24Profile suspension or cancellation—Act, sub 46(2)

24  Profile suspension or cancellation—Act, sub 46(2)

 (1) Section 46 of the Act also applies in the following circumstances:

 (a) all of the following apply:

 (i) the Regulator becomes aware of a circumstance relating to a matter mentioned in a profile registration provision after registering the profile under the provision;

 (ii) the circumstance did not exist at the time the profile was registered;

 (iii) if the circumstance had existed at the time, the Regulator would have refused to register the profile;

 (b) the Regulator reasonably believes that:

 (i) a suitability event has occurred in relation to the registered person holding the profile; or

 (ii) the registered person holding the profile is no longer a fit and proper person;

 (c) the Regulator has refused to make a correction of a profile under section 42 of the Act;

 (d) the registered person has failed to comply with a notice given under subsection 127(2) of the Act.

Note: Section 127 of the Act provides that the Regulator may give a person a notice requiring the person to undertake an audit.

profile registration provision means each of the following:

 (a) subsection 17(1) (Production profile registration);

 (b) subsection 19(1) (Delivery profile registration);

 (c) subsections 21(1) and (2) (Consumption profile registration).