(1) An Authorised Person must have adequate systems and controls to monitor:
(a) any change or proposed change of its Controllers; and
(b) any significant changes in the conduct or circumstances of existing Controllers which might reasonably be considered to impact on the fitness and propriety of the Authorised Person, or on its ability to conduct business soundly and prudently.
(2) An Authorised Person must, subject to (3), notify the Regulator in writing of any event specified in (1) as soon as possible after becoming aware of that event.
(3) An Authorised Person need not comply with the requirement in (2) if it is satisfied on reasonable grounds that a proposed or existing Controller has either already obtained the prior approval of the Regulator or notified the event to the Regulator as applicable.