Allowing a person disqualified by the Regulator to act as an accountable person
44 Allowing a person disqualified by the Regulator to act as an accountable person
An accountable entity or significant related entity contravenes this subsection if:
a person is disqualified under section 42 from being, or acting as, an accountable person of the accountable entity or significant related entity; and
the person is, or acts as, an accountable person of the accountable entity or significant related entity; and
the accountable entity or significant related entity allows the person to be, or act as, an accountable person.
An accountable entity may also contravene a civil penalty provision if it fails to ensure that its accountable persons are not prohibited from being accountable persons (see sections 24 and 80).
Fault‑based offence
An accountable entity or a significant related entity commits an offence if it contravenes subsection (1).
Penalty: 250 penalty units.
Strict liability offence
An accountable entity or a significant related entity commits an offence of strict liability if it contravenes subsection (1).
Penalty: 60 penalty units.
This Act’s bill:Explanatory memorandumSecond reading speech
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