ASIC’s power of disqualification—failing to comply with director identification number requirements
206FA ASIC’s power of disqualification—failing to comply with director identification number requirements
ASIC may disqualify a person from managing corporations for up to 3 years if:
within 7 years immediately before ASIC gives a notice under subparagraph (b)(i), ASIC reasonably believes that the person has contravened subsection 1272D(1); and
ASIC has given the person:
a notice in the prescribed form requiring them to demonstrate why they should not be disqualified; and
an opportunity to be heard on the question; and
ASIC is satisfied that the disqualification is justified, after having had regard to the following:
the person’s conduct in dealing with the Registrar under Part 9.1A (about director identification numbers);
whether the disqualification would be in the public interest;
any other matters that ASIC considers appropriate.
If ASIC disqualifies a person from managing corporations under this section, ASIC must serve a notice on the person advising them of the disqualification. The notice must be in the prescribed form.
The disqualification takes effect from the time when a notice referred to in subsection (2) is served on the person.
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