62CPower to revoke licence after a hearing

##### 62C Power to revoke licence after a hearing (1) Subject to section 62P, the Commission may, by written order, revoke a licence if: (a) the application for the licence contained matter that was false in a material particular or materially misleading; (b) there was an omission of material matter from the application for the licence; (c) the licensee contravenes a securities law; (d) the licensee contravenes a condition of the licence; (e) the licensee is a natural person and the Commission has reason to believe that he or she is not of good fame and character; (f) the licensee is a body corporate and the Commission is satisfied that the educational qualifications or experience of a person who: (i) is an officer of the body; and (ii) was not an officer of the body when the licence was granted; are or is inadequate having regard to the duties that the officer performs, or will perform, in connection with the holding of the licence; (g) the licensee is a body corporate and the Commission is satisfied that: (i) an officer of the body performs, or will perform, in connection with the holding of the licence, duties that are or include duties (in this paragraph called the different duties) other than those having regard to which the Commission was satisfied, before granting the licence, that the officer’s educational qualifications and experience were adequate; and (ii) the officer’s educational qualifications or experience are or is inadequate having regard to the different duties; (h) the licensee is a body corporate and: (i) a licence or recognised licence held by a director, secretary or executive officer of the body is suspended or revoked; or (ii) an order is made against such a director, secretary or executive officer under section 62G or a provision of a law of a participating State or participating Territory that corresponds with that section; (j) the Commission has reason to believe that the licensee has not performed efficiently, honestly and fairly the duties of a holder of a dealers licence or an investment advisers licence, as the case requires; or (k) the Commission has reason to believe that the licensee will not perform those duties efficiently, honestly and fairly. (2) In determining whether or not it has reason to believe as mentioned in paragraph (1)(e) or (k) in relation to a licensee, the Commission is not precluded from having regard to a matter that arose before the time when the licence was granted unless the Commission was aware of the matter at that time.