Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) If an entity starts to control, or stops controlling, a financial services licensee, the licensee must lodge a notification with ASIC:
(a) in the prescribed form; and
(b) before the end of 30 business days after the day the entity starts to control, or stops controlling, the financial services licensee.
Note: Failure to comply with this subsection is an offence: see subsection 1311(1).
(2) An offence based on subsection (1) is an offence of strict liability.
Note: For strict liability, see section 6.1 of the Criminal Code
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