Commonwealth Consolidated Acts Commonwealth Consolidated ActsConditions of approval
(1) An approval under subsection 852DH(1) is subject to such conditions (if any) specified in the notice of approval given under that subsection.
Imposing, varying or revoking conditions after approval
(2) ASIC may, by written notice given to a person who holds an approval under subsection 852DH(1) to have a specified percentage of voting power in a controlled Australian financial body:
(a) impose one or more conditions or further conditions to which the approval is subject; or
(b) vary or revoke any condition:
(i) imposed under paragraph (a); or
(ii) specified in the notice of approval.
(3) ASIC must give a copy of a notice under subsection (2) to the body.
Power exercisable on own initiative or by application
(4) ASIC's power under subsection (2) may be exercised:
(a) on ASIC's own initiative; or
(b) on application by the person who holds the approval under subsection 852DH(1).
Note: For fees in respect of lodging applications, see Part 9.10.
Notice of refusal of application
(5) If ASIC refuses to exercise its power under subsection (2) on an application made under paragraph (4)(b), ASIC must give written notice of the refusal to the applicant.
Breach of condition
(6) A person who holds an approval under subsection 852DH(1) must give written notice to ASIC if they become aware that they have breached a condition to which the approval is subject.
Note: Failure to comply with this subsection is an offence: see subsection 1311(1).