54Cancelling a model’s registration

#### 54 Cancelling a model’s registration (1) The GEMS Regulator may cancel a model’s registration in relation to a product class if: (aa) an amount payable under this Act in relation to the application for the registration is not paid; or (a) the GEMS Regulator is satisfied that the model does not comply with a requirement for that product class of the GEMS determination against which the model is registered; or (b) the GEMS Regulator is satisfied that the registrant has failed to comply with one or more of the following in relation to the model: (i) section 55 (notifying GEMS Regulator of changes); (ii) a notice under section 56 (giving information to GEMS Regulator); (iii) a notice under section 57 (giving product of model to GEMS Regulator); (iv) a notice under section 61 (testing products or cancelling registration—belief model non‑compliant); or (c) the GEMS Regulator is satisfied that any of the documentation or other information given to the GEMS Regulator at any time in connection with the registration was not accurate at the time it was given; or (d) the GEMS Regulator is satisfied that changes have been made to the model so that any test results given in connection with the model’s registration no longer accurately reflect the extent to which the model complies with the requirements of the GEMS determination against which the model was registered; or (e) the GEMS Regulator is satisfied that the registrant has breached a condition of: (i) the registration; or (ii) a suspension of the registration; or (iii) an exemption under section 37 relating to the model; or (f) the registration has been suspended, and the GEMS Regulator has, despite reasonable attempts after the suspension, been unable to contact: (i) any contact person for the registration; and (ii) the registrant. (2) The GEMS Regulator must, by written notice given to the registrant, cancel a registration of a model in relation to a product class if the registrant applies for the GEMS Regulator to do so. > Note: The registrant is taken to have been given a notice under this Act if the notice is given to a contact person for the registration (see section 68). (3) A cancellation comes into force at a time specified in the notice given under section 165 or subsection (2) of this section that is after the notice is given. (4) To avoid doubt, if the registration covers more than one model, the registration is cancelled in relation to each of those models.