10DRevocation of volunteering entity determination

10D Revocation of volunteering entity determination

Automatic revocation (1) A determination under subsection 10B(1) that relates to an entity is taken to be revoked if the entity becomes a reporting entity under subsection 7(1). (2) A determination under subsection 10B(1) that relates to an entity is taken to be revoked if the entity begins to be controlled by another entity that is a reporting entity. Revocation by Regulator (3) The Regulator may revoke a determination under subsection 10B(1), by written notice given to the entity to which the determination relates, if the Regulator reasonably suspects that the entity has failed to comply with this Act.

Note: A decision to revoke a determination under subsection 10B(1) that an entity is a reporting entity is reviewable: see section 51.

(4) The revocation takes effect on the day specified in the notice, which may be before the Regulator revokes the determination. Revocation on notice by reporting entity (5) If: (a) the Regulator has made a determination under subsection 10B(1) in respect of a reporting entity; and (b) the determination has not been revoked; the entity may, by written notice to the Regulator, inform the Regulator that the entity wishes to cease to be a volunteering entity. (6) A notice under subsection (5) must specify the time when the determination under subsection 10B(1) is to be revoked, which must be either: (a) the start of the reporting period of the entity in which the entity gives the notice to the Regulator; or (b) the start of the reporting period of the entity that follows the reporting period mentioned in paragraph (a) of this subsection. (7) If a reporting entity gives the Regulator a notice under subsection (5), the determination mentioned in paragraph (5)(a) is taken to be revoked at the time specified in the notice for the purposes of paragraph (6)(a) or (b).