(1) A manager shall ensure that it complies with this Act, the Regulations and any conditions contained in its international public mutual fund manager licence.
(2) A manager who contravenes subsection (1) commits an offence and is liable on conviction to a fine not exceeding $100,000 or to imprisonment for a term not exceeding 3 years or to both.
(3) Where a manager becomes aware that a person for which the manager is providing international public mutual fund management services pursuant to subsection (1) is carrying on or attempting to a in breach of this Act the manager shall immediately inform the Minister.
(4) A manager who contravenes subsection (3) commits an offence and is liable on conviction to a fine of $100,000 or to imprisonment for 3 years or to both.