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may be cancelled, revoked, terminated or varied by or under later legislation; and

      (f) no compensation is payable if:

      (i) conditions on the licence are imposed, varied or revoked as referred to in paragraph (a); or(ii) the licence is suspended, cancelled, varied, revoked or terminated as referred to in paragraphs (b) to (e).

      Division 4—Conditions on an Australian credit licence

      45 The conditions on the licence

      ASIC may impose, vary or revoke conditions on licences

      (1) ASIC may, at any time:

      (a) impose conditions, or additional conditions, on a licence; and

      (b) vary or revoke conditions imposed on a licence.

      (2) ASIC may do so:

      (a) on its own initiative; or

      (b) if the licensee lodges an application with ASIC for the imposition, variation or revocation.

      (3) The application must be in the approved form.

      Notice and effect of imposition, variation or revocation of conditions

      (4) ASIC must give the licensee written notice of the imposition, variation or revocation of the conditions. The imposition, variation or revocation of the conditions comes into force on the day specified in the notice, which must not be before the day on which the decision to impose, vary or revoke the conditions was made.

      ASIC must give the licensee a hearing

      (5) Despite subsection (1), ASIC may only impose conditions or additional conditions, or vary or revoke the conditions, on the licence after giving the licensee an opportunity:

      (a) to appear, or be represented, at a hearing before ASIC that takes place in private; and

      (b) to make submissions to ASIC in relation to the conditions.

      This subsection does not apply to ASIC imposing conditions when the licence is granted.

      Condition in relation to credit activities authorised

      (6) ASIC must ensure that the licence is subject to a condition that specifies the credit activities or classes of credit activities that the licensee is authorised to engage in.

      Regulations may prescribe conditions

      (7) The licence is subject to such other conditions as are prescribed by the regulations. However, ASIC cannot vary or revoke those conditions.

      46 Licence conditions — special procedures for APRA-regulated bodies

      Special procedures for APRA-regulated bodies (other than ADIs)

      (1) If the licensee, or a related body corporate, is a body (the APRA body) regulated by APRA (other than an ADI), then the following provisions apply:

      (a) ASIC cannot:

      (i) impose, vary or revoke a condition on the licence that, in ASIC’s opinion, has or would have the result of preventing the APRA body from being able to carry on all or any of its usual activities (being activities in relation to which APRA has regulatory or supervisory responsibilities); or(ii) vary a condition so that it would, in ASIC’s opinion, become a condition that would have a result as described in subparagraph (i);

      unless ASIC has first consulted APRA about the proposed action;

      (b) if ASIC imposes, varies or revokes a condition on the licence and paragraph (a) does not apply to that action, ASIC must, within one week, inform APRA of the action that has been taken.

      Special procedures for ADIs

      (2) If the licensee, or a related body corporate, is an ADI, then the following provisions apply:

      (a) subject to paragraphs (b) and (c), the powers that ASIC would otherwise have under section 45:

      (i) to impose, vary or revoke a condition on the licence that, in ASIC’s opinion, has or would have the result of preventing the ADI from being able to carry on all or any of its banking business (within the meaning of the Banking Act 1959); or(ii) to vary a condition so that it would, in ASIC’s opinion, become a condition that would have a result as described in subparagraph (i);

      are instead powers of the Minister;

      (b) the following provisions apply in relation to a power to which paragraph (a) applies:

      (i) the procedures for the exercise of the power are the same as would apply if ASIC could exercise the power, except that the Minister must not exercise the power unless he or she has first considered advice from ASIC on the proposed action, being advice given after ASIC has consulted APRA about the proposed action;(ii) ASIC (rather than the Minister) must still conduct any hearing required under paragraph 45(5)(a) and receive any submissions under paragraph 45(5)(b);

      (c) if ASIC imposes, varies or revokes a condition on the licence and paragraph (a) does not apply to that action, ASIC must, within one week, inform APRA of the action that has been taken.

      Division 5—Obligations of licensees

      47 General conduct obligations of licensees

      General conduct obligations

      (1) A licensee must:

      (a) do all things necessary to ensure that the credit activities authorised by the licence are engaged in efficiently, honestly and fairly; and

      (b) have in place adequate arrangements to ensure that clients of the licensee are not disadvantaged by any conflict of interest that may arise wholly or partly in relation to credit activities engaged in by the licensee or its representatives; and

      (c) comply with the conditions on the licence; and

      (d) comply with the credit legislation; and

      (e) take reasonable steps to ensure that its representatives comply with the credit legislation; and

      (f) maintain the competence to engage in the credit activities authorised by the licence; and

      (g) ensure that its representatives are adequately trained, and are competent, to engage in the credit activities authorised by the licence; and

      (h) have an internal dispute resolution procedure that:

      (i) complies with standards and requirements made or approved by ASIC in accordance with the regulations; and

      (ii) covers disputes in relation to the credit activities engaged in by the licensee or its representatives; and

      (i) be a member of an approved external dispute resolution scheme; and

      (j) have compensation arrangements in accordance with section 48; and

      (k) have adequate arrangements and systems to ensure compliance with its obligations under this section, and a written plan that documents those arrangements and systems; and

      (l) unless the licensee is a body regulated by APRA:

      (i) have available adequate resources (including financial, technological and human resources) to engage in the credit activities authorised by the licence and to carry out supervisory arrangements; and

      (ii) have adequate risk management systems; and

      (m) comply with any other obligations that are prescribed by the regulations.

      Assessment of whether compliance is adequate

      (2) For the purposes of paragraphs (1)(b), (g), (k) and (l), in considering whether a matter is adequate, the nature, scale and complexity of the credit activities engaged in by the licensee must be taken into account.

      Regulations in relation to internal dispute resolution procedures

      (3) Regulations made for the purposes of paragraph (1)(h) may also deal with the variation or revocation of:

      (a)

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