14Exemption ceases because of ASIC decision

14 Exemption ceases because of ASIC decision

(1) ASIC may, by written notice given to the provider, cancel the provider’s exemption under section 6 for an eligible financial service if: (a) one or more of paragraphs 8(c) to (j) now apply for the provider and the financial service; or (b) a condition in section 17, 18, 19, 20, 21, 22, 23 or 24 is not met for the financial service; or (c) the provider has failed to comply with Division 2 of Part 7.7A of the Act (about best interests obligations) in relation to the provision of the financial service; or (d) ASIC reasonably believes that the provision of the financial service has resulted in significant detriment to one or more persons as retail clients, or wholesale clients, for the service or a related financial product.

Note 1: A decision by ASIC under this section is a reviewable decision under section 1317B of the Act.

Note 2: Before, or instead of, acting under this section for a failure to meet a condition in paragraph (b), ASIC could seek an order for the provider to comply with the condition (see subsection 926B(4) of the Act).

Note 3: Before, or instead of, acting under this section because of paragraph (d), ASIC could consider making a make‑good order (see section 24).

(2) The cancellation takes effect on the day specified in the notice, which must not be a day before the notice is given to the provider.