ASIC has broad powers in relation to the imposition of criminal and civil sanctions against persons for contraventions of their obligations.

In accordance with sections 920A and 920B of the Corporations Act 2001, ASIC also has powers to take administrative action, including to make a banning order against a person, prohibiting them from doing a number of things, including providing financial services, controlling an entity that carries on a financial service or being involved in any financial services business.

Banning orders are generally made with the aim of protecting investors and consumers and deterring misconduct both of the person subject to the banning order, as well as others in the profession.

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