123Commission to be notified of changes in registered particulars in relation to associated entity

123 Commission to be notified of changes in registered particulars in relation to associated entity

(1)  If a change occurs in any of the particulars, in relation to a registered associated entity, that are –

(a) stated, in the Register of Associated Entities, in relation to the associated entity; and

(b) particulars of the kind required to be stated in an application for registration of an associated entity –

the official agent in relation to the associated entity must, within 30 days after the date of the change, notify the Commission, in the approved manner and approved form, of that change.

Penalty:  Fine not exceeding 5 penalty units.

(2)  If the Commission believes on reasonable grounds that the official agent in relation to an associated entity has not notified the Commission of a change in particulars as referred to in subsection (1) , the Commission may, by notice in writing served on the official agent, require the official agent to notify the Commission of the change before the date specified in the notice, or before the date of expiry of the period of 30 days after service of the notice, whichever is later.

(3)  If an associated entity’s official agent fails to notify the Commission in accordance with subsection (2) , the Commission may cancel the registration of the associated entity.