Commonwealth Consolidated Acts

CORPORATIONS ACT 2001 - SECT 853R

Date of effect

  (1)   An FMI banning order, or variation or cancellation of an FMI banning order, takes effect when it is given to the individual against whom the order is made.

Publication

  (2)   If ASIC makes, varies or cancels an FMI banning order, ASIC must publish a notice on ASIC's website. ASIC must do so:

  (a)   as soon as practicable after the action takes effect; or

  (b)   sooner.

  (3)   The notice must state:

  (a)   when the action takes effect; and

  (b)   subject to subsection   (4):

  (i)   in the case of the making of an FMI banning order--set out a copy of the FMI banning order; or

  (ii)   in the case of the variation of an FMI banning order--set out a copy of the FMI banning order as varied.

  (4)   However, if:

  (a)   the FMI banning order contains a provision of the kind referred to in subsection   853N(3); and

  (b)   ASIC considers that the notice on ASIC's website would be unreasonably long if that provision were included;

the notice may instead set out a summary of the provision's effect.