44Allowing a person disqualified by the Regulator to act as an accountable person

44 Allowing a person disqualified by the Regulator to act as an accountable person

(1) An accountable entity or significant related entity contravenes this subsection if: (a) a person is disqualified under section 42 from being, or acting as, an accountable person of the accountable entity or significant related entity; and (b) the person is, or acts as, an accountable person of the accountable entity or significant related entity; and (c) the accountable entity or significant related entity allows the person to be, or act as, an accountable person.

Note: An accountable entity may also contravene a civil penalty provision if it fails to ensure that its accountable persons are not prohibited from being accountable persons (see sections 24 and 80).

Fault‑based offence (2) An accountable entity or a significant related entity commits an offence if it contravenes subsection (1).

Penalty: 250 penalty units.

Strict liability offence (3) An accountable entity or a significant related entity commits an offence of strict liability if it contravenes subsection (1).

Penalty: 60 penalty units.