ASIC’s power to make financial market infrastructure banning orders
(1) ASIC may, in writing, make one or more orders (FMI banning orders) against an individual if: (a) the individual becomes an insolvent under administration; or (b) the individual is convicted of fraud; or (c) ASIC has reason to believe that the individual is not a fit and proper person to: (i) perform one or more functions of a core officer of an FMI licensee; or (ii) control an FMI licensee; or (d) without limiting paragraph (c)—ASIC has reason to believe that the individual is not capable of: (i) performing one or more functions of a core officer of an FMI licensee; or (ii) controlling an FMI licensee; including because the individual is not competent to perform the functions or control an FMI licensee; or (e) the individual has not complied with a financial services law; or (f) ASIC has reason to believe that the individual is likely to contravene a financial services law; or (g) the individual has been involved in the contravention of a financial services law by another person; or (h) ASIC has reason to believe that the individual is likely to become involved in the contravention of a financial services law by another person; or (i) section 853M applies to the individual in relation to one or more corporations. Copy of banning order to be given to the individual (2) ASIC must give a copy of a banning order to the individual against whom it was made.
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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