Notification of change in circumstances before or during approval period
91 Notification of change in circumstances before or during approval period
A person contravenes this subsection if:
an application is made for approval of a change in control of a licence holder under section 86; and
the person proposes to:
begin to control the licence holder; or
cease to control the licence holder; and
there is a change in circumstances in relation to the person that materially affects any of the matters the Registrar must have regard to under subsection 87(4); and
the change in circumstances occurs either:
before the Registrar makes a decision under subsection 87(2); or
if the change in control is approved—during the approval period for the change in control; and
the person does not notify the Registrar of the matters in paragraph (c) as soon as practicable after the change in circumstances occurs.
Under subsection 87(4), the Registrar must have regard to various matters when deciding whether to approve or refuse to approve a change in control of a licence holder.
Contravention of this subsection is also a ground for cancellation of a licence (see paragraph 73(1)(f)).
Civil penalty provision
A person is liable to a civil penalty if the person contravenes subsection (1).
Civil penalty: 480 penalty units.
This Act’s bill:Explanatory memorandumSecond reading speech
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