§ 48 — Notice about close associates

48.—(1) If a person becomes, on or after the appointed day, a close associate of a licensee, that licensee must, within 7 days after the person becomes a close associate, give written notice to a Licensing Officer of that fact.(2) Any person who contravenes subsection (1) shall be guilty of an offence and shall be liable on conviction —(a)

for an offender who is an individual —(i)

to a fine not exceeding $10,000 or to imprisonment for a term not exceeding 12 months or to both; but

(ii)

where the person is a repeat offender — to a fine not exceeding $20,000 or to imprisonment for a term not exceeding 24 months or to both; or

(b)

for an offender who is not an individual —(i)

to a fine not exceeding $15,000; but

(ii)

where the person is a repeat offender — to a fine not exceeding $30,000.

(3) In any proceedings for an offence in relation to a contravention of subsection (1), it is a defence for the accused to prove that the accused —(a)

was not aware of the contravention when it occurred; and

(b)

notified a Licensing Officer of the contravention within a period of 14 days after becoming aware of the contravention.

(4) In any proceedings for an offence in relation to a contravention of subsection (1), it is also a defence for the accused to prove that even though the accused was aware of the contravention —(a)

the contravention occurred as a result of an increase in the holding of equity interest, or in the voting power controlled, by any of the associates of the accused, in the entity, business trust or trust, as the case may be;

(b)

the accused has no agreement or arrangement (whether oral or in writing and whether express or implied) with that associate with respect to the acquisition, holding or disposal of equity interests or other interests, or under which they act together in exercising their voting power, in relation to the entity, business trust or trust, as the case may be; and

(c)

the accused notified a Licensing Officer of the contravention within a period of 7 days after the contravention.

(5) Except as provided in subsections (3) and (4), it is not a defence in any proceedings for an offence in relation to a contravention of subsection (1) to prove that the accused did not intend to or did not knowingly contravene subsection (1).

—(1) If a person becomes, on or after the appointed day, a close associate of a licensee, that licensee must, within 7 days after the person becomes a close associate, give written notice to a Licensing Officer of that fact.

(2) Any person who contravenes subsection (1) shall be guilty of an offence and shall be liable on conviction —(a)

for an offender who is an individual —(i)

to a fine not exceeding $10,000 or to imprisonment for a term not exceeding 12 months or to both; but

(ii)

where the person is a repeat offender — to a fine not exceeding $20,000 or to imprisonment for a term not exceeding 24 months or to both; or

(b)

for an offender who is not an individual —(i)

to a fine not exceeding $15,000; but

(ii)

where the person is a repeat offender — to a fine not exceeding $30,000.

(3) In any proceedings for an offence in relation to a contravention of subsection (1), it is a defence for the accused to prove that the accused —(a)

was not aware of the contravention when it occurred; and

(b)

notified a Licensing Officer of the contravention within a period of 14 days after becoming aware of the contravention.

(4) In any proceedings for an offence in relation to a contravention of subsection (1), it is also a defence for the accused to prove that even though the accused was aware of the contravention —(a)

the contravention occurred as a result of an increase in the holding of equity interest, or in the voting power controlled, by any of the associates of the accused, in the entity, business trust or trust, as the case may be;

(b)

the accused has no agreement or arrangement (whether oral or in writing and whether express or implied) with that associate with respect to the acquisition, holding or disposal of equity interests or other interests, or under which they act together in exercising their voting power, in relation to the entity, business trust or trust, as the case may be; and

(c)

the accused notified a Licensing Officer of the contravention within a period of 7 days after the contravention.

(5) Except as provided in subsections (3) and (4), it is not a defence in any proceedings for an offence in relation to a contravention of subsection (1) to prove that the accused did not intend to or did not knowingly contravene subsection (1).