Section 908BI — Corporations Act 2001: Immediate suspension or cancellation

(1) ASIC may, by giving written notice to a benchmark administrator licensee, suspend the licensee’s licence for a specified period, or cancel it, if: (a) the licensee ceases to carry on the business of administering the financial benchmark specified in the licence; 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 administered the financial benchmark specified in the licence; 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 administering that financial benchmark; (iii) during the last 12 months, the licensee has not engaged in any such specified conduct or activity; or (b) the licensee is a Chapter 5 body corporate, or under a foreign law is in a similar position to 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. (2) However, before doing so, ASIC must have regard to anything that is required, or could be required, of the licensee under the compelled financial benchmark rules.