Suspension or cancellation following hearing and report
(1) If ASIC considers that a benchmark administrator licensee has breached, or is in breach of: (a) any conditions to which the licence is subject; or (b) any of its obligations under this Part; or (c) any of its obligations under rules made under Division 3; 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 908BO. (5) A notice under subsection (1) is not a legislative instrument.
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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