(1) A supervised entity shall provide the Authority with a written notice of a change of a director or senior manager if —
(a) a director or senior manager ceases to hold office; or
(b) a new director or senior manager is appointed.
(2) A written notice under subsection (1) shall —
(a) specify the date of the change;
(b) include the full name of the director or senior manager who has ceased to hold office or has been appointed as a director or senior manager; and
(c) be provided to the Authority within 14 days —
(i) in the case of the appointment or resignation of a director or senior manager, of the change occurring, or
(ii) in the case of the death of a director or senior manager, of the supervised entity becoming aware of the change.
(3) A supervised entity that fails to provide a written notice of a change in its directors or senior managers under this section commits an offence and is liable on summary conviction to a fine not exceeding $25,000 and an additional fine not exceeding $300 for each day the offence continues.