Section 19 — Regulatory action for contravention of Act, etc., by registered corporate service providers

(1)This section applies where the Registrar is satisfied that a registered corporate service provider (Z) is contravening or is not complying with, or has contravened or failed to comply with —

(a)if Z is not a deemed registered corporate service provider —

(i)any of the conditions of Z’s registration; or

(ii)any requirement under this Act or the regulations, the contravention of or non‑compliance with which is not an offence under this Act; or

(b)if Z is a deemed registered corporate service provider — any requirement under this Act or the regulations, the contravention of or non‑compliance with which is not an offence under this Act.

(2)Where this section applies, the Registrar may —

(a)cancel Z’s registration;

(b)suspend Z’s registration for a period not exceeding 12 months;

(c)restrict Z’s use of the electronic transaction system to the extent the Registrar thinks fit;

(d)direct Z to pay, within a period specified in the direction, a financial penalty of an amount the Registrar thinks fit, but not exceeding $25,000 for each contravention or non‑compliance that is the subject of the regulatory action; or

(e)censure Z.

(3)If Z has been directed to pay a financial penalty under subsection (2)(d) and fails to pay the financial penalty within the period specified in the direction, the Registrar may (without affecting section 28) —

(a)cancel Z’s registration;

(b)suspend Z’s registration for a period not exceeding 12 months; or

(c)restrict Z’s use of the electronic transaction system to the extent the Registrar thinks fit.