Clause 15

in subsection (2), after “section 30B(3)” wherever it appears, insert “or (3A)”;

after subsection (3), insert —“(3A) Where a person is charged with an offence in respect of a contravention of section 30B(3A), it is also a defence for the person to prove that, even though the person was aware of the contravention —

the contravention occurred as a result of a decrease in the holding of equity interest or in the voting power controlled by any of the person’s associates;

the person 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 interest in, or under which they act together in exercising their voting power in relation to, the licensee, the entity or the business trust; and

the person has, within 14 days of the date of the contravention, notified the Authority of the contravention and, within such time as may be determined by the Authority, taken such actions in relation to the person’s holding of equity interest or control of voting power in the licensee, the entity or the business trust as the Authority may direct.”;

in subsection (4), replace “and (3)” with “, (3) and (3A)”; and

in subsection (4), replace “section 30B(3)” wherever it appears with “section 30B(1), (3) or (3A)”.