Commonwealth Consolidated Acts

CORPORATIONS ACT 2001 - SECT 908BQ

  (1)   A person commits an offence if:

  (a)   the person is a benchmark administrator licensee; and

  (b)   the licensee becomes aware of any of the following events:

  (i)   that the licensee may no longer be able to comply with an obligation under section   908BP;

  (ii)   that the licensee has failed to comply with an obligation under section   908BP;

  (iii)   that a person becomes or ceases to be a director, secretary or senior manager of the licensee;

  (iv)   that a person becomes or ceases to be a director, secretary or senior manager of a holding company of the licensee; and

  (c)   the licensee fails to give written notice to ASIC of:

  (i)   the event; and

  (ii)   such related information (if any) as is prescribed by the regulations for the purposes of this subparagraph;

    as soon as practicable after becoming aware of the event.

Penalty:   100 penalty units.

  (2)   Without limiting subparagraph   (1)(b)(iii) or (iv), that subparagraph applies to the case where a person:

  (a)   changes from one of the positions mentioned in that subparagraph to another; or

  (b)   changes from a position mentioned in that subparagraph to a position mentioned in the other subparagraph.