Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) ASIC may, in writing, make one or more orders ( FMI banning orders ) against an individual if:
(a) the individual becomes an insolvent under administration; or
(b) the individual is convicted of fraud; or
(c) ASIC has reason to believe that the individual is not a fit and proper person to:
(i) perform one or more functions of a core officer of an FMI licensee; or
(ii) control an FMI licensee; or
(d) without limiting paragraph (c)--ASIC has reason to believe that the individual is not capable of:
(i) performing one or more functions of a core officer of an FMI licensee; or
(ii) controlling an FMI licensee;
including because the individual is not competent to perform the functions or control an FMI licensee; or
(e) the individual has not complied with a financial services law; or
(f) ASIC has reason to believe that the individual is likely to contravene a financial services law; or
(g) the individual has been involved in the contravention of a financial services law by another person; or
(h) ASIC has reason to believe that the individual is likely to become involved in the contravention of a financial services law by another person; or
(i) section 853M applies to the individual in relation to one or more corporations.
Copy of banning order to be given to the individual
(2) ASIC must give a copy of a banning order to the individual against whom it was made.