Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) ASIC may suspend or cancel a licensee's licence if:
(a) the licensee lodges with ASIC an application for the suspension or cancellation; or
(b) the licensee ceases to engage in credit activities; or
(c) any of the matters set out in subsection (2) applies to any of the following persons:
(i) the licensee;
(ii) if the licensee is a body corporate--a director, secretary or senior manager of the body corporate;
(iii) if the licensee is a partnership or the trustees of a trust--a partner or trustee; or
(d) in the case of a licensee that is a leviable entity (within the meaning of the ASIC Supervisory Cost Recovery Levy Act 2017 )--the following have not been paid in full at least 12 months after the due date for payment:
(i) an amount of levy (if any) payable in respect of the licensee;
(ii) an amount of late payment penalty payable (if any) in relation to the levy;
(iii) an amount of shortfall penalty payable (if any) in relation to the levy; or
(e) in the case of a licensee that is liable to pay an instalment of levy (within the meaning of the Financial Services Compensation Scheme of Last Resort Levy (Collection) Act 2023 )--the following have not been paid in full at least 12 months after the due date for payment:
(i) the amount of the instalment of levy;
(ii) the amount of any late payment penalty in relation to the instalment of levy;
(iii) the amount of any shortfall penalty payable in relation to the instalment of levy.
(1A) ASIC may cancel a licensee's licence if the licensee does not engage in the credit activities authorised by the licence before the end of 6 months after the licence is granted.
(1B) ASIC must cancel a licensee's licence if:
(a) the licensee is required to pay an amount to a person in accordance with a relevant AFCA determination (within the meaning of the Corporations Act 2001 ); and
(b) the CSLR operator (within the meaning of that Act) has paid, under section 1063 of that Act, an amount of compensation to the person for the relevant AFCA determination.
(2) For the purposes of paragraph (1)(c), the matters are as follows:
(a) if the person is not the trustees of a trust--the person is insolvent;
(b) if the person is a natural person:
(i) the person is convicted of serious fraud; or
(ii) the person is incapable of managing his or her affairs because of physical or mental incapacity; or
(iii) a prescribed State or Territory order is in force against the person.
(3) An application for suspension or cancellation of a licence must be in the approved form.