Section 853H — Corporations Act 2001: ASIC’s power to make financial market infrastructure banning orders

(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.