Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) Despite subsection 853H(1), ASIC may make an FMI banning order against an individual only after giving the individual an opportunity:
(a) to appear, or be represented, at a hearing before ASIC that takes place in private; and
(b) to make submissions to ASIC on the matter.
(2) However, ASIC may make an FMI banning order against an individual without giving the individual the opportunities mentioned in subsection (1) if ASIC's grounds for making the order are, or include:
(a) that the individual is not a fit and proper person under paragraph 853H(1)(c) because the individual is or has been a core officer of an entity that has had a licence suspended or cancelled (see paragraph 853K(2)(a)); or
(b) that the individual has been convicted of serious fraud.