34When do ongoing registration requirements for particular participants need to be met?

#### 34 When do ongoing registration requirements for particular participants need to be met? (1) This section applies in relation to a participant, other than a participant who is so registered following the Minister’s permission, under section 20, to apply for that registration. (2) If the registration of a participant to whom this section applies takes effect on the scheme commencement date, the participant must meet the ongoing registration requirement in respect of that registration in each ACIS year. (3) If the registration of a participant to whom this section applies takes effect after the scheme commencement date, the participant must meet the ongoing registration requirement in respect of that registration in each ACIS year following the ACIS year in which the person’s registration takes effect. > Note 1: Under section 110, a participant is liable to be deregistered if the participant does not comply with this section. > Note 2: Section 28 sets out when a participant’s registration takes effect. > Note 3: Participants registered following the Minister’s permission, under section 20, to apply for that registration, are subject to ongoing registration requirements determined when the Minister granted that permission.