157Change in associated persons and shareholders

157 Change in associated persons and shareholders (1) This section applies to: (a) a betting exchange licensee; and (b) a sports bookmaker licensee. (2) The licensee must not make any of the following changes without the written approval of the Commission: (a) any change in the associates of the licensee; (b) any change in a person who, alone or together with one or more associates of that person: (i) is in a position to control at least 10% of the voting power in the licensee; or (ii) holds interests in at least 10% of the issued shares in the licensee.

Racing and Wagering Act 2024 72 (3) An application for approval must clearly set out the proposed change. (4) The Commission may approve the proposed change if satisfied that: (a) in the case of a new person proposed to be an associate of the licensee – the person is suitable to be an associate of the licensed business; and (b) in every case – the change will not affect the licensee's eligibility or suitability to hold the licence. (5) The Commission must give the applicant a decision notice if it refuses to approve the proposed change. (6) Any decision to refuse to approve the change must be made and the decision notice given within 90 days after the day the application is lodged.