110Deregistration

#### 110 Deregistration (1) The reasons for deregistration are set out in subsections (2), (4) and (5). (2) The Secretary may, at any time, deregister a participant if: (a) the Secretary is satisfied that the participant is not likely, or has failed, to comply with the ongoing registration requirement in section 30, 31, 32 or 33; or (b) the Secretary is satisfied that, were the participant to be applying for registration at that time, the participant would not be a fit and proper person within the meaning of section 29; or (c) the participant asks the Secretary to be deregistered as such a participant; or (d) the participant fails to comply with the document retention obligations set out in section 108. > Note: The meaning of fit and proper is extended, so far as a group is concerned, because of the operation of section 22. (3) In determining whether or not, if a participant were applying for registration at a particular time, the participant would or would not be a fit and proper person within the meaning of section 29, that section has affect as if a misleading statement made in a quarterly return were a misleading statement made in the application for registration. (4) The Secretary may deregister an MVP, ACP, AMTP or ASP who fails to comply with the requirement in section 109 to provide an update of the business plan provided in relation to their application for registration as such an MVP, ACP, AMTP or ASP. (5) The Secretary may deregister a participant if: (a) the participant is registered on the basis that in the 12 months following the application for registration as such a participant: (i) in the case of an MVP—the MVP is likely to do the things set out in paragraph 16(1)(b); or (ii) in the case of an ACP (other than a group of related companies)—the ACP is likely to do the things set out in subparagraph 17(1)(b)(i) or (ii); or (iii) in the case of an ACP comprised of a group of related companies—the ACP is likely to do the things set out in subparagraph 17(2)(b)(i) or (ii); or (iv) in the case of an AMTP—the AMTP is likely to do the things set out in subparagraph 18(1)(b)(i) or (ii); or (v) in the case of an ASP—the ASP is likely to do the things set out in subparagraph 19(1)(b)(i) or (ii); and (b) at any time during the 12 months following the application the Secretary determines that it is unlikely that the participant will be able to do those things; and (c) where the participant was registered on the basis that the participant’s registration would further the purpose of the Act set out in section 3 (as required by section 14A)—the Secretary determines that the registration does not further the purpose of the Act.