108Registration of agents' representatives

108 Registration of agents' representatives (1) On and from the commencement day, a natural person who is recorded on the register as an agent's representative immediately before that day is taken to be a registered agent's representative as if the person is registered to be employed as an agent's representative under section 37(1). (2) Before the commencement day, the Authority may direct a person who will be taken to be a registered agent's representative under subsection (1) to take any administrative action specified by the Authority in the direction that is related to that registration. (3) If a person who is directed by the Authority to take administrative action under subsection (2) does not take the action specified in the direction within a reasonable time after being directed, the Authority may cancel or suspend the registration of the registered agent's representative. (4) If, after a person is taken to be a registered agent's representative under subsection (1), the Authority considers that the person is not eligible to be registered to be employed as an agent's representative immediately before the commencement day, the Authority may cancel or suspend the person's registration. (5) A person who is taken to be a registered agent's representative under subsection (1) is taken to comply with section 37F(1) if the person— (a) first pays to the Authority the prescribed annual registration fee referred to in that section on or before 25 March 2028; and (b) pays to the Authority the prescribed annual registration fee referred to in that section on or before each anniversary of the date on which the person first pays the prescribed annual registration fee. (6) Despite section 37F(2), a prescribed annual registration fee payable under subsection (5) may be paid at any time within 6 months before the date on which it is to be paid under subsection (5). (7) The payment of a prescribed annual registration fee under subsection (5) is taken to be a payment under section 37F(1) for the purposes of sections 37F(3), 37G, 37H and 37I. (8) For the purposes of section 33(3A)(c), the date of registration of a person who is taken to be a registered agent's representative under subsection (1) is the commencement day. S. 109 inserted by No. 6/2025 s. 74.