111Power to revoke exemption

111 Power to revoke exemption

111 Power to revoke exemption

(1) The AER may decide to revoke (in relation to a particular exempt seller)—

(a) an individual exemption; or

(b) an exemption under a deemed exemption; or

(c) a registered exemption,

in accordance with this section.

(2) The grounds for revocation of an exempt seller’s exemption are that the AER is satisfied that there has been a material failure by the seller to meet the conditions imposed on the exempt seller.

(3) An exemption may not be revoked unless the revocation process has been completed.

(4) The AER may commence the revocation process in relation to an exempt seller’s exemption if the AER reasonably considers that the grounds for revocation exist.

Note—

The revocation process is set out in section 120.