Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) ASIC may, at any time:
(a) impose conditions, or additional conditions, on an Australian CS facility licence; or
(b) vary or revoke conditions imposed on such a licence;
by giving written notice to the licensee. ASIC must also publish a notice on ASIC's website with details of the action and when it took effect.
Note: As well as the requirements in this section, ASIC must also have regard to the matters in section 827A.
(2) ASIC may do so:
(a) on its own initiative, subject to subsection (3); or
(b) if the licensee lodges with ASIC in a prescribed form an application for ASIC to do so, which is accompanied by the documents, if any, required by regulations made for the purposes of this paragraph.
Note: For fees in respect of lodging applications, see Part 9.10.
(3) ASIC may only impose conditions or additional conditions, or vary the conditions, on the licence on ASIC's own initiative if:
(a) ASIC considers it appropriate to do so having regard to:
(i) the licensee's obligations as a CS facility licensee under this Chapter; and
(ii) any change in the facility's operations or the conditions in which the facility is operating; and
(b) ASIC gives the licensee written notice of the proposed action and an opportunity to make a submission before it takes effect.
This subsection does not apply to ASIC imposing conditions when a licence is granted.
(4) ASIC must ensure that each Australian CS facility licence is subject to conditions that specify:
(a) the particular facility that the licensee is authorised to operate; and
(b) the class or classes of financial products in respect of which the facility can provide services.