10RRevocation of exempt entity determination

10R Revocation of exempt entity determination

(1) The Regulator may revoke a determination under subsection 10P(1), by written notice given to the exempt entity to which the determination relates, if the Regulator is satisfied that: (a) the entity has failed to comply with a condition imposed on the determination under subsection 10P(2); or (b) it is no longer appropriate in the circumstances for the entity to be an exempt entity.

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

(2) A revocation under subsection (1) takes effect on the day specified in the notice, which may be a day before the day the notice is given to the exempt entity. (3) To avoid doubt, if a revocation under subsection (1) takes effect on a day before the day the notice is given, the entity concerned is taken not to have been an exempt entity on or after the day the revocation takes effect (including for the purposes of subsections 12(2) and (4)). Timeframe for reporting (4) If: (a) a revocation under subsection (1) takes effect on a day that is before the day (the notice day) on which the notice is given; and (b) the revocation results in a reporting entity or reporting nominee being required to give a payment times report for a reporting period that ended before the notice day; and (c) section 13 would, but for this subsection, require that report to be given to the Regulator by a time before the end of 3 months after the notice day; then section 13 is taken to require the report to be given to the Regulator within 3 months after the notice day (subject to any extension of time allowed by the Regulator under section 13A or 13B).