Section 905H — Corporations Act 2001: Immediate suspension or cancellation

ASIC may, by giving written notice to a derivative trade repository licensee, suspend the licence for a specified period, or cancel it, if: (a) the licensee ceases to carry on the business of operating the repository to which the licence relates; or (aa) both of the following subparagraphs apply: (i) it has been at least 12 months since ASIC granted the licence; (ii) during the last 12 months, the licensee has not provided the repository’s services to which the licence relates; or (ab) all of the following subparagraphs apply: (i) it has been at least 12 months since ASIC granted the licence; (ii) the licence is subject to a condition specifying that the licensee is authorised to engage in specified conduct or activity that constitutes operating that repository; (iii) during the last 12 months, the licensee has not engaged in any such specified conduct or activity; or (b) the licensee becomes a Chapter 5 body corporate; or (c) the licensee asks ASIC to do so; or (ca) an application has been made under section 601AA to deregister the licensee as a company; or (cb) ASIC has decided under section 601AB to deregister the licensee as a company; or (d) in the case of a licensee that is a leviable entity (within the meaning of the ASIC Supervisory Cost Recovery Levy Act 2017)—the following have not been paid in full at least 12 months after the due date for payment: (i) an amount of levy (if any) payable in respect of the licensee; (ii) the amount of late payment penalty payable (if any) in relation to the levy; (iii) the amount of shortfall penalty payable (if any) in relation to the levy.