10GRevocation of subsidiary reporting entity determination

10G Revocation of subsidiary reporting entity determination

Revocation by Regulator (1) The Regulator may revoke a determination under subsection 10E(1) by written notice given to the subsidiary reporting entity to which the determination relates.

Note: A decision to revoke a determination that an entity is a subsidiary reporting entity is reviewable: see section 51.

(2) A revocation under subsection (1) takes effect at the time specified in the notice, which must be either: (a) the start of the reporting period of the entity in which the Regulator gives the notice; or (b) the start of the reporting period of the entity that follows the reporting period mentioned in paragraph (a) of this subsection. Revocation on notice by reporting entity (3) If: (a) the Regulator has made a determination under subsection 10E(1) in respect of an entity; and (b) the determination has not been revoked; the entity may, by written notice to the Regulator, inform the Regulator that the entity wishes to cease to be a subsidiary reporting entity. (4) A notice under subsection (3) must specify the time when the determination under subsection 10E(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. (5) If a subsidiary reporting entity gives the Regulator a notice under subsection (3), the determination mentioned in paragraph (3)(a) is taken to be revoked at the time specified in the notice for the purposes of paragraph (4)(a) or (b).