Cancellation of RSE licences
29G Cancellation of RSE licences
APRA may, in writing, cancel an RSE licence.
In some circumstances, APRA must inform or consult ASIC (see section 29GA).
Without limiting subsection (1), APRA may cancel an RSE licence under that subsection if:
the RSE licensee has requested, in the approved form, that the licence be cancelled; or
the RSE licensee is a body corporate and is a disqualified person for the purposes of Part 15; or
the RSE licensee has breached a condition imposed on the licence; or
APRA has reason to believe that the RSE licensee will breach a condition imposed on the licence; or
the RSE licensee has failed to comply with a direction by APRA under subsection 131D(1) or 131DA(1); or
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).
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:
that APRA has cancelled the licence; and
of the reasons for the cancellation.
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