§ 20 — Cancellation of registration of registered qualified individuals

20.—(1) The Registrar may cancel the registration of a registered qualified individual (X) (not being a deemed registered qualified individual) —(a)

if X ceases to be a qualified individual;

(b)

if the Registrar is satisfied that X is not a fit and proper person;

(c)

if X’s registration was obtained through fraud or misrepresentation; or

(d)

if X applies to the Registrar for X’s registration to be cancelled.

(2) The Registrar may cancel the registration of a deemed registered qualified individual (Y) —(a)

if Y ceases to be a key appointment holder of the deemed registered corporate service provider of which Y is deemed as a registered qualified individual, or a public accountant;

(b)

if the registration of the deemed registered corporate service provider is cancelled under section 18(2) or 19(2) or (3);

(c)

if the Registrar is satisfied that Y is not a fit and proper person; or

(d)

if Y applies to the Registrar for Y’s registration to be cancelled.

(3) The Registrar may refuse to cancel a registration under subsection (1)(d) or (2)(d) until the requirements in subsection (4) are met, if the Registrar suspects —(a)

in relation to X, that X has contravened or failed to comply with —(i)

any of the conditions of the 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)

in relation to Y, that Y has contravened or failed to comply with any requirement under this Act or the regulations, the contravention of or non‑compliance with which is not an offence under this Act.

(4) For the purposes of subsection (3), the requirements to be met are —(a)

the Registrar has investigated the suspected contravention or non‑compliance; and

(b)

the Registrar has determined that —(i)

there was no contravention or non‑compliance;

(ii)

there was a contravention or non‑compliance and has taken regulatory action under section 21 for it; or

(iii)

there was a contravention or non‑compliance and has decided not to take regulatory action under section 21 for it.

—(1) The Registrar may cancel the registration of a registered qualified individual (X) (not being a deemed registered qualified individual) —(a)

if X ceases to be a qualified individual;

(b)

if the Registrar is satisfied that X is not a fit and proper person;

(c)

if X’s registration was obtained through fraud or misrepresentation; or

(d)

if X applies to the Registrar for X’s registration to be cancelled.

(2) The Registrar may cancel the registration of a deemed registered qualified individual (Y) —(a)

if Y ceases to be a key appointment holder of the deemed registered corporate service provider of which Y is deemed as a registered qualified individual, or a public accountant;

(b)

if the registration of the deemed registered corporate service provider is cancelled under section 18(2) or 19(2) or (3);

(c)

if the Registrar is satisfied that Y is not a fit and proper person; or

(d)

if Y applies to the Registrar for Y’s registration to be cancelled.

(3) The Registrar may refuse to cancel a registration under subsection (1)(d) or (2)(d) until the requirements in subsection (4) are met, if the Registrar suspects —(a)

in relation to X, that X has contravened or failed to comply with —(i)

any of the conditions of the 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)

in relation to Y, that Y has contravened or failed to comply with any requirement under this Act or the regulations, the contravention of or non‑compliance with which is not an offence under this Act.

(4) For the purposes of subsection (3), the requirements to be met are —(a)

the Registrar has investigated the suspected contravention or non‑compliance; and

(b)

the Registrar has determined that —(i)

there was no contravention or non‑compliance;

(ii)

there was a contravention or non‑compliance and has taken regulatory action under section 21 for it; or

(iii)

there was a contravention or non‑compliance and has decided not to take regulatory action under section 21 for it.