29GCancellation of RSE licences

29G Cancellation of RSE licences

(1) APRA may, in writing, cancel an RSE licence.

Note: In some circumstances, APRA must inform or consult ASIC (see section 29GA).

(2) Without limiting subsection (1), APRA may cancel an RSE licence under that subsection if: (a) the RSE licensee has requested, in the approved form, that the licence be cancelled; or (b) the RSE licensee is a body corporate and is a disqualified person for the purposes of Part 15; or (c) the RSE licensee has breached a condition imposed on the licence; or (d) APRA has reason to believe that the RSE licensee will breach a condition imposed on the licence; or (e) the RSE licensee has failed to comply with a direction by APRA under subsection 131D(1) or 131DA(1); or (f) APRA has reason to believe that the RSE licensee will fail to comply with a direction by APRA under subsection 131D(1) or 131DA(1). (4) If APRA cancels an RSE licence it must take all reasonable steps to ensure that the body corporate or a member of the group that held the RSE licensee is given a notice informing the body corporate or group: (a) that APRA has cancelled the licence; and (b) of the reasons for the cancellation.