Section 853D — Corporations Act 2001: Procedure for declaration

(1) ASIC must not make a declaration under section 853C unless it has followed the procedure in this section. (2) Within 42 days after: (a) a body corporate applies for an Australian market licence, an Australian CS facility licence, an Australian derivative trade repository licence or a benchmark administrator licence; or (b) ASIC receives other information that may be relevant to deciding whether to make a declaration under section 853C about an individual who is involved in an applicant for an Australian market licence, an Australian CS facility licence, an Australian derivative trade repository licence or a benchmark administrator licence, or in an existing licensee; ASIC may give the applicant or licensee written notice that ASIC proposes to make a declaration under section 853C about the individual in question. (3) ASIC must give a copy of the notice to the individual. (4) The notice must: (a) state the grounds on which ASIC proposes to make the declaration; and (b) require the applicant or licensee, and the individual, to show, at a hearing before a specified person, why the declaration should not be made; and (c) specify a reasonable time and place at which the hearing is to be held. However, if the applicant or licensee, and the individual, consent, the person conducting the hearing may fix a different time or place. (5) The person conducting the hearing must: (a) give the applicant or licensee, and the individual, an opportunity to be heard at the hearing; and (b) give ASIC: (i) a report about the hearing; and (ii) a recommendation about the grounds in the notice on which it is proposed to make the declaration. (6) As soon as practicable after the hearing, ASIC must: (a) decide whether to make the declaration; and (b) give both of the following persons a copy of the declaration, or a written notice of its decision not to make the declaration: (i) the applicant or licensee; (ii) the individual.