124Declaration in relation to key person licence

124 Declaration in relation to key person licence (1) The Commission may, by written notice, declare that a position or function with a wagering licensee is of significant influence over the business of a wagering licensee and requires a key person licence. (2) For subsection (1), the Commission must give the notice to the wagering licensee that includes the following information: (a) the position or function that requires a key person licence; (b) the reason why the position or function requires a key person (c) any action the licensee is expected to take. (3) The wagering licensee must ensure that any individual holding a position or performing a function declared under subsection (1) who does not hold a key person licence: (a) applies for a key person licence as soon as practicable; or (b) subject to subsection (4), ceases holding the position or performing the function. (4) Any individual holding a position or performing a function declared under subsection (1) who does not hold a key person licence but applies for a key person licence may continue holding that position or performing the function for: (a) 7 days from the day after the day the wagering licensee receives the notice; or (b) if the application is made within those 7 days – until the application is determined by the Commission; or (c) any further time allowed by the Commission.