Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) ASIC may, on its own initiative, by written notice given to a person holding an approval under subsection 852DH(1) to have a specified percentage of voting power in a controlled Australian financial body, revoke the approval if ASIC is satisfied that:
(a) the person no longer passes the legitimate control test for the specified percentage of voting power in the body; or
(b) an unacceptable control situation exists in relation to the body and the person; or
(c) there has been a contravention of a condition to which the approval is subject; or
(d) information contained in an application given by the person under this Subdivision was incorrect and the person did not give ASIC the correct information before the application was decided.
Note: The specified percentage is the percentage currently applying after any variations under this Subdivision.
(2) A revocation under subsection (1) takes effect on the day specified in the notice of revocation. The specified day must be at least 90 days after the day on which the notice is given.
(3) ASIC must, by written notice given to the person, revoke the approval if the person requests ASIC to do so. A revocation under this subsection takes effect on the day specified in the notice of revocation.
(4) ASIC must give a copy of a notice of revocation under subsection (1) or (3) to the body.