104Liability of regulated entity

104 Liability of regulated entity

(1)  If an agent of a regulated entity commits an offence under this Act –

(a) the regulated entity is taken to have committed the offence; and

(b) proceedings for the offence may be brought against the regulated entity whether or not proceedings are brought against the agent.

(2)  It is a defence in proceedings for an offence under subsection (1) if the regulated entity can show that it –

(a) issued written instructions and took reasonable precautions to ensure compliance with this Act; and

(b) did not know the offence had been committed; and

(c) could not reasonably have prevented the commission of the offence.