7AD. Prescribed circumstances for purposes of section 25(1A)(c) of Act

For the purposes of section 25(1A)(c) of the Act, the prescribed circumstances, in relation to a registered relevant person, are that the registered relevant person —

has ceased or will cease to have operational control over the registered relevant person’s business activity or premises; and

has no intention of resuming operational control over the registered relevant person’s business activity or premises for the next 3 years.