Individual to be given an opportunity to be heard before ASIC makes financial market infrastructure banning order
(1) Despite subsection 853H(1), ASIC may make an FMI banning order against an individual only after giving the individual 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. (2) However, ASIC may make an FMI banning order against an individual without giving the individual the opportunities mentioned in subsection (1) if ASIC’s grounds for making the order are, or include: (a) that the individual is not a fit and proper person under paragraph 853H(1)(c) because the individual is or has been a core officer of an entity that has had a licence suspended or cancelled (see paragraph 853K(2)(a)); or (b) that the individual has been convicted of serious fraud.
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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