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AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION ACT 2001 - SECT 157 When hearings are to be held

AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION ACT 2001 - SECT 157

When hearings are to be held

  (1)   A Financial Services and Credit Panel may only hold a hearing as required or permitted by this section.

  (2)   A Financial Services and Credit Panel must hold a hearing if:

  (a)   the panel proposes to make:

  (i)   a decision to make an order, as an ASIC delegate, against a person under subsection   920A(1) of the Corporations Act (ASIC's power to make a banning order); or

  (ii)   a decision to make an order, as an ASIC delegate, against a person under subsection   80(1) of the National Consumer Credit Protection Act 2009 (ASIC's power to make a banning order); or

  (b)   a relevant provider requests that the panel hold a hearing in response to a proposed action notice given to the relevant provider.

  (3)   A Financial Services and Credit Panel may hold a hearing if ASIC makes a request of the panel under:

  (a)   paragraph   171E(3)(a) of this Act (variation, withdrawal and enforcement of undertakings given to Financial Services and Credit Panels); or

  (b)   subsection   921N(2) or paragraph   921N(4)(a) of the Corporations Act (variation or revocation of instruments made in relation to relevant providers).