Section 908BQ — Corporations Act 2001 (Cth)

(1) A person commits an offence if:

(a) the person is a benchmark administrator licensee; and

(b) the licensee becomes aware of any of the following events:

(i) that the licensee may no longer be able to comply with an obligation under section 908BP;

(ii) that the licensee has failed to comply with an obligation under section 908BP;

(iii) that a person becomes or ceases to be a director, secretary or senior manager of the licensee;

(iv) that a person becomes or ceases to be a director, secretary or senior manager of a holding company of the licensee; and

(c) the licensee fails to give written notice to ASIC of:

(i) the event; and

(ii) such related information (if any) as is prescribed by the regulations for the purposes of this subparagraph;

as soon as practicable after becoming aware of the event.

Penalty: 100 penalty units.

(2) Without limiting subparagraph (1)(b)(iii) or (iv), that subparagraph applies to the case where a person:

(a) changes from one of the positions mentioned in that subparagraph to another; or

(b) changes from a position mentioned in that subparagraph to a position mentioned in the other subparagraph.

Related sections

• s 908BN — Variations, suspensions or cancellations only in accordance with this Subdivision
• s 908BO — Matters to which ASIC must have regard
• s 908BP — General obligations
• s 908BR — Obligation to assist ASIC, APRA and the Reserve Bank
• s 908BS — Obligation to give ASIC access to licensee’s facilities
• s 908BT — ASIC’s power to give directions to licensee not complying with obligations

Research how courts apply s 908BQ

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