Obligation to notify ASIC of change in control
53A Obligation to notify ASIC of change in control
Requirement to notify ASIC of change in control
If an entity (as defined by section 64A of the Corporations Act 2001) starts to control, or stops controlling, a licensee, the licensee must lodge a notification with ASIC:
in the approved form; and
before the end of 30 business days after the day the entity starts to control, or stops controlling, the licensee.
Strict liability offence
A person commits an offence if:
the person is subject to a requirement under subsection (1) to lodge a notification with ASIC; and
the person engages in conduct; and
the conduct contravenes the requirement.
Criminal penalty: 30 penalty units.
Subsection (2) is an offence of strict liability.
For strict liability, see section 6.1 of the Criminal Code.
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