55Suspension or cancellation after offering a hearing

55  Suspension or cancellation after offering a hearing  (1) ASIC may suspend or cancel a licensee’s licence (subject to complying with subsection (4)) if:  (a) the licensee has contravened an obligation under section 47 (which deals with general conduct obligations of licensees); or  (b) ASIC has reason to believe that the licensee is likely to contravene an obligation under that section; or  (c) the requirement in section 37A (fit and proper person test) is not satisfied in relation to the licensee and the licence; or  (d) the application for the licence:  (e) any information, audit report or statement lodged with ASIC in accordance with a request under subsection 37(4) in relation to the application for the licence:  (f) an application made by the licensee under paragraph 45(2)(b) in relation to the licence:  (g) any information, audit report or statement lodged with ASIC in accordance with a request under subsection 46A(3) in relation to an application made by the licensee under paragraph 45(2)(b) in relation to the licence:  (ii) omitted a material matter.  (4) ASIC may only suspend or cancel a licensee’s licence under this section after giving the licensee an opportunity: