27. Failure to submit notice of non-compliance in accordance with regulation 24

A person commits an offence if —

a designated entity (X) fails to give to the competent authority the written notice required under regulation 24 by the end of the period specified in that provision; and

the person is a responsible officer of X at any time during that period.

An offence under paragraph (1) is a strict liability offence.

A person who is guilty of an offence under paragraph (1) shall be liable on conviction —

to a fine not exceeding $5,000; and

in the case of a continuing offence, to a further fine not exceeding $500 for every day or part of a day during which the offence continues after conviction.

In proceedings for an offence under paragraph (1), it is a defence for the accused to prove, on a balance of probabilities, that the accused took all reasonable steps, and exercised all due diligence, to ensure that the requirement to give the written notice under regulation 24 by the end of the period specified in that provision was complied with.

A person commits an offence if —

a designated entity (X) fails to give to the competent authority the written notice required under regulation 24 by the end of the period specified in that provision; and

the person is a responsible officer of X at any time during that period.

An offence under paragraph (1) is a strict liability offence.

A person who is guilty of an offence under paragraph (1) shall be liable on conviction —

to a fine not exceeding $5,000; and

in the case of a continuing offence, to a further fine not exceeding $500 for every day or part of a day during which the offence continues after conviction.

In proceedings for an offence under paragraph (1), it is a defence for the accused to prove, on a balance of probabilities, that the accused took all reasonable steps, and exercised all due diligence, to ensure that the requirement to give the written notice under regulation 24 by the end of the period specified in that provision was complied with.