(1) A supervised entity shall provide the Authority with a written notice of a change of its beneficial owner as a result of a person —
(a) becoming a beneficial owner; or
(b) ceasing to be a beneficial owner.
(2) A written notice under subsection (1) must —
(a) specify the date of the change;
(b) provide details of —
(i) the identity of the new and previous beneficial owner,
(ii) the nature of the beneficial owner's interest in, or control of, the supervised entity;
(c) be provided to the Authority within 14 days of the supervised entity first becoming aware of the change.
(3) A supervised entity that fails to provide a written notice of a change of its beneficial owner under this section commits an offence and is liable on summary conviction to a fine not exceeding $25,000 and an additional fine of $300 for each day the offence continues.