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

19.—(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.

—(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.