A(2)(b) in relation to the licence:
(i) was false in a material particular or materially misleading; or
(ii) omitted a material matter.
(3) An Australian financial services licence is suspended or cancelled by ASIC giving written notice to the licensee.
(4) However, ASIC may only suspend or cancel an Australian financial services licence under this section after giving the licensee an opportunity:
(a) to appear, or be represented, at a hearing before ASIC that takes place in private; and
(b) to make submissions to ASIC on the matter.