Section 908BQ — Corporations Act 2001: Obligation to notify ASIC of certain matters

(1) A person commits an offence if: (a) the person is a benchmark administrator licensee; and (b) the licensee becomes aware of any of the following events: (i) that the licensee may no longer be able to comply with an obligation under section 908BP; (ii) that the licensee has failed to comply with an obligation under section 908BP; (iii) that a person becomes or ceases to be a director, secretary or senior manager of the licensee; (iv) that a person becomes or ceases to be a director, secretary or senior manager of a holding company of the licensee; and (c) the licensee fails to give written notice to ASIC of: (i) the event; and (ii) such related information (if any) as is prescribed by the regulations for the purposes of this subparagraph; as soon as practicable after becoming aware of the event. Penalty: 100 penalty units. (2) Without limiting subparagraph (1)(b)(iii) or (iv), that subparagraph applies to the case where a person: (a) changes from one of the positions mentioned in that subparagraph to another; or (b) changes from a position mentioned in that subparagraph to a position mentioned in the other subparagraph.