Commonwealth Consolidated Acts

CORPORATIONS ACT 2001 - SECT 921N

  (1)   This section applies if an instrument of a kind specified in subsection   921L(1) is in force against a person (the affected person ).

Variation or revocation at ASIC's initiative

  (2)   ASIC may request a Financial Services and Credit Panel to make a decision under subsection   (5) in relation to the instrument if ASIC is satisfied that there has been a change in any of the circumstances on the basis of which the instrument was made.

Application by affected person for variation or revocation

  (3)   The affected person may apply to ASIC in the approved form for:

  (a)   the instrument to be revoked; or

  (b)   a specified variation to be made to the instrument.

  (4)   If the affected person makes an application under subsection   (3), ASIC must decide to:

  (a)   request a Financial Services and Credit Panel to make a decision under subsection   (5) in relation to the instrument; or

  (b)   refuse to make such a request.

Decisions of Financial Services and Credit Panel about variations or revocations

  (5)   If ASIC makes a request of a Financial Services and Credit Panel under subsection   (2) or paragraph   (4)(a), the panel must decide to:

  (a)   revoke the instrument; or

  (b)   if the affected person made an application under subsection   (3)--make the variation of the instrument specified in the application; or

  (c)   make a variation of the instrument (even if the affected person made an application under subsection   (3) and the application specified another variation); or

  (d)   refuse to revoke the instrument; or

  (e)   refuse to vary the instrument.

  (6)   The panel must give written notice of the panel's decision to:

  (a)   if the decision is mentioned in paragraph   (5)(a), (b) or (c)--all of the following:

  (i)   the affected person;

  (ii)   ASIC;

  (iii)   if the affected person is authorised to provide personal advice to retail clients, on behalf of a financial services licensee, in relation to relevant financial products--the licensee; or

  (b)   otherwise--the affected person.

  (7)   A notice given under subsection   (6) must be accompanied by a statement of reasons for the decision to which the notice relates.