12Informing people of obligations

12 Informing people of obligations

(1) For the purposes of subsection 17(1) of the Act: (a) the period within which the holder of an approval must inform a regulated person to whom a particular condition of approval, or variation of such a condition, applies: (i) begins when the condition is imposed or varied; and (ii) ends 5 business days after the day the holder is told of the condition or variation; and (b) the period within which the holder must inform a regulated person of the revocation of the approval begins when the holder is told that the approval is revoked and ends 5 business days after the day the holder is told of the revocation. (2) For the purposes of subsection 17(2) of the Act, the manner in which information mentioned in subsection (1) of this section must be provided to the regulated person is as follows: (a) if the regulated person is an individual—by: (i) giving it to the person personally; or (ii) leaving it at, or posting it or sending it by electronic means to, the last‑known place of residence or business of the person; or (b) if the regulated person is a body corporate—by leaving it at, or posting it or sending it by electronic means to, the body corporate’s head office, registered office or principal place of business.