(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.