Section 905J — Corporations Act 2001: Suspension or cancellation following hearing and report

(1) If ASIC considers that a derivative trade repository licensee has breached, or is in breach of, one or more of its obligations as a derivative trade repository licensee under this Part, ASIC may give the licensee a written notice that requires the licensee to show cause, at a hearing before a specified person, why the licence should not be suspended or cancelled. (2) The notice must specify: (a) the grounds on which it is proposed to suspend or cancel the licence; and (b) a reasonable time and place at which the hearing is to be held. However, if the licensee consents, the person conducting the hearing may fix a different time or place. (3) The person conducting the hearing must: (a) give the licensee 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 suspend or cancel the licence. (4) After considering the report and recommendation, ASIC may: (a) decide to take no further action in relation to the matter and give written advice of that decision to the licensee; or (b) suspend the licence for a specified period, or cancel the licence, by giving written notice to the licensee. Note: ASIC must also have regard to the matters in section 905P. (5) None of the following is a legislative instrument: (a) a notice under subsection (1); (b) a report under subsection (3) (if it is in writing).