Document ID: chunk:federal_register_of_legislation:C2020A00003:clause:3_53a
Version: federal_register_of_legislation:C2020A00003
Segment Type: clause
Provision Reference: sch 3 cl 53A
Character Range: 64359–65200

53A  Obligation to notify ASIC of change in control

Requirement to notify ASIC of change in control
 (1) 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:
 (a) in the approved form; and
 (b) before the end of 30 business days after the day the entity starts to control, or stops controlling, the licensee.

Strict liability offence
 (2) A person commits an offence if:
 (a) the person is subject to a requirement under subsection (1) to lodge a notification with ASIC; and
 (b) the person engages in conduct; and
 (c) the conduct contravenes the requirement.
Criminal penalty: 30 penalty units.
 (3) Subsection (2) is an offence of strict liability.
Note: For strict liability, see section 6.1 of the Criminal Code.