Suspension or cancellation following hearing and report
(1) If ASIC considers that a market licensee has breached, or is in breach of, one or more of its obligations as a market licensee under this Chapter, 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 798A.
Sourced from the Federal Register of Legislation at 17 May 2026. For the latest information on Australian Government law please go to https://www.legislation.gov.au. Verify the current text against the official source before relying on it.
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