Cancellation
AU-4.4.5
As provided for under Article 48 of the CBB Law, the CBB may itself move to cancel a license, should the licensee fail to meet the conditions outlined in Paragraph AU-4.2.4.
April 2016AU-4.4.6
Cancellation of a license requires the CBB to issue a formal notice of cancellation to the person concerned. The notice of cancellation describes the CBB's rationale for the proposed cancellation, as specified in Article 48(d) of the CBB Law.
April 2016AU-4.4.7
The CBB generally views cancellation of a license as appropriate only in the most serious of circumstances, and generally tries to address supervisory concerns through other means beforehand. Further guidance is contained in Module EN (Enforcement), regarding CBB's approach to enforcement and on the process for issuing a notice of cancellation and the recipient's right to appeal the notice.
April 2016AU-4.4.8
Normally, where cancellation of a license has been confirmed by the CBB, the CBB will only effect the cancellation once a
licensee has discharged all its regulatory responsibilities tocustomers . Until such time, the CBB will retain all its regulatory powers with regards to thelicensee , and will direct thelicensee such that no new regulated activity may be undertaken whilst thelicensee discharges its obligations tocustomers .April 2016