- (b) the collection and distribution of royalties or any other payment by the CMO;
- (c) the information that a CMO must provide to its members or the public;
- (d) the manner by which a CMO must resolve any disputes with its members; and
- (e) the governance of a CMO.
Financial penalty for non-compliance with class licence conditions
463.—(1) If IPOS finds that a licensed CMO has contravened any of its class licence conditions, IPOS may, by written notice, impose—
- (a) a financial penalty not exceeding $20,000 on the CMO; and
- (b) a financial penalty not exceeding $20,000 on each officer of the CMO that IPOS considers to be responsible for the contravention.
(2) Before imposing a financial penalty on a person under subsection (1), IPOS must give the person an opportunity to make representations in accordance with the prescribed procedure.
(3) A financial penalty imposed under subsection (1) is recoverable as a fine.
(4) Financial penalties collected under subsection (1) must be paid into the Consolidated Fund.
Regulatory directions to CMOs and their officers
464.—(1) Subject to subsection (3), IPOS may, by written notice, give directions to a CMO or any officer of a CMO for any of the following purposes:
- (a) to obtain information about the CMO and its business as a CMO, for the purpose of regulating CMOs in general;
- (b) to secure the CMO’s compliance with its class licence conditions;
