§ 15 — Registered qualified individuals of deemed registered corporate service providers

15.—(1) A deemed registered corporate service provider (X) must provide to the Registrar, in the form and manner specified by the Registrar and by the date mentioned in subsection (2), prescribed particulars of every registered qualified individual employed, engaged or appointed for the purpose of carrying out, or supervising the carrying out of, any designated activity in relation to the provision of any accounting service by X.(2) The date mentioned in subsection (1) is —(a)

where X carries on the business of providing the corporate service immediately before the date of commencement of this section — the last day of the prescribed period after that date; or

(b)

in any other case — the date on which X commences the business of providing the corporate service mentioned in subsection (1).

(3) If, by the date in subsection (2)(a) or (b) (as the case may be), X fails to provide the particulars of at least one registered qualified individual in accordance with subsection (1) to the Registrar, then every key appointment holder of X who is a public accountant (Y) —(a)

is treated as registered under section 10 as a registered qualified individual starting on that date; and

(b)

continues to be so treated until his or her deemed registration is suspended or cancelled under section 20(2) or 21(2) or (3).

(4) However, Y is not treated as a registered qualified individual —(a)

when carrying out any act for any person other than X; or

(b)

when providing a corporate service (other than that mentioned in paragraph (e) of the definition of “corporate service” in section 2(1)) for, or supervising the provision of such corporate service by, X.

(5) X may, after the date mentioned in subsection (2), provide to the Registrar the prescribed particulars of any registered qualified individual whom X employs, engages or appoints for the purpose mentioned in subsection (1).

—(1) A deemed registered corporate service provider (X) must provide to the Registrar, in the form and manner specified by the Registrar and by the date mentioned in subsection (2), prescribed particulars of every registered qualified individual employed, engaged or appointed for the purpose of carrying out, or supervising the carrying out of, any designated activity in relation to the provision of any accounting service by X.

(2) The date mentioned in subsection (1) is —(a)

where X carries on the business of providing the corporate service immediately before the date of commencement of this section — the last day of the prescribed period after that date; or

(b)

in any other case — the date on which X commences the business of providing the corporate service mentioned in subsection (1).

(3) If, by the date in subsection (2)(a) or (b) (as the case may be), X fails to provide the particulars of at least one registered qualified individual in accordance with subsection (1) to the Registrar, then every key appointment holder of X who is a public accountant (Y) —(a)

is treated as registered under section 10 as a registered qualified individual starting on that date; and

(b)

continues to be so treated until his or her deemed registration is suspended or cancelled under section 20(2) or 21(2) or (3).

(4) However, Y is not treated as a registered qualified individual —(a)

when carrying out any act for any person other than X; or

(b)

when providing a corporate service (other than that mentioned in paragraph (e) of the definition of “corporate service” in section 2(1)) for, or supervising the provision of such corporate service by, X.

(5) X may, after the date mentioned in subsection (2), provide to the Registrar the prescribed particulars of any registered qualified individual whom X employs, engages or appoints for the purpose mentioned in subsection (1).