sec.89Variation and withdrawal of undertakings

### sec.89 Variation and withdrawal of undertakings An undertaking given by an introduction agent and accepted by the chief executive may be varied or withdrawn at any time by— the agent who gave it, but only if the chief executive agrees to the variation or withdrawal; or the chief executive, if the chief executive reasonably believes that before it was accepted— the agent who gave it contravened this Act in a way unknown to the chief executive; and had the chief executive known about the contravention, the chief executive would not have accepted the undertaking, or would not have accepted it unless its terms were changed. The chief executive may also withdraw the undertaking if the chief executive reasonably believes it is no longer necessary. If the chief executive varies or withdraws the undertaking, the chief executive must give the agent who gave it notice of its variation or withdrawal. A court may not hear or decide any charge brought against the agent in relation to the act or omission identified in the undertaking unless the agent has contravened the undertaking, or the undertaking has been withdrawn. This section does not prevent a person from bringing a civil action against the agent in relation to the act or omission. (sec.89-ssec.1) An undertaking given by an introduction agent and accepted by the chief executive may be varied or withdrawn at any time by— the agent who gave it, but only if the chief executive agrees to the variation or withdrawal; or the chief executive, if the chief executive reasonably believes that before it was accepted— the agent who gave it contravened this Act in a way unknown to the chief executive; and had the chief executive known about the contravention, the chief executive would not have accepted the undertaking, or would not have accepted it unless its terms were changed. (sec.89-ssec.2) The chief executive may also withdraw the undertaking if the chief executive reasonably believes it is no longer necessary. (sec.89-ssec.3) If the chief executive varies or withdraws the undertaking, the chief executive must give the agent who gave it notice of its variation or withdrawal. (sec.89-ssec.4) A court may not hear or decide any charge brought against the agent in relation to the act or omission identified in the undertaking unless the agent has contravened the undertaking, or the undertaking has been withdrawn. (sec.89-ssec.5) This section does not prevent a person from bringing a civil action against the agent in relation to the act or omission. - (a) the agent who gave it, but only if the chief executive agrees to the variation or withdrawal; or - (b) the chief executive, if the chief executive reasonably believes that before it was accepted— (i) the agent who gave it contravened this Act in a way unknown to the chief executive; and (ii) had the chief executive known about the contravention, the chief executive would not have accepted the undertaking, or would not have accepted it unless its terms were changed. - (i) the agent who gave it contravened this Act in a way unknown to the chief executive; and - (ii) had the chief executive known about the contravention, the chief executive would not have accepted the undertaking, or would not have accepted it unless its terms were changed. - (i) the agent who gave it contravened this Act in a way unknown to the chief executive; and - (ii) had the chief executive known about the contravention, the chief executive would not have accepted the undertaking, or would not have accepted it unless its terms were changed.