s 21 Regulatory action for contravention of Act, etc., by registered qualified individuals
21.—(1) This section applies where the Registrar is satisfied that any of the following circumstances are present in relation to a registered qualified individual (Z):(a) if Z is not a deemed registered qualified individual —(i) Z is contravening or not complying with, or has contravened or failed to comply with —(A) any of the conditions of Z’s registration; or (B) any requirement under this Act or the regulations, the contravention of or non‑compliance with which is not an offence under this Act; or (ii) the Registrar is satisfied that Z, in providing any corporate service, has made any declaration, statement or undertaking under any ACRA Second Schedule Act or ACRA Fifth Schedule Act —(A) that is false or misleading; or (B) that Z was not authorised to make; (b) if Z is a deemed registered qualified individual — Z is contravening or not complying with, or 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. (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 $10,000 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.