30Revocation of approval

30 Revocation of approval (1) On written application by a rating entity, the director-general must revoke the entity’s approval if the director-general is satisfied it is appropriate to do so. (2) The director-general may revoke the approval of a rating entity on the director-general’s own initiative if the director-general— (a) is satisfied 1 or more of the following applies: (i) the entity has failed to comply with a condition of its approval; (ii) the entity knowingly or recklessly used false or misleading information to become a rating entity; (iii) the entity no longer satisfies the requirements mentioned in section 27 (2); (iv) the entity has been the subject of regulatory action (however described) in relation to its Australian financial services licence; and (b) has given the entity a written notice that— (i) states that the director-general proposes to revoke the (ii) states the reason the director-general proposes to revoke the approval; and (iii) tells the entity that it may give a written response to the director-general about the matters stated in the notice not later than 28 days after the day the entity receives the notice; and (c) has considered any response given in accordance with paragraph (b) (iii); and (d) is satisfied it is appropriate to revoke the approval.

(3) Revocation of an approval takes effect— (a) for a revocation under subsection (1)— (i) 90 days after the day the revocation is notified; or (ii) if a later date is stated in the revocation—on that date; or (b) for a revocation under subsection (2)—on the day stated in the revocation. (4) A revocation is a notifiable instrument. Australian financial services licence—see section 27 (5).

Automatic licence suspension Division 4.1 Part 4 Licensed property developers— regulatory action Division 4.1 Automatic licence suspension 31 Automatic suspension of licence (1) A licensee’s licence is automatically suspended— (a) if an annual licence fee or other fee is determined under section 121 and is payable on a stated date—for the period the fee is unpaid after the stated date; or (b) for an individual—if the licensee becomes bankrupt or personally insolvent; or (c) for a corporation—if the licensee— (i) becomes the subject of a winding-up order; or (ii) has a controller or administrator appointed for the licensee. (2) The registrar may revoke a suspension of a licence under subsection (1) (c) (ii) if satisfied it is in the best interests of consumers to do so.