(1)  This regulation applies if a licensee becomes aware that information given by the licensee to a Competent Authority in, or in relation to, an application for the grant or renewal of a licence is or has become incorrect in a material respect.

(2)  Within 14 days after becoming aware of the matter, the licensee must inform the Competent Authority about the matter and give the correct information to the Authority.

Penalty:  Fine not exceeding 5 penalty units.